Igotopia lands largest crowdfunding with pitchIN, facilitated by MDEC
By Digital News Asia June 29, 2021
- Claims to have successfully raised RM5.9 million, to top off at RM8.2 million
- Number of investors, including Burhanuddin Radzi of Upin and Ipin fame
THE Malaysia Digital Economy Corporation (MDEC) in collaboration with equity crowdfunding platform, pitchIN, has announced what it claimed to be the creation of a revolutionary way to travel and book hotel rooms, powered by a virtual reality platform, Igoroom.
In a statement, MDEC said Igotopia (parent company) will take shape through the company’s wholly owned subsidiaries, Gecko Digital Global Ltd and Igotrip Sdn Bhd, which operates as Igoroom.
Igotopia has successfully raised US$1.4million (RM5.9 million) in equity crowd funding thus far and aims to top off at US$1.9million (RM8.2 million), which, if it hits, will make this the largest ECF campaign in Malaysia.
[Ed: Para edited for clarity.]
[RM1 = US$0.241]
“Public-private initiatives will be crucial in realising the goals of the Malaysia Digital Economy Blueprint (MyDIGITAL) and Malaysia 5.0,” said Gopi Ganesalingam, vice president, tech ecosystem and globalisation at MDEC.
“MDEC will continue to collaborate with platforms such as pitchIN to facilitate and curate alternative fundings to ensure catalisation and growth of our startup ecosystem and grow our very own unicorns.”
MDEC said since 2020, it has facilitated funding amounting to US$11.6million (RM48.3million) for 26 local startups on equity crowd funding (ECF) platforms.
Igotopia’s online travel agency Igoroom, which is also the eventual name of the app/ solution, said it will offer customised luxury travel experiences across the world, at distinguished resorts and hotels by virtual reality.
Igotopia said it seeks to offer a wholesome user-centric experience by driving a wholly innovative user interface/user experience (UI/UX) navigation front-end, revolutionising the way people book hotels.
The experience will be immersive and expressive in location discovery (aerial, interior, underwater VR) with interactive comparisons of hotels properties and facilities via its pioneering immersive VR360 tours, it added.
Among investors on board are Burhanuddin Radzi of Upin and Ipin fame; Poon Yew Hoe, the managing partner of Crowe Malaysia; and Joost Folkers, CFO of a multinational company.
Burhanuddin became the largest ECF deal investor in Malaysia when he invested over US$720,000 (RM3 million) into Igotopia.
“I believe this is going to be an opportunity for us to ride the rebound wave as those in Europe and Asia are eager to travel,” said Burhanuddin.
Igotopia is run by James South (CEO) (pic), Matthew Barsing (CCO), Daniel Hofinger (CMO) and Shaun Bicheno (COO).
The panel advisors include Michael Flynn, a hospitality and related travel industries veteran; Bobby Varanasi, founder of Matryzel Consulting; Victor Chua of Vynn Capital, together with Burhanuddin, Poon and Folkers.
“We’re delighted to see a number of high profile investors in Igotopia’s fundraising round on pitchIN," said Sam Shafie, the CEO of pitchIN.
“Igotopia provides a valuable solution to the much impacted tourism industry and is creating a brand new experience in online booking. With the team that has been assembled, headquartered in Malaysia, we’re looking forward to a rapid global expansion.”
Igotopia ECF investment round is currently live on pitchIN. The minimum investment starts at RM3569.50.
For more information, head here.
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