KUALA LUMPUR: Singapore-based Fundnel, a modern capital raising solutions provider, has expanded to Kuala Lumpur after obtaining licence from the Securities Commission Malaysia.
“The global economy is increasingly being shaped by small medium enterprises (SMEs), who often face challenges obtaining growth capital," said Fundnel co-founder and chief executive officer Kelvin Lee.
"Crossing the borders is a big stride towards our goal of creating access to capital for everyday companies.
"We believe that funding good-quality private businesses will create jobs and in turn spur economic growth.
"As a newly minted operator, we are excited to commence work and make a difference to the local market,” he said adding that Fundnel services saves cost and time efficient.
Applications on Fundnel has the potential to reach a global network of over 10,000 investors and partners whereupon multiple investment offers will be made.
By virtue of being an online platform, price discovery is granted to the fundraiser who then has the flexibility to compare these offers that may best suit their stage of growth or other strategic requirements.
This differentiates Fundnel from traditional financing options.
Fundnel’s launch in Malaysia is timely as the government advocates a shift towards high value-added activities, particularly in knowledge-intensive industries.
This covers digital transformation of the economy by tapping on the potential of big data and financial technology.
In a recent event to commemorate Fundnel's expansion here, Malaysia Digital Economy Corp (MDEC) vice president of growth ecosystem development Norhizam Abdul Kadir said his team looks forward to Fundnel and other investment platforms generating a more vibrant environment to benefit SMEs here.
MisterTyre, a homegrown pioneer in on-demand mobile car care services, will be one of the first companies to be launched on Fundnel Malaysia.
The Klang Valley-based startup plans to use proceeds from this round of fundraising to launch its affiliate program across Malaysia and to initiate licensing of its Software as a Service (SAAS) automotive solution in the United States.
In anticipation of its launch, Fundnel has forged a strategic partnership with homegrown investment firm, Midana Capital.
Both Fundnel and Midana Capital will help each other in deal origination with the common goal of supporting Malaysian SMEs.
“In three years, Fundnel has proven itself in the private investment landscape. Our partnership will connect local companies to investors from across the globe, helping them grow and scale up,” said Midana Capital general partner Chris Tan.