PETALING JAYA: Auction technology platform Bidnow.my recently completed its second-round funding exercise on the MyStartr platform, raising US$1.3 million (RM5.52 million) in less than two weeks, exceeding its maximum target amount of RM5.5 million.
The exercise was supported by 470 investors, which sets the highest record on MyStartr.
Bidnow.my serves as a platform for the public to access all public auction property listings in Malaysia. Its first equity-based crowdfunding (ECF) project was also facilitated by MyStartr, which was held last year, from Dec 12 to 21, 2020. A total of RM2.1 million was raised from 384 shareholders and, at the same time, it entered Malaysia Book of Records for “Highest Investment Amount Received for an Equity Crowdfunding in a Day”.
Bidnow.my was established in June 2019 as a one-stop auction property business platform. Currently, more than 20,000 active members and over 8,000 real estate brokers are registered on the platform. Other than real estate auctions, the JomBid and GroupBid features, which were soft launched in April 2021, allow users to bid for new home appliances, gadgets, luxury watches, and furniture.
“With the increase in users of Bidnow.my, more property agencies, and product vendors intend to list their products in Bidnow for bidding. We believe through the cooperation with these parties, Bidnow will have more variety of products to attract customers from different interest to visit Bidnow.my to look for value buy items. We are expecting the active members to grow tremendously in year 2022,” said Bidnow.my founder and CEO Frankie Goh Chee Keong.
Bidnow.my aims to become the number one bidding and home appliance purchasing platform in Southeast Asia. The team will establish its second overseas company in Jakarta, Indonesia, and develop a complete e-bidding system for auction houses and banks and integrate with other property portals to create a win-win situation. The previous secured funding has enabled the platform to upgrade its software and services, as well as to set up a company in Singapore.
