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.