SME Featured Southeast Asia

Crowdfunding platform MyStartr announces 13 successful funding projects in 2020

Shah Alam, Malaysia – MyStartr, a Malaysia-based crowdfunding platform, has announced that it has completed 13 projects in 2020, to which all of them have successfully concluded their fundraising rounds amounting to RM20M.

Among the 13 successful projects in 2020, there were 3 projects successfully raised more than RM2M, namely education smartcard system i-3S (RM3.03M), football court operator FootballHub (RM3.03M) and online auction house BidNow (RM2.1M). 

“Knowledge in relation to the capital market mechanism is essential for startups. However, awareness is still low among startups. Therefore, MyStartr has a mission and objective to assist start-ups, especially the young entrepreneurs who have developed creative and innovative products and services, to grow further. The vision is to assist 5,000 entrepreneurs to be successful over the next 10 years with RM2.5B funded amount,” the company said in a press statement.

They added, “Although the startup scene in Malaysia has been growing tremendously over the last few years, the capital market is still not familiar with the early stage startups. As such, equity crowdfunding platforms such as MyStartr plays a crucial role in bridging the gap between the investors and startups, educating more and more retail investors to invest in a proper way, and assists the startup in scaling faster and bigger.”

In terms of investors, the platform had attracted 1,580 investors participating in equity crowdfunding (ECF) while about 75% of them were retail investors who invested less than RM5,000 in a project. Meanwhile, Malaysia Co-Investment Fund (MyCIF) contributed RM4.09M fund to the platform in 2020, benefiting 8 startups to raise funds successfully and grow their business after the campaign.

SME Featured Southeast Asia

SME digital financing platform Funding Societies expands to Thailand

Singapore – Funding Societies, a Southeast Asia-centric digital financing platform for regional SMEs, is expanding its operations to Thailand, marking its fourth market since the platform’s establishment six years ago. Currently, the platform operates in Singapore, Indonesia, and Malaysia.

With the market expansion, Funding Societies will be addressing the US$250B SME credit gap that exists in ASEAN’s biggest economies – Thailand, Singapore, Malaysia, and Indonesia. Funding Societies has disbursed over US$1.4B in financing across more than 65,000 SMEs throughout the region and is prepared to provide Thai SMEs with full access to its short-term customizable financing solutions, which are funded by retail and institutional investors.

The platform will also operate closely under the debt-crowdfunding license given by Thailand’s Securities and Exchange Commission. This expansion comes after more than one year of working with Thai regulators and planning for market entry.

Co-founder and group CEO of Funding Societies, Kelvin Teo (left), said, “Funding Societies’ vision has always been to financially enable growth for SMEs, while growing wealth for investors. Having built a market-leading presence in Singapore, Indonesia, and Malaysia, we’re excited to bring our vision to Thailand and launch today. We’ll also be able to better support Singapore companies expanding into Thailand and vice versa.”

Meanwhile, Varun Bhandari, country head of Funding Societies for Thailand (right), commented, “By leveraging technology, Funding Societies offers SMEs a new avenue of accessing business financing that is fast, affordable, and convenient. The crowdfunding landscape in the country is growing steadily and we see a lot of potential here. We look forward to driving financial inclusion in Thailand and helping to uplift the country’s economy.”