Three crowdfunding platforms form alliance out of Singapore
By Digital News Asia May 28, 2015
- Combined project lined up for Q3, joint conferences in next few months
- Asian crowdfunding volumes grew by 320% to US$3.4 billion raised in 2014
CROWDFUNDING platforms CoAssets, FundedByMe, and New Union said they have formed an alliance in Singapore to grow the crowdfunding industry in South-East Asia.
With the crowdfunding industry in South-East Asia still relatively young, there is huge potential in developing the region, beginning with market education, and later towards building the industry as a credible, trustworthy environment to grow.
“We hope to shed positive light on the crowdfunding industry and attract stakeholders to help us further grow the crowdfunding scene in South-East Asia,” said CoAssets founder and chief executive officer (CEO) Getty Goh.
Crowdfunding’s exponential growth in Asia shows that there is indeed a great opportunity to initiate advancements in this space, the three companies said in a statement, citing Massolution’s 2015 Crowdfunding Industry Report.
The report said that global crowdfunding grew by 167% to reach US$16.2 billion raised in 2014, up from US$6.1 billion in 2013, partly due to the rise of Asia as a major crowdfunding region. Asian crowdfunding volumes grew by 320%, to US$3.4 billion raised.
Altogether, the Singapore alliance companies said they have recorded over S$200 million (US$149 million) raised through international campaigns to date.
By forming an alliance from three different crowdfunding backgrounds, the members aim to provide both an alternative financing scheme for SMEs (small and medium enterprises) and entrepreneurs, while simultaneously providing another platform of investment to interested parties, they said.
“Through this alliance, we are able to pool together our networks, bringing together the biggest and most influential players in each industry, with both international reach, and local expertise,” said FundedByMe founder and CEO Daniel Daboczy.
“It is truly exciting to begin working with such capable and likeminded partners in the industry,” he added.
The alliance said it has lined up a combined project for the third quarter of 2015, and is also looking towards joint conferences in the next few months.
“This alliance represents the emerging wave of financial services that will meet crucial business needs,” said New Union Singapore managing director Eddie Lee.
“We are extremely excited to bring a new avenue to connect drivers of business, and allow them access to funds that weren’t previously available to them,” he added.
Crowdfunding is taking off in South-East Asia, with the stock exchange and monetary authorities in both Malaysia and Singapore putting in plans to implement equity crowdfunding schemes.
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