BUSINESS

PITCHIN ON TRACK TO RAISE RM16 MLN TARGETED FOR 2019

14/08/2019 06:37 PM

KUALA LUMPUR, Aug 14 (Bernama) -- Equity crowdfunding (ECF) platform pitchIN has raised nearly RM13 million for 11 companies as of July this year, and is confident of achieving the RM16 million target set for 2019.

Chief executive officer Sam Shafie said the company, which was approved by the SC as a recognised ECF market operator in 2015, had raised RM41.9 million for 35 companies as of Aug 12, 2019.

“That has increased our market share in Malaysia to 80.2 per cent as of August this year, up from 75 per cent in 2018,” he told reporters on the sidelines of “New Age Investments” briefing organised by Maybank here, today.

To date, Sam said the company had drawn over 2,000 investors who invested in the 35 companies, and about 400 of them made up the investors of the 11 companies this year.

Meanwhile, Sam believed that the Securities Commission Malaysia (SC) may release a regulatory framework for the secondary market for ECF in the fourth quarter this year, thus enabling Malaysia’s first trading platform for equity crowdfunding shares to “go live” in the second quarter of 2020 (Q2 2020).

“From what we know, the SC is currently working on a framework for the secondary market for ECF, and the regulator will probably disclose it is in a month or few weeks’ time,” he said, adding that the company would definitely apply to launch its secondary market for ECF if the framework is ready.

Despite the company’s encouraging performance, Sam, however, said ECF awareness and education among Malaysians were still lacking.

“As compared with the matured market like the United Kingdom, we are probably two or three years behind.

“But what the government can do is to allow the secondary market for ECF (to attract more investors),” he added.

Among companies that have raised funds from pitchIN were kakitangan.com, an online human resources software for Malaysian businesses, which has raised RM1.5 million in 24 hours, peer-to-peer platform Fundaztic (RM4 million in 38 minutes), and e-commerce ecosystem provider commerce.asia (RM5 million), the highest amount thus far.

-- BERNAMA


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