THE Malaysian Government’s venture capital arm Malaysia Venture Capital Management Bhd (Mavcap) has invested RM2.95 million (US$690,000 at current rates) in social crowdfunding platform SimplyGiving.com.
In a statement, SimplyGiving.com
said it will use the funds to continue its regional expansion and launch new innovations focussed on helping organisations increase their social impact through technology.
This includes social lending and corporate dollar-matching tools that will be rolled out in in early 2016, it added.
Headquartered in Kuala Lumpur with offices in Singapore and Hong Kong, SimplyGiving.com says it helps non-profits and social enterprises engage with supporters online. It currently works with 500 non-profits in 20 countries across Asia.
“We’re really excited to have Mavcap on board. We look for partners that will bring more than just money to the table, and who can help us with mentoring and advice,” said chief executive officer Kristofer Rogers.
“I know there is genuine interest from Mavcap to help us achieve our mission – to not only grow our business, but to achieve a greater social impact at the same time,” he added.
Citing third-party research, SimplyGiving.com said the crowdfunding market is set to reach US$34.4 billion globally in 2015, more than doubling from the previous year.
“Crowdfunding is one of the fastest growing tech trends in Asia. It is now the second largest crowdfunding region by volume, second only to the United States,” said Rogers (pic)
“In 2014, the Asian crowdfunding sector raised more than US$3.4 billion. We believe that crowdfunding will dramatically change the way in which social enterprises and non-profits across Asia are funded.
“Social crowdfunding is a very transparent and effective way to support causes, and ultimately improve their outcomes,” he added.
Mavcap was formed in 2001 to nurture ICT companies.
“Through our direct investments and funds that we are involved with, we’re seeing some great things starting to happen and we’re always very interested in companies that make a positive contribution via technology in the region,” said its chief executive officer Jamaludin Bujang (pic)
“This platform (SimplyGiving.com) has already empowered nearly 30,000 people to support their favourite social causes via online donations.
“The business model is strong, and we believe they have the right team, with the right technology, to make a big difference,” he added.