Oxwhite smashes ECF records in Malaysia on way to raising US$1.2mil on pitchIN
By Digital News Asia December 20, 2019
- It is the most backed ECF campaign to date with 485 investors
- Attracted the largest individual crowdfunding investment of US$262,616
ALONG its journey to becoming the largest ECF deal in Malaysia, Oxwhite also smashed other Malaysian equity crowdfunding records. It is the most backed ECF campaign to date with 485 investors.
Oxwhite also attracted the largest individual crowdfunding investment of US$262,616 (RM1,088,000). Well-known authority in digital marketing and entrepreneurship, Vince Tan has become the highest crowdfunding investor in Malaysia by backing his Entrepreneur Masterclass graduate and Oxwhite co-founder CK Changr.
The slick Oxwhite ECF marketing campaign that ran for just two weeks garnered over US$2.66 million (RM11 million) in investment interest. The campaign subsequently went live for seven days, during which it achieved its US$1.21 million (RM5 million) funding target from US$724,125 (RM3 million) in ECF investments and US$482,750 (RM2 million) in private placements.
[RM1 = US$0.2413]
Oxwhite emerged as a lifestyle brand in 2018 with a very popular marketing campaign for its high-quality white men’s dress shirts that retailed online for below RM100.
In just a year, it has become an online retail phenomenon by adding other luxury products at affordable prices. The brand has attracted a devoted following, with a very strong brand name recognition and over 30,000 followers and customers.
Oxwhite chief executive officer CK Changr, expressed delight and gratitude for the successful deal. “In just over a year, Oxwhite grew to nearly RM5 million in sales. We are growing very fast and capital was needed to fuel our expansion plans. Our first choice was equity crowdfunding with pitchIN because we wanted to give our loyal customers the chance to be part of our growth story.
“Together with my fellow Oxwhite co-founders, ZiKang Tai and Jave Ho, we take this opportunity to thank the investors for the overwhelming support. We will build the next chapter of the Oxwhite story with them. Oxwhite will be launching new product lines that will strengthen our position in the industry.”
Calvin Koh, who is Oxwhite advisor and ex PwC auditor, is delighted to see the amazing success Oxwhite has achieved and will continue to advise Oxwhite on the finances of the company to bring it to greater heights.
Tan explained why he invested in his Entrepreneur Masterclass graduate CK Changr. “Entrepreneur Masterclass is one of the biggest entrepreneur training school that have trained thousands of students all around the world. By serving as a mentor to CK Changr, I am personally happy to have contributed in some way to the success of Oxwhite.
“As for becoming Malaysia’s largest crowdfunding investor, it was an easy decision to make. The white shirt idea came from me when CK Changr was looking for a business idea, and ever since then he has taken it to extremely great heights! He embodied our Entrepreneur Masterclass culture of “Stay Humble, Hustle Hard” and there’s no doubt at all he will take Oxwhite beyond the moon! "
pitchIN chief executive officer Sam Shafie, said that Oxwhite has set new standards in the running of successful ECF campaigns, “The Oxwhite campaign was well planned and skilfully executed. The response from interested investors was overwhelming. Oxwhite surpassed the previous most backed campaign by more than 120 investors; setting a very high bar for the next big ECF deal.
“Coming at the end of the year, the Oxwhite deal fittingly closes what has been a very explosive growth year for pitchIN. We have surpassed the targets we set ourselves for 2019 and credit for that goes to great companies such as Oxwhite.”
CK Changr added that he looked forward to seeing the other positive aspect of crowdfunding in action. “The 485 investors who have come on board will help us push out our brand further into the market. We will be using the money raised to launch new products and I am certain that our new ECF investors will serve as our brand evangelists.”
The Oxwhite campaign is the 18th successful deal on pitchIN in 2019. Five deals are currently live on pitchIN.