After Leading the Equity Crowdfunding Market for 3 Years, pitchIN Sets its Sights on IEO
by Vincent Fong February 27, 2020pitchIN revealed today in its annual Equity Crowdfunding Report that the company continues to lead the equity crowdfunding market for the third consecutive year with 72% market share of total funds raised and 53.8% of campaigns in 2019.
2019 proved to be a positive year for the platform as they see 67% YOY (Year-on-Year) growth with RM 22.7 Million raised. They also highlighted several milestones which include breaking the record of the highest funds raised with Oxwhite raising over RM 5 million in 7 days.
Sam Shafie, its CEO and Co-founder remarked that the growing number of companies raising funds through equity crowdfunding points towards this method gaining mainstream appeal and that it is no longer considered an alternative towards raising money through VCs.
For 2020, the company is targetting to raise RM 30 million across 24 campaigns, they further added that the platform already have 43 companies in their pipeline looking to raise funds with pitchIN.
The company also announced that they are lookin at applying for regulatory approval from Securities Commission Malaysia to operate an Initial Exchange Offering platform. The framework for IEO was released in January 2019, under this new framework companies will able to issue digital tokens through approved IEO platforms to raise funds.
During the same event, Sam also revealed that pitchIN will be raising funds through equity crowdfunding on their own platform in the near future.
