Malaysia: Mavcap invests $690k in social crowdfunding platform SimplyGiving.com

Social crowdfunding startup SimplyGiving.com

Malaysia Venture Capital management Bhd (Mavcap) has invested MYR2.95 million ($690,000) in the social crowdfunding startup SimplyGiving.com, to drive the platform’s regional expansion.

The funds will also be used for launching new innovations focused on helping organisations increase their social impact through technology, Mavcap said, in a statement on Tuesday.

SimplyGiving.com is an e-commerce startup to help non-profits and social enterprises engage with supporters online.

The Malaysian government-supported venture capital firm, formed to champion ICT companies, has been at the centre of a growing investment ecosystem in the region.

Mavcap chief executive officer Jamaludin Bujang said, the firm’s investments have started to create a positive impact on the local young technology companies.

“Through our direct investments and funds that we are involved with, we are seeing some great things starting to happen and we are always interested in companies that make a positive contribution via technology,” he said, in the statement.

On the investment, Bujang said, SimplyGiving.com’s platform has already empowered nearly 30,000 people to support their favourite social causes via online donations.

“The business model is strong, and we believe they have the right team, with the right technology, to make a big difference,” he commented.

SimplyGiving.com chief executive officer Kristofer Rogers said, the startup was looking for partners that will bring more than just money to the table.

“(We were looking for partners) who can help us with mentoring and advice. I know there is a genuine interest from Mavcap to help us achieve our mission – to not only grow our business but to achieve a greater social impact at the same time,” he said.

Citing Massolution’s CF2015 Industry Report, the crowdfunding market is set to reach $34.4 billion globally in 2015, more than doubling from the previous year.

Rogers added that crowdfunding is one of the fastest-growing tech trends in Asia.

“It is now the second largest crowdfunding region by volume, second only to the United States. In 2014, the Asian crowdfunding sector raised more than $3.4 billion. We believe that crowdfunding will dramatically change the way in which social enterprises and non-profits across Asia are funded. Social crowdfunding is a very transparent and effective way to support causes, and ultimately improve their outcomes,” he said.

SimplyGiving is headquartered in Kuala Lumpur, with offices  in Singapore and  Hong Kong. It provides mobile-optimised donation and fundraising tools for over 450 non-profit partners and social enterprises on board in 20 countries across Asia.

Also read:

Malaysia’s Mavcap partners China’s Gobi for $50m fund, focuses on SEA, China

Axiata, Mavcap launch $30m VC for digital cos

Malaysia first in ASEAN with crowdfunding legal framework

Indonesia’s Financial Services Authority to regulate crowdfunding

China says to promote equity crowdfunding to support startups

Exclusive: Vietnam government mulls crowdfunding policy framework

From volleys to ventures: Andy Murray dips into crowdfunding

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.