Thank you for being a part of this amazing journey these past 4 years.
We have weathered some tough times together and whether you are a startup founder, mentor, investor, colleague, or advisor, you have been instrumental in helping us charge forward.
While the current pandemic does not allow us to physically meet to celebrate this milestone, I wanted to take the time to express my appreciation and gratitude for your time and continued love for the FundedHere family. I hope that these challenging times will enable us to love each other more deeply and to care for Mother Earth more intentionally.
Please stay safe!
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“The FundedHere team was extremely quick to understand our value proposition. Helping us unpack our ideas and our business model to potential investors and being present at all the investor meetings demonstrated their care and dedication to us. This is what really differentiates them from their competitors.”
- Hadi, Chief Commercial Officer for WhatsHalal
Top left to bottom right: Hadi, WhatsHalal Chief Commercial Officer, Siti Atikah Lizhen, WhatsHalal Business Development Assistant Manager, Lim Hong Chuan, WhatsHalal Chief Technology Officer, Dan Huang, FundedHere Business Development Director, Azman Ivan Tan, WhatsHalal CEO, Mohammed Salehin, WhatsHalal Chief Operations Officer.
WhatsHalal is a data tech company focused on providing enterprise solutions to the Halal certification industry. Through WhatsHalal’s Assurance and Traceability Management System (ATeMS), merchants will be able to (1) reduce time taken to prepare certification documentation by up to 66% and (2) cut the total cost of obtaining Halal certification by up to 50%, with the ultimate objective of reduce the time taken to achieve Halal certification by at least 50% within the next couple of years.
“WhatsHalal’s ability to secure meaningful partnerships with established institutions reflect an increasing demand for accurate and trustworthy data. This is particularly important for a business such as WhatsHalal where a strong reliance is placed and required for the work that they do.” Daniel Lin, CEO of FundedHere commented. “We congratulate WhatsHalal on their successful campaign and hope that FundedHere is able to continue playing a role in its growth story.”
Upon concluding the campaign, Mr Azman Ivan Tan, CEO of WhatsHalal, stated: “FundedHere knows their investors well and what they are interested to invest in. That makes them well-positioned to introduce the right strategic investors to us by helping us highlight and emphasis different strengths of our business to them. They were able to break fundraising down into a science and subsequently helped secure the funding in less than thirty days.”
FundedHere conducted its first fundraising masterclass in November last year; helping aspiring entrepreneurs understand and strategize ways to raise capital for their companies.
]]>Greenhouse is the first marketplace for incorporation and corporate secretarial services in Southeast Asia, enabling companies to enter and scale up their businesses. Based on the start-ups’ needs and budget, Greenhouse’s marketplace connects them with pre-screened B2B service providers they need to establish
themselves in their target markets. The available services range from company incorporation, business address or workspaces, and immigration services.
Of their recent MOU with FundedHere, Greenhouse’s head of brand experience Clarissa Budino said, “Considering FundedHere’s vibrant ecosystem of start-ups and investors, their business acumen will be deeply valuable to Greenhouse’s centralized platform of solutions. Moving forward, this partnership will aid in further developing Greenhouse’s strong business network.”
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Mortgage Master is an online mortgage brokering platform designed to remove the inefficiencies of the mortgage process. Since its inception, it has transacted more than S$300 million in loans and has served over 2,000 customers. Home-owners are able to receive personalised, unbiased, and the most cost-efficient mortgage consultancy, allowing them to procure mortgage financing that is most suited to their needs.
When asked why Mortgage Master chose to raise funds with FundedHere, founder and CEO, Mr David Baey commented, “FundedHere provided the perfect platform for us to explain our value proposition in a simple and curated manner, with a focus on helping potential investors understand it easily.”
Left to Right: Mr Daniel Huang, Business Development Director, FundedHere, Mr David Baey, Founder & CEO, Mortgage Master, Mr Daniel Lin, Co-Founder & CEO, FundedHere
Seasoned start-up investor and lead investor of Mortgage Master, Mr Bala Swiminathan shared, “FundedHere is extremely thoughtful about bringing the right investors into each specific start-up by looking at the value each investor could potentially bring to the start-up. Having been a banking professional for many decades, I see many specific ways Mortgage Master and I can work together to build the mortgage business.”
