pitchIN Secures RM 5.5 Million Through Its Own Equity Crowdfunding Campaign
by Fintech News Malaysia June 16, 2021pitchIN, a Malaysian equity crowdfunding platform (ECF), announced that it has concluded its very own equity crowdfunding campaign on Leet Capital with RM 5.5 million raised from 322 investors.
This fundraise will enable pitchIN to expand its operations to serve more businesses and investors as well as offer new services.
Additionally, pitchIN will open a secondary market for its ECF platform later this year and it has also applied for a license to operate an IEO platform with plans to launch more services in the next few years.
The 322 investors consisted of retail, angel and sophisticated investors and included several notable investors.
Well known serial entrepreneur and startup investor Ganesh Kumar Bangah, ex MCMC Chairman Dato Sharil Tarmizi, Chan Kok San, the co-founder of publicly listed company Aimflex and Simpson Wong Kean Hin, the Managing Director of Shellys Marketing, which operate XES shoes outlets, also participated in the ECF campaign.
The firm had announced in April 2021 that it was looking to raise between RM 3 million to RM 5 million from its first ever fundraising exercise.
pitchIN is also looking to raise an additional RM 5 million from institutional investors who have been identified and is expected to close fairly soon.
Sam Shafie
Sam Shafie, CEO of pitchIN said,
“Our campaign target was RM5 million. The campaign ended up with around RM5.65 million raised. To not disappoint investors, pitchIN accepted all investors but returned some of the funds to keep our fundraising amount to RM5.5 million.
pitchIN is a fintech and the market opportunity is huge. There are over 900,000 SMEs in Malaysia alone. What we have done to date is just the beginning. pitchIN has lots of potential to unlock”.
Kashminder Singh, CSO of pitchIN added,
“We are overwhelmed by the support shown by investors for our first ever fundraising campaign. 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 5500 investors. These new funds will enable us to offer our services to more SMEs and startups”
Featured image: (left) Kashminder Singh, CSO of pitchIN and (right) Sam Shafie, CEO of pitchIN
