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Source: Beamstart.news

Equity crowdfunding (ECF) platform, Mystartr, announced earlier today that the company has helped 8 SMEs and startups raise a total of RM8.67 million in Q1 2020 alone. 

The announcement was made earlier today via an online media conference, together with Selangor State Executive Councillor Teng Chang Khim and the 7 startups who were successfully funded.

Certified by the Securities Commission of Malaysia on December 18th, 2019, Mystartr has been focused on helping small and medium-sized companies raise capital via equity-based crowdfunding.

Some of the notable fundraisers through their platform include Biztory and BMS Organics, both raising RM1.04 million and RM1.5 million respectively, where both were oversubscribed rounds.

Earlier this month, the Ministry of Finance announced that an additional RM 10 million will be released to the Malaysia Co-Investment fund (MyCIF) to match investments raised by ECF companies at a ratio of 1:4 (RM4 for every RM1 raised).

All eligible equity crowdfunding projects which are launched from 3rd April to 30th Sep of 2020 will have the opportunity to receive MyCIF matching investments, with the maximum investment limit of RM1 million. 

For 2020, Mystartr aims to help 20 more startups and SME companies with the new MyCIF matching fund.

At the moment, the 2 benefiting projects on Mystartr platform are Logistic Worldwide Express (LWE) and Buynow

Despite the slowdown from the recent lock-downs, MyStartr’s founder and CEO, Mr. Goh Boon Peng encourages startups to capitalize on this opportunity to rethink their business models and expand aggressively.

Other than IT-related startups like Biztory, Rtist, and VentureGrab, Mystartr also assisted Havan Clothing, a social enterprise that presents creativity of underprivileged children on fashion accessories, to get funded successfully and the current ongoing Footballhub project which offers football facilities with their AI technology.

Written by Wallace Ho
Source link: Beamstart.news