Mr Lin concluded, “We take this to be an excellent sign of the growing prevalence of angel investors taking a direct and more strategic involvement in start-ups. We send our sincerest congratulations to Mortgage Master for closing an extremely successful campaign and look forward to helping more promising businesses secure funding through strategic investors.
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As the only platinum sponsor of the Competition, we were given the exclusive opportunity to potentially invest $200,000 in the grand winner together with Enterprise Singapore’s $200,000 grant. We are proud to announce that Eko.ai eventually emerged as the grand winner of Slingshot 2019!
(L-R) Dr Koh Poh Koon, Senior Minister of State for Trade & Industry, Mr Daniel Lin, Co-Founder & CEO of FundedHere, James Hare, Eko.ai, Dr Carolyn Lam, Eko.ai, Mr Peter Ong, Chairman of Enterprise Singapore
Slingshot Competition 2019 has given us the much-needed validation and visibility to entrench ourselves further as a thought leader and the preferred fundraising partner in the startup ecosystem. We have, through this competition, done the following:
1. Connected with another 15 more startups that came up as top 30 of the 2,400 entrants (top 1.25% of the competition), giving us the potential to run campaigns and deploy approximately $4.5 million worth of capital
2. Connected with more than 40 judges of the competition that included the best fund managers in the venture capitalist industry and established investors and thought leaders in the investment industry. Building relationships with them is an important extension of our value proposition to the startups as they will eventually need to connect with them, as they look to raise bigger rounds in the following 12-18 months.
3. Strengthened ties with Enterprise Singapore and more specifically, with the Startup SG team that continues to be instrumental in building the startup ecosystem in Singapore. Working with them has helped us understand wider policy shifts that endeavour to make Singapore an innovative nation and a startup investment hub.
FundedHere remains motivated to bring promising startups and investors together through a highly curated process of discovering startups through a regulated platform. Here are some photos from the competition, please ping us if you would like to find out more!
Here's a quick highlights of Slingshot 2019!
Yours Sincerely,
Daniel Lin
Co-Founder & CEO
FundedHere Pte Ltd
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CoHive is the largest provider of co-working and co-living spaces across Indonesia. Their comprehensive suites are designed to enhance productivity while increasing exposure and providing networking opportunities. They currently have over 9,000 members co-working for a month or longer across 31 locations in Indonesia. The MOU will expand CoHive’s current ecosystem to help foster start-ups with access to FundedHere’s investor networks.
Since inception, FundedHere has raised over S$17 million across 28 successful campaigns. With many exciting projects coming up, this would be an exciting time for FundedHere investors. For more information, please go to www.fundedhere.com
]]>Cialfo’s platform aggregates college admission requirements and through the use of their automated project plan, allows users to navigate through the admission processes and save 80% on research. Their proprietary algorithm, which uses machine learning, further increases application efficiency by creating a personalised student profile which matches a student to a college of their “best fit”. This, accompanied with personalised assistance from admission experts to help craft standout admission essays, allows their students to stand out from the crowd of college applicants.
Most students worldwide start using Cialfo from the age of 15-16. They will go through a string of personality tests and quizzes to determine their aptitudes and interests; exploring their future career options and determining the majors and courses required to achieve those careers. The platform collects key information and data points of successful and rejected applications, which allows it to suggest whether a college or major would be suitable for the potential applicant[1]. Besides that, Cialfo also assists students in looking for suitable extracurricular activities to increase their chances of enrolling into their colleges.
According to Rohan Prasari, co-founder and CEO, Cialfo currently has clients in more than 40 countries, with around 100,000 students using it worldwide – a number which they expect to grow to 500,000 by year end[2]. The platform also experienced a twenty-fold increase in their user base in the past 15 months, and their revenues tripling year on year. Prasari credits partnerships with undergraduate college admission app The Common Application and digital credential service Parchment with helping spread the word about the company.
