Malaysia’s inaugural Token Crowdfunding (TCF) campaign, conducted by auction platform BidNow through pitchIN, has raised RM10 million in 8 weeks, doubling its initial RM5 million target.
The campaign attracted 469 investors, marking the first public TCF campaign under the Securities Commission’s Initial Exchange Offering (IEO) guidelines.
BidNow, a Malaysian auction platform, facilitates auctions and bidding on items ranging from home appliances to real estate.
Since its launch in 2019, BidNow has garnered over 20,000 active users and signed up more than 8,000 real estate brokers.
pitchIN, a recognised Digital Fundraising and Investment Hub in Malaysia, operates both Equity Crowdfunding (ECF) and TCF platforms under the Securities Commission’s supervision.
Nicholas Chong, pitchIN’s Head of TCF, noted that investors who missed this initial TCF opportunity should look out for more deals to be launched later this year, pending regulatory review.
Frankie Goh, CEO of BidNow, said,
“We chose Token Crowdfunding because we believe in the transformative power of blockchain technology, and this marks a significant milestone in our journey.
With this support, we’re excited to expand our operations into Singapore and integrate blockchain into our platform to enhance efficiency, transparency, and security.”
Sam Shafie, CEO of pitchIN added,
”We’re delighted for BidNow. We hope that their success will pave the way for others to follow suit.
With the first campaign under our belt, we’re confident of assisting other companies who would like to consider TCF as a viable option for their fundraising to fuel growth for their companies ”
Featured image: (From left) Frankie Goh, CEO of BidNow and Nicholas Chong, Head of TCF at pitchIN
