MyStartr secures US$1mil in latest ECF campaign, set to operate on secondary market
By Digital News Asia March 8, 2023
- Aims to assist 3,000 businesses through crowdfunding over five years
- Collaborating with Astro for a crowdfunding reality TV show, The Sandbox
MyStartr has raised US$1.05 million (RM4.7 million) through a Fundnel campaign led by 431 investors.
In a statement, the equity crowdfunding (ECF) platform said the funds will support its entry into the secondary market this year and strengthen business growth, towards providing better access for issuers.
Over its ten years in the market, the company has dedicated its fundraising expertise to assist struggling entrepreneurs in realising their goals and expanding their businesses.
This has helped SME issuers overcome hurdles to securing financing, such as insufficient credit scores and inconsistent cash flow.
Goh Boon Peng, founder and CEO of MyStartr said the firm’s vision for the next five years is to assist 3,000 businesses through crowdfunding, with a total funding goal of US$894 million (RM4 billion).
“Expanding into the secondary market is a natural step forward towards realising that goal,” he added.
“We are incredibly grateful for the trust and confidence that our investors have placed in us, and we look forward to channeling these funds into helping local startups reach their fullest potential alongside our own,” Goh said.
In addition to the success from its funding campaign, MyStartr has also received an additional RM931,250 from the Malaysia Co-Investment Fund (MyCIF), a government initiative to support their business growth plans for 2023.
[RM1 = US$0.223]
Staying true to its mission of “helping startups grow and enterprises succeed”, MyStartr said it is constantly looking for ways to promote the development of SMEs in Malaysia. One of its key initiatives this year is its strategic partnership with Gamuda’s GMBB to build Malaysia’s first entrepreneurial hub.
Acknowledging the importance of networking for SMEs and the startup community, the company said the hub will serve as a dedicated space for budding entrepreneurs to meet and host events.
It added that the hub aims to organise at least 100 entrepreneurial-themed events within a year of its official launching.
In line with their trajectory for 2023, MyStartr is also collaborating with Astro to produce a crowdfunding reality TV show called The Sandbox that will be aired on Astro AEC. The TV programme will explore the dynamic landscape of investment and the business potential of local entrepreneurs.
According to MyStartr, The Sandbox will provide hopeful entrepreneurs with a chance to be coached by established industry mentors, sell their ideas to a panel of investors, and expand their businesses to ultimately grow the Malaysian economy.
It said the participants will also be exposed to industry know-how including business model strategy, communication skills, as well as company valuation.
As part of its five-year plan, MyStartr is also targeting an IPO by 2027.
It also plans to support more entrepreneurs and startups in achieving unicorn status and eventually gaining access to the stock market.
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