Logistics startup RunningMan hits pitchIN Equity crowdfunding target … and how
By Digital News Asia August 26, 2016
- Founders were still in university when they launched their startup
- Has averaged 20% monthly growth without going in the red
LAST-mile logistics startup RunningMan successfully raised its target amount of RM175,000 (US$43,350) moments after it went live on Aug 22 on pitchIN Equity, an equity crowdfunding (ECF) platform.
The lead investors were Nexea Angels, BizAngel Network and WTF Accelerator, pitchIN Equity said in a statement.
RunningMan is an instant delivery online marketplace that users can use to reach out to nearby shops and restaurants. Users pick the product they want and runners deliver them, typically within an hour.
The startup was founded just two years ago by entrepreneurs Andrew Chee and Tan Wei Yong while they were still in university, according to pitchIN Equity.
Since then, it has averaged a month-on-month growth of 20%, stayed at breakeven point despite this expansion, increased its user base from 200 users to nearly 7,000, and expanded its portfolio from just food deliveries to full last-mile logistics services.
“We are very happy to see that investors believe in us,” said Chee, also the chief executive officer.
“With these funds, we will build better mobile and IT solutions and also expand to cover the full Klang Valley,” he added.
RunningMan was voted the best startup at the Asean Startup Campus Accelerator bootcamp held in conjunction with the 1AES summit last November.
“RunningMan is exactly the kind of company that equity crowdfunding was introduced into Malaysia for,” said pitchIN Equity chief executive officer Sam Shafie.
“The founders are bright young kids who are brave and very entrepreneurial. We believe they will go far and wish them all the best,” he added.
pitchIN Equity launches, first issuance in mid-April
Ninja Van raises US$30mil Series B, led by Abraaj
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