Malaysian human resource platform startup Kakitangan.com has raised $240,000 in just one day through equity crowdfunding platform pitchIN. The funds will be used by the startup for improving customer and product experience and increase its user base.
The campaign, which went live on September 26, is the third such fundraising through pitchIN which has reached its target. The first two were creative academy KRU Academy and delivery service RunningMan.
“Kakitangan had set out to raise a minimum of $48,328 with the maximum set at $241,660. By hitting its target within hours, Kakitangan.com was funded a whopping 485% above its minimum target,” pitchIN said, in a press statement.
Kakitangan.com is an HR platform that offers services such as payroll, leave, employee database and benefits. It targets the South East Asia market in the next five years.
Kakitangan.com equity crowdfunding campaign has generated strong interest from a cross-section of investors with the deal being heavily shared on social media.
The investors formed a very interesting mix with the youngest being 18 year old who was encouraged to invest by his father to learn the value and potential of long term investing. Meanwhile, the oldest investor in Kakitangan.com is 69 years old, proving that older investors are equally interested in equity crowdfunding, the statement said.
While most investors were Malaysians, there were some foreign investors also participating in the deal.
Kakitangan.com is also an investee company under the Angel Tax Incentive, an initiative approved by the Malaysian government to encourage more early stage investments by the private sector. This incentive hopes to reduce the risks usually associated with early stage investments by giving back in the form of tax exemption to accredited angel investors.
“Kakitangan.com is a wonderful business story. It is being used by thousands of SMEs and startups. The potential to become a leader in the HR software industry is apparent. Furthermore, the team behind Kakitangan.com, led by Effon Khoo is very strong,” said CEO of pitchIN Sam Shafie.
He further added that equity crowdfunding is progressing well in Malaysia and pitchIN is aiming to bring around 5 to 8 more deals this year.