The round brings Cialfo’s total funding to over US$5 million, and follows Cialfo’s sale of their consulting arm to another Singapore-based provider, ChangedEdu, in 2017. Cialfo plans to use the fresh capital for its US expansion, where it currently has partnerships with Castilleja School in Palo Alto, Calif.; Episcopal Academy in Newtown Square, Pa.; Loyola High School in Los Angeles and Brooklyn Friends School in New York[3]. Today, Cialfo has offices across the globe in Singapore, Beijing, New York and New Delhi.
We are proud to be a part of Cialfo’s journey in being the next big leader in the EdTech space and we wish them all the best in their future endeavours!
[1] https://www.businesstimes.com.sg/garage/edtech-startup-cialfo-raises-us3m-in-series-a-funds-for-us-expansion
[2] https://yourstory.com/2019/05/funding-startup-college-admissions-cialfo-dlf-venture
[3] https://www.edsurge.com/news/2019-05-14-cialfo-raises-3-million-series-a-to-expand-college-applications-platform-in-u-s
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Founded in 1991, Kitchen Culture is Singapore’s leading distributor of imported kitchen systems, appliances, household furniture as well as accessories. It has established itself as a premier kitchen solutions provider for consumers mainly within Asia. Following the increasing number of residential projects in Singapore, Kitchen Culture looks ahead to growing their sales in the coming years as well as broadening their portfolio of products to offer quality and variety to their consumers.
One of its investors, Christina shared "I invested with Kitchen Culture Holdings two years ago. I had a seamless experience investing through the platform and was kept up to date on the bond and interest repayments at prompt intervals. I would like to thank the FundedHere team for being very professional in their dealings and look forward to more campaigns."
FundedHere is Singapore’s 1st MAS-Licensed Equity and Debt crowdfunding platform. Started in March 2016, FundedHere has raised more than $16 million across 25 campaigns for technology startups and Singapore listed companies.
]]>A widely known company, Microsoft would be referring startups who use their services to FundedHere. Conversely, startups from FundedHere who may require the use of Microsoft services would be referred to Microsoft too.
Over the past 2 years, FundedHere has closed 19 successful campaigns with over $8.1M raised through it’s platform, www.fundedhere.com.
]]>Pak. Hermawan is the Co-Founder of Asia Marketing Federation, President of Indonesia Council for Small Business (ICSB), and President of ACSB (Asia Council for Small Business). Known to be a guru in the marketing industry, Pak. Hermawan is also a thought leader in developing innovative business concepts.
Being an experienced entrepreneur and an influential figure in Indonesia, FundedHere would gain a lot from Pak. Hermawan's guidance. This would be very helpful and a value add as FundedHere is in the midst of expanding into Indonesia.
Dr. Chew Tuan Chiong serves as the Chief Executive Officer of Frasers Centrepoint Trust (FCT), a listed REIT on the SGX with a market cap of $2 billion.
Dr. Chew has an accomplished and diverse background which includes being the Chief Executive Officer of Science Centre Singapore and also being the current Vice-Chairman of the National Council Against Drug Abuse. With such a huge wealth of experience, FundedHere would benefit with Dr. Chew as a mentor.
]]>During the launch, Singapore-based innovators shared their experiences in developing and bringing their solutions for better urban environments to market. Also, there were dialogues to see how impact investment can bring about a bright future for the next generation.
Ms Jessica Cheam, Managing Editor, Eco-Business, added: “The need for new solutions to urban challenges has never been more urgent, as countries and cities in Asia continue to grow. We need concrete, scaleable products and solutions that will enable cities to overcome pollution, overcrowding and the poor living conditions that often come with rapid economic development. Through The Liveability Challenge, we want to harness human ingenuity and innovation to chart a new, sustainable and fairer course for development in Singapore and the region.”
The Liveability Challenge is currently on the hunt for innovative solutions in waste management and sustainable cooling that are already at Technology Readiness Level (TRL) 6 and above which are applicable to Singapore and other Asian cities in the region.
