pitchIN, a leading equity crowdfunding (ECF) platform in Malaysia, announced today it has raised RM5.5 million (~US$1.3 million) through its own campaign.
The capital came from 322 investors participated, including Chan Kok San, co-founder of Aimflex; and Simpson Wong Kean Hin, Managing Director of Shellys Marketing.
pitchIN is currently in the final stages of raising an additional RM5 million (US$1.2 million) from institutional investors.
“We set out to raise RM10 million in total, of which RM5 million was allocated for institutional investors. The investors have been identified and we expect to close that amount fairly soon,” CEO Sam Shafie said in a statement.
With the new funding, pitchIN aims to expand its operations to serve more businesses and investors, as well as offer new services in the next few years.
The company has also shared that it plans to open a secondary market for its extended credit facility platform later this year. pitchIN has also applied for a license to operate an Initial Exchange Offering platform.
Founded in 2012, pitchIN is a platform for Malaysia-based companies to raise funds from the general public and investment community. It launched pitchIN equity in March 2016. To date, it claims to have funded 112 deals.
“In 2015, we launched pitchIN with our own funds because we believed in the importance of democratising the fundraising industry. We are grateful that we have been able to create a platform that has helped 112 SMEs and startups raise capital from over 5,500 investors. These new funds will enable us to offer our services to more SMEs and startups,” said pitchIN Chief Security Officer Kashminder Singh.
Image Credit: pitchIn
The post pitchIN secures US$1.3M in funding via own ECF platform, in talks to raise US$1.2M more appeared first on e27.