pitchIN platform to raise up to RM25m for 20 issuers

KUALA LUMPUR: Pitch Platforms Sdn Bhd, which runs the pitchIN equity crowdfunding platform, is looking to raise funds of between RM15 million and RM25 million for 20 issuers in the first half of 2018 (H1’2018).
Chief executive officer Sam Shafie said 20 companies, which are mostly technology-based entities, had so far signed agreements with pitchIN to utilise its platform to raise funds for their businesses.
“We expect to sign more agreements in the first half, but for now, we are already comfortable with the target (funds) of between RM15 million and RM25 million and 20 companies in our hands.
“Furthermore, the target is a good progress even though we believe we will achieve higher funds for 2018,” he told reporters after releasing the latest pitchIN Equity Crowdfunding Report 2017.
PitchIN had raised total funding of RM14.02 million for 12 issuers last year, commanding a 60% market share.
According to the report, out of the 12 issuers, which capitalised on the platform, less than five issuers were from the non-tech sector, while the remainder were tech companies.
Responding to this, Sam said the bigger percentage of tech companies was also due to investors’ appetite for investment.
“These investors, which constituted slightly above 50%, are millennials aged between 22 and 34 and they are inclined towards tech companies,” he added.
Meanwhile, the equity crowdfunding industry in Malaysia raised RM23.39 million last year and this avenue is viewed as a viable financing source for small and Medium enterprises and startups. A total of 22 crowdfunding campaigns were launched last year. – Bernama