PolicyStreet.com, a Southeast Asia-based insurance technology startup has completed its Series A fundraising round totalling RM25 million over two tranches. The latest round is led by Altara Ventures, Auspac Ventures, Gobi Partners and the Leong…
The Malaysian Technology Development Corporation (MTDC) a wholly-owned company of Khazanah Nasional Berhad has announced their investment participation in Pitch Platforms Sdn Bhd (pitchIN) together with Gobi Partners as the co-investor.
The pitchIN equity crowdfunding platform is a Registered Market Operator (RMO) with the Securities Commission. To date it has successfully funded 154 deals, the most among all ECF platforms in Malaysia. pitchIN has raised over RM280 million to date, with over 7600 investments made into fast growing Malaysian companies.
MTDC and Gobi Partners are co-investing into the Company with total amount of investment of RM5.0million, through MTDC’s Business Growth Fund (BGF Fund) and Gobi‘s Superseed II Fund (Gobi SSII Fund). The fund will further assist the Company to expand their ECF platform offering, launch initial exchange offering (IEO) and secondary market platforms locally and initiate similar ventures regionally.
Prior to this, MTDC had signed a MoU with Pitch Platforms in 2020 to collaborate and cooperate in the areas of equity crowdfunding (ECF). The MTDC-pitchIN Equity Crowdfunding (ECF) Programme allows MTDC to participate in equity crowdfunding investment of up to 30% in eligible prospective companies per campaign. With this additional investment in pitchIN, MTDC will be able to further facilitate fundraising for local technology-based companies through their crowdsourcing online platform. MTDC will also provide its integrated support services for the companies funded which includes Technology Centre Management, Technopreneur Training Academy (TENTRA), Centre of 9 PillarsÒ (Co9PÒ) and advisory services such as mentoring, soft-landing, branding, fund raising, international collaboration and networking.
In a statement today, MTDC’s Chief Executive Officer, Haji Mohammad Hazani Haji Hassan welcomes this co-investment with Gobi Partners as it will support potential high growth local technology companies to expand their business, locally and internationally. Through this co-investment, the Company will benefit from the extensive business networking and connections from both parties that will further expediate and accelerate the Company’s future expansion.
“We support and believe that this co-investment will benefit Malaysia’s local technology companies as their capability to sustain and grow their business in the wake of the recent pandemic is another reason for our continued partnership with them. MTDC would also like to invite other investors to co-invest alongside us, specifically in the technology sector.”
Meanwhile, Gobi Managing Partner (Malaysia), Jamaludin Bujang highlighted that the co-investment partnership will allow entrepreneurs especially the start-ups and SME’s to receive additional funding especially in the challenging economic landscape in Malaysia.
“With the launching of the Company’s Secondary Market and Initial Exchange Offering (IEO) platforms this year, this is a key inflection point on the increased popularity of ECF in Malaysia and that is the reason why Gobi and MTDC will be investing in the best ECF platform in the country.”
Pitch Platform’s Chief Executive Officer, Sam Shafie said, “We are pleased to welcome two strategic corporate investors into pitchIN. MTDC and Gobi Partners both bring experience and market reach and we are confident that their investment will lead to more growth at pitchIN. We thank them for their confidence in our vision and look forward to working with them as we roll out upcoming services and planned expansion.”