To enter, their project must fall under these 2 categories, 1) Waste Management and 2) Sustainable Cooling. Interested applicants can apply through their website at https://theliveabilitychallenge.org
Once chosen, participants will receive support to hone their pitches, and the most convincing and compelling projects could secure up to S$1 million in funding to speed up the journey to commercialisation. Furthermore, they'll pitch before a panel of judges and an audience including some of Singapore’s big-name venture capitalists and investors in July at the World Cities Summit 2018.
The Liveability Challenge is presented by Temasek Foundation Ecosperity and organised by Eco-Business. FundedHere is also proud to be a Knowledge Partner of The Liveability Challenge.
]]>Prior to working with FundedHere, Aevice had won multiple startup competitions in Finland, the Middle East and Singapore, and had secured grants from organisations such as SPRING Singapore. AEvice Health had also won competitions including Slush Singapore 2016 and Channel NewsAsia Startup Season 4.
Their success did not stop there. After their journey with FundedHere, Aevice's achievements has actually grown leaps and bounds. Not only were they featured in the Straits Times on an article regarding smart baby gadgets at this year's Consumer Electronics Show (CES) in Las Vegas, but their founder, Adrian Ang, was also featured in this year's Forbes 30 under 30. This is not an easy feat, especially for a company as young as theirs.
With their product planned to be launched in 2019, everyone is expecting what else Aevice has to offer.
]]>Under the Memorandum of Understanding (“MoU”), GYP startups will be listed on FundedHere’s platform to attract investors for investments. Furthermore, these startups will be given guidance by the professional team from FundedHere.
Apart from the above mentioned, FundedHere has also gained a new mentor in Mr Ng Tiong Gee. Mr Ng is the chairman of Yellow Pages Singapore and he brings a lot of knowledge and experience to both FundedHere and GYP. A systematic and efficient leader, FundedHere will no doubt thrive and grow exponentially under Mr Ng's mentorship.
Over the past 2 years, FundedHere has closed 18 successful campaigns with over $7.7M raised through it’s platform, www.fundedhere.com. With many exciting projects coming up and with distinguished mentors such as Mr Ng on board and many more to come, 2018 will be a great year for FundedHere.
]]>Under the Memorandum of Understanding (“MoU”), FundedHere will list SUTD Startups on their equity crowdfunding platform for investment. FundedHere will also establish a work placement programme for selected SUTD students as well as mentor promising startups.
SUTD students and startups will have the opportunity to interact with FundedHere through entrepreneurship-related activities, as well as experience the ease of equity crowdfunding through running their own campaigns on FundedHere’s platform.
“The local startup environment has developed rapidly in recent years. Singapore offers excellent opportunities for aspiring entrepreneurs who wish to take their fresh ideas to the market due to its close proximity and easy access to some of the world’slargest and fastest-growing markets,” said FundedHere’s Executive Director, Mr Daniel Lin.
Commemorating the first anniversary of receiving its Capital Markets Services licence by the Monetary Authority of Singapore (“MAS”) in March 2016, FundedHere said it will begin offering crowdfunded equity or lending opportunities to Professional Investors (“PIs”) other than Accredited Investors (“AIs”).
“We hope that this strategic partnership with a local university will be the first of many to come. With the relaxation of MAS guidelines, we can now increase our pool of crowdfunding investors to include a much larger number of PIs. We are very excited to work with SUTD to groom future generations of entrepreneurs,” added Mr. Lin.
FundedHere announced on 28 March 2017 that it will expand into Southeast Asia, starting with Malaysia and Indonesia. Leveraging the platform’s foundation in Singapore, companies and investors can conduct cross-border crowdfunding transactions in the region.
Over the past year, FundedHere has helped seven Singapore companies raise a combined S$4 million through its online platform, www.fundedhere.com. These were shortlisted from more than 500 pitch decks before they were offered on the platform. New investments start from as low as S$5,000.
]]>Commemorating the first anniversary since it was awarded a Capital Markets Services license by the Monetary Authority of Singapore (“MAS”) in March 2016, FundedHere said it will begin offering crowdfunded equity or lending opportunities to private investors other than Accredited Investors (“AIs”).
