Singapore: FundedHere enables $375k fundraise for two startups

Singapore-based crowdfunding platform FundedHere has raised a combined S$505,500 ($375,334) for two local startups. These campaigns also saw participation from funders not classified as Accredited Investors (AIs), according to a media release.

FundedHere said it raised S$325,500 for BEAM, which offers concierge warehousing and logistics solutions on a mobile app, and S$180,000 for NephTech, a cloud-based solution to offer surveillance and management of chronic renal disease patients.

The firm secured its capital market services licence from the Monetary Authority of Singapore (MAS) in 2015 and had initially targeted AIs  – sophisticated investors with annual income of at least S$300,000 or assets excluding the first home of at least S$2 million – but expanded this to include Professional Investors (PIs) in March 2017.

In Singapore, PIs are mostly young professionals with less investment power but who are nonetheless interested in participating in the growth of local startups.

The latest funding campaign for these PIs saw them invest an average ticket size of S$18,000 in BEAM and NephTech. By contrast, AIs who participate on the FundedHere platform invest an average of S$50,000. To date, FundedHere has raised an estimated S$5.6 million in funding for a total of 14 companies.

“FundedHere is excited by the first-time participation of professional investors. We already have a base of more than a thousand AIs who are very keen on the startup scene. Clearly there is growing interest among younger investors in Singapore in the startup scene. We want to build up our base of PIs and our pipeline of startups seeking crowdfunding,” said Co-Founder and Executive Director of FundedHere, Mr. Daniel Lin.

“We continue to see a healthy interest from various startups with the ticket sizes for fundraising increasing. This validates that FundedHere’s business model of licensed equity crowdfunding which provides an alternative to asset classes is effective. We also hope to continue contributing to the development of the startup ecosystem here in Singapore,” he adds.

Also Read:

Singapore: FundedHere expands into Malaysia; Ezion JV consolidation impact

SG Dealbook: Metech raises S$2m on FundedHere; SIA-Lufthansa JV gets nod

Mediacorp-FundedHere pact to boost seed funding for digital media startups

 

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.