Three Singapore-based startups and an Asian education provider have raised a combined S$1 million ($750,000) from FundedHere, becoming the first companies in the city island to obtain funding from accredited investors registered with the local licensed crowdfunding platform.
DeNova Sciences Pte Ltd, a medical technology startup raise seed capital on the crowdfunding platform, alongside an udisclosed energy management startup.
The other two companies, FTMSGlobal, an established Singapore-based private education operator and Chloros Solutions, which offers services for environmental sustainability design, engineering, procurement and construction, obtained short-term crowdlending loans, according to a press statement.
The initial four crowdfunding campaigns on FundedHere were shortlisted from more than 200 startups that submitted pitch decks to the platform which focuses on promising startups seeking to raise between S$100,000 ($75,000) and S$1,000,000 ($750,000) in seed capital or crowdlending.
Over a dozen individual accredited investors (AIs) participated in the fundraising for the first four campaigns, with venture capitalist fund, Midana Capital, leading as anchor investor in two of the campaigns.
“Since commencing operations, we have received numerous enquiries from startups and AIs. We are elated by the response which demonstrates that licensed crowdfunding is gaining rapid acceptance as a vital component of the local startup eco-system,” said FundedHere chief executive officer Michael Tee.
FundedHere went live on April 1, 2016, two weeks after it received a Capital Markets Services License from the Monetary Authority of Singapore on 18 March 2016. It is the first local crowdfunding platform to be awarded the licence, which permits it to deal in securities.
“We are pleased to be among the first few local startups to tap equity crowdfunding through FundedHere. For companies like ours, this is an alternative to venture capital. I believe the ease of using FundedHere and the speed at which the funds come in will encourage more startups to use the platform,” DeNova Sciences chief executive officer Daniel Tan said.
DeNova Sciences develops 3D skin models and tissue scaffolding used for rigorous clinical or product testing, validation or co-development. The in vitro DNSkinTM models are cultured in a serum-free environment with a chemically defined DNMediaTM formula for optimal growth.