AIs are defined as individuals with at least S$2 million (US$1.5 million) in net personal assets, excluding the primary residence, or S$300,000 in annual income. Until recently, FundedHere was only open to AIs, in accordance with MAS guidelines. However, on 17 February 2017, MAS removed this restriction, which will allow FundedHere’s platform to be opened up to mass affluent or Professional Investors (“PIs”).
“The FundedHere platform is attractive to growth companies because of our highquality network of AIs. The relaxation of rules means that we can now widen our pool of crowdfunding investors to include PIs, which are much larger in number. Interest in crowdfunding is growing in Singapore and are confident to double our investor pool before the end of 2017,” said FundedHere Partner, Mr. Daniel Lin.
Over the past year, FundedHere has helped seven Singapore companies raise a combined S$4 million through its online platform, www.fundedhere.com. These were shortlisted from more than 500 pitch decks before they were offered on the platform. Investors can invest from as low as S$5,000.
Of the funds raised, 40% were made through equity investments of between S$300,000 and S$500,000 in startups. The remaining 60% of funds raised were for crowdlending of between S$200,000 and S$2 million to growth companies. Unlike equity-based crowdfunding, crowdlending enables companies to bridge short-term funding needs without diluting the founder’s stake in the company.
FundedHere is the first crowdfunding platform to offer bond-funding for companies listed on the Singapore Exchange (“SGX”) Catalist. These short-term ListCo Bonds – of up to S$5 million each with an annual coupon of about 9% – do not require the issue of a prospectus but can only be offered to AIs registered with FundedHere.
On 9 December 2016, FundedHere announced that its first ListCo Bond of S$2 million for SGX-listed MeTech International Ltd was fully funded within two weeks after it was uploaded onto the platform. The bonds were fully taken up by 23 AIs.
“FundedHere has grown leaps and bounds in the past year. We’ve established a strong foundation within Singapore’s legal framework and have proven that equity and debt-based crowdfunding can be a vital component in Singapore’s ecosystem for startups and growth companies,” said FundedHere’s Co-Founder and Executive Director, Ms. Agnes Siaw.
FundedHere also announced that it plans to bring its crowdfunding platform to Southeast Asia, with Malaysia and Indonesia as its first targets. Leveraging on the platform’s foundation in Singapore, the regional expansion will enable companies and investors to conduct cross-border crowdfunding transactions.
“Looking ahead, an expansion to Malaysia and Indonesia is the next logical step. Many startups and smaller listed-companies aim to expand beyond our shores and by extending our footprint, we will be better positioned to support local businesses in their growth journey,” she added.
]]>Unlike other hardware wallets, which require a computer or a connection to an electronic device to work, CoolBitX’s ‘CoolWallet’ is the first wireless external storage device that can be paired with smartphones to enable users to make purchases online using Bitcoins. Transactions are never stored on the smartphone or transmitted over WiFi and internet servers to prevent online hacking.
The CoolWallet is the size of a credit card and works in a similar way to e-banking tokens. When paired with CoolBitX’s smartphone app, the CoolWallet takes Bitcoins offline and stores the cryptocurrency in the hardware wallet. To use the digital currency, users simply request for a One-Time-Password and key it into their CoolWallet app.
CoolBitX will use the funds raised from Malaysia-based Midana Capital for further research and development, and for marketing CoolWallet to Taiwan, Japan and the wider Bitcoin community.
CoolBitX also intends to launch its own decentralized Bitcoin exchange before the end of 2017. The platform will facilitate Bitcoin trades from one CoolWallet to another through a trade matching engine. Users can also make fiat deposits – a money deposit Bitcoin buyers must make in order to purchase the cryptocurrency – on the platform. Such a decentralised exchange will ensure that Bitcoins are never transferred through a central server in order to prevent hacking.
“Bitcoin is already transforming the way we make purchases but for a digital currency to truly take off, users need to be assured that it is both secure and convenient to use. With the support of Midana Capital through FundedHere, CoolBitX is well positioned to make sure Bitcoins are as accessible as a credit card and as secure as a bank,” said CoolBitX CEO & Co-Founder Michael Ou.
“Midana Capital is pleased to invest in CoolBitX, which has developed a unique security solution for Bitcoin transactions. We are confident that our investment in CoolBitX will reap rewards for our clients and contribute to the advancement of blockchain technologies in everyday transactions”, said Midana Capital Inc, Managing Director, Allan Tan.
