SubPlace, a subscription online shopping startup, said today it has raised US$2.36 million in just four days of launching its equity crowdfunding (ECF) campaign on MyStartr.

The startup raised the money for its smart lock product LockIn, and it came from 275 investors.

As per a press statement, SubPlace plans to set up 250 brand stores across Malaysia within the next five years, with an expected uptake of over 100,000 new users.

Launched in November 2020, SubPlace is an online platform where consumers can subscribe to a range of products and services such as fast-moving consumer goods, personal care products, furniture, home appliances, and electronics.

Also Read: Luxury lifestyle brand Oxwhite smashes Malaysia’s ECF records with US$1.2M fundraise via pitchIN

The lifestyle subscription platform will operate under two subscription models: SUB and SUB+.

● SUB is where users can subscribe for their daily necessities and services (e.g., groceries, pet supplies, health, and beauty products. Products are available as a single plan or in bundles. Subscribers may cancel subscriptions without obligations or continue the subscriptions on a monthly/long-term basis.

● SUB+ is a rental platform for high-value furniture, home appliances, and electronics, all of which come with warranty and servicing. Products are available at a low entry cost. The subscriptions are not installments, and customers will not need to pay a deposit nor require a credit card.

SubPlace claims LockIn is a state-of-the-art smart lock, which will be launched in October this year at the price of ~US$566. The product will be available either as an outright purchase or through a rent-to-own plan starting at ~US$16 per month.

Besides the X1 smart lock, the company will also offer two other smart locks, the LOCKIN S30 Pro and LOCKIN 2X Pro.

“I believe that the success of this campaign is an indicator of a healthy appetite for smart home products, indicating the high potential of the smart home market. However, we also acknowledge that we are now tasked with delivering on our promise, and we want to let our investors know that we will not disappoint. Our goal is to exceed everyone’s expectations,” said Mak Wai Hoong, CEO of SubPlace.

Also Read: This startup took only 38 minutes to achieve its US$720K crowdfunding target

The company recently partnered with the Multimedia Development Corporation (MDEC) to launch the Go e-Commerce Onboarding campaign aimed at helping SMEs move business online.

Image Credit: SubPlace

The post SubPlace raises US$2.4M for its smart lock product in 4 days of launching ECF campaign appeared first on e27.



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