Singapore: Four companies crowd-raise $750k on FundedHere

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.

Also read:

Singapore: FundedHere secures $1.29m seed funding from angel investors

Singapore: Equity and debt crowdfunding platform FundedHere receives approval to go live

Crowdfunding platforms Fundedhere & Sniffr to launch in Singapore

Crowdo gets licence to operate equity crowdfunding, P2B lending in Singapore

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.