Midana Capital focuses on innovative technologies including green-technology, F&B manufacturing, healthcare, Internet of Things, fintech and blockchain.
“FundedHere is pleased to provide a funding platform for innovative startups such as CoolBitX. We are always on the lookout for businesses with high growth potential and look forward to being a part of their growth,” said FundedHere, Co-Founder and Executive Director, Agnes Siaw.
FundedHere is Singapore’s first equity and debt-based crowdfunding platform. To date, it has raised over S$4.0 million for eight local startups.
]]>Through this strategic partnership, Mediapreneur-supported startups will be listed on FundedHere, giving them a wider platform to attract capital. Mediapreneur, which puts seed-stage media companies through a one-year structured incubation programme, will also connect FundedHere to other startups.
The collaboration between FundedHere and Mediapreneur has already helped one company, Spotted!, raise S$375,000. Spotted! will use the proceeds raised through FundedHere to expand its business of turning digital advertisements into games to help advertisers better engage their target audience.
“We are excited to collaborate with Mediapreneur to contribute to the growth of local entrepreneurs. FundedHere targets companies, like Spotted!, with compelling services and products that can solve real problems.” said FundedHere CEO, Mr Michael Tee.
“We are pleased that the first Mediapreneur startup we put on the Fundedhere platform was able to reach its fund raising target very efficiently. The platform works well for seed stage companies seeking capital before Series A. It certainly works for us and we expect to do more in the coming years following this successful partnership,”said Mediacorp’s Head of Strategic Planning, Mr Guillaume Sachet.
Launched in 2013, Mediacorp’s incubator Mediapreneur provides seed funding, intellectual property, mentoring, working space and networking opportunities for digital media startups. Startups supported by Mediapreneur also get regular guidance from mentors and can tap Mediacorp’s TV, radio, print and online platforms to reach customers.
]]>Metech said on 29 November 2016 that it would issue ListCo Bonds through FundedHere to raise S$2 million to expand its supply chain business. Its ListCo Bonds offering, which gives investors an annual coupon of 8% for two years, was uploaded on FundedHere’s online platform (www.fundedhere.com) for subscription by accredited investors (“AIs”) within 30 days. The bonds were fully taken up by 23 AIs within 20 days.
FundedHere first announced on 17 July 2016 that it would offer its platform to listed companies to raise up to S$5 million by issuing bonds with a tenure of one to two years at an annual coupon of 8% or 9% payable every quarter. Any Singapore Exchange (“SGX”)- listed company seeking to issue such bonds through FundedHere need not issue a prospectus.
Only AIs registered with FundedHere can subscribe for the ListCo Bonds. FundedHere has registered close to 1,000 of such investors, defined as individuals with at least S$2.0 million (US$1.5 million) in net personal assets, excluding the primary residence, or S$300,000 in annual income.
While the platform is currently open for equity crowdfunding from as low as S$5,000 per investor, FundedHere is targeting minimum subscription of S$50,000 each for ListCo Bonds. SGX’s Central Depository (“CDP”) will be the depository for the ListCo Bonds. Under this arrangement, lenders will receive interest payments in their CDP accounts. FundedHere is the first private funding platform to use CDP services.
“The successful fundraising by Metech over such a short span of time underscores the relevance and attraction of our platform. We have received queries from other Singaporelisted companies and expect to issue more ListCo Bonds in the coming months,” said FundedHere CEO Mr Michael Tee.
“I am extremely pleased with the whole fundraising process, which was seamless and efficient. The ListCo Bonds offered us a practical alternative which made sense for our short-term needs and I believe FundedHere’s offering will appeal to many other listed companies,” said Mr Simon Eng, MeTech’s Chairman.
]]>Metech is issuing S$2 million worth of ListCo Bonds at an annual coupon rate of 8%, with a 24-month tenure. The company will use the proceeds to expand the supply chain management business.
FundedHere, the first licensed crowdfunding platform in Singapore, also announced that SGX’s Central Depository (“CDP”) will be the depository for the ListCo Bonds. Under this arrangement, lenders will receive interest payments in their CDP accounts. FundedHere is the first private funding platform to use CDP services.
FundedHere disclosed the arrangement with CDP at an event during which it updated senior executives of Singapore-listed companies about its Listco Bonds initiative. Mr Chew Sutat, SGX’s Executive Vice President and Head of Equities & Fixed Income, gave an opening address at the event.
FundedHere first announced on 17 July 2016 that it would offer its platform to listed companies to raise up to S$5 million by issuing bonds with a tenure of one to two years at an annual coupon of 8% or 9% payable every quarter. Any SGX-listed company seeking to issue a bond through FundedHere need not issue a prospectus.
Only accredited investors (“AIs”) registered with FundedHere will be allowed to subscribe to the bonds issued by these companies. FundedHere has registered close to 1,000 of such investors, defined as individuals with at least S$2.0 million (US$1.5 million) in net personal assets, excluding the primary residence, or S$300,000 in annual income.
Once pre-qualified, the bond offering will be uploaded on FundedHere’s online platform (www.fundedhere.com) and available for subscription for 30 days. While the platform is currently open for equity crowdfunding from as low as S$5,000 each, FundedHere is targeting minimum subscription of S$50,000 each from AIs for the ListCo Bonds.
“It’s not easy for some listed firms to raise funds via other traditional channels given the current market environment. So we are extremely pleased to have the support of CDP as FundedHere becomes an alternative fundraising platform for these companies,” said FundedHere CEO Mr Michael Tee.
“Due to the low share prices currently, it may not be practical or possible for some listed companies to issue new shares to raise capital. FundedHere provided us with a viable alternative, one that is simple and hassle free,” said Mr Simon Eng, Chairman of MeTech International.
Listed on the SGX Catalist Board, Metech International Ltd. is a leading e-waste management solutions provider with a strong presence in Asia and North America.
]]>FundedHere, which received its Capital Markets Services (“CMS”) license from the Monetary Authority of Singapore on 18 March 2016, permitting it to deal in securities, said the companies listed on the SGX Main Board or Catalist intending to raise crowd-sourced funds from the Listco Bonds will not be required to issue a prospectus.
Only Accredited Investors (“AIs”) registered with FundedHere will be allowed to subscribe to the Listco Bonds. FundedHere has registered close to 1,000 AIs – individuals with at least S$2.0 million (US$1.5 million) in net personal assets, excluding the primary residence, or S$300,000 (US$225,000) in annual income.
The SGX-listed issuers must meet the following FundedHere criteria:
(1.) It must be majority owned by Singapore citizens;
(2.) It must have positive Net Tangible Assets; and
(3.) It must not be on the SGX Watchlist.
Once pre-qualified, the bond offering will be uploaded on its platform (www.fundedhere.com) and available for subscription for 30 days. While the platform currently offers equity crowdfunding investment from as low as S$5,000 each, FundedHere is targeting minimum subscription of S$50,000 each from registered AIs for the Listco Bonds.
FundedHere has commenced preliminary discussions with a few SGX-listed companies and expects to launch the first Listco Bond before the end of September this year.
FundedHere will levy a fee amounting to 1.5% of the funds successfully raised, on an annualised basis. FundedHere intends to offer bonds with tenures of one (1) to two (2) years. The annual coupon of about 9% will be paid on a quarterly basis.
The Listco Bonds must each be backed by a corporate guarantee. FundedHere is in discussions with an insurance agency to underwrite the Listco Bonds.
“The Listco Bonds will be an important extension of our licensed equity crowdfunding and crowdlending platform as listed companies can reach out to our pool of AIs, some whom seek higher yields. As the Listco Bonds will be issued by listed companies, they will offer more security compared to startups,” said FundedHere CEO Mr. Michael Tee.
FundedHere believes that the introduction of Listco Bonds is timely as many smaller listed companies in Singapore face challenges in secondary fund raising due to insufficient liquidity and current low share prices.
FundedHere has successfully helped several privately held companiesraise short-term funds through licensed crowdlending, at an annual interest rate of about 18%.
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