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Malaysian Largest Auction Technology Platform – Bidnow Raises US$ 1.3 Mil from 470 Investors through Second-Round ECF on MyStartr

by | Jan 6, 2022 | Faces & Happenings | 0 comments

Bidnow.my, the Malaysian Largest Auction Technology platform, recently completed its second-round funding exercise from MyStartr platform, a licensed Crowdfunding Recognized Market Operators by Securities Commission Malaysia. Supported by 470 investors, which sets the highest record of MyStartr, Bidnow.my successfully raised ~US$ 1.3 mil (RM 5,517,099) in less than 2 weeks, exceeding its maximum target amount of RM 5.5 mil.

 

Bidnow.my successfully raised 1.3 million USD from 470 investors via the MyStartr ECF platform.

 

Bidnow.my serves as a platform for public to access all public auction property listings in Malaysia. Its first equity-based crowdfunding (ECF) project was also facilitated by MyStartr, which was held from 12th December 2020 to 21st December 2020. A total of RM 2.1 mil was raised from 384 shareholders, at the same time, awarded the Malaysia Books of Record “Highest Investment Amount Received for an Equity Crowdfunding in a day”.

 

Commenting on the funding achievement, MyStartr’s Founder and CEO, Mr Goh Boon Peng said, “Congratulations to Bidnow.my! We are very honoured to assist the team at every step of the fundraising process to achieve success. In fact, there are many Malaysian companies with very innovative business models, just like Bidnow.my. We are optimistic that they can expand their businesses internationally.” 

 

Digitalization of Auction Property

 

Bidnow.my was established in June 2019 as a one-stop auction property business platform. Within two years, it has become the largest status in Malaysia. Currently, more than 20,000 active members and over 8,000 real estate brokers are registered on the platform. Other than real estate auctions, the “JomBid” and “GroupBid” features which were soft launched in April 2021 allow the users to bid for brand new home appliances, gadgets, luxury watches, and furniture.

 

“With the increase of users in Bidnow.my, currently there are getting more property agencies, and product vendors intend to list their products in Bidnow for bidding. We believe through the strategy cooperation with these parties, Bidnow will have more variety of products to attract more customers from different interest to visit Bidnow.my to look for valued buy items, therefore we are expecting the active members to grow tremendously in year 2022,” said the Founder and CEO of Bidnow.my, Mr Frankie Goh Chee Keong.

 

Bidnow.my promises that the team will maximize the use of fund for becoming the No.1 bidding and home appliance purchasing platform in Southeast Asia. The team is going to establish a second oversea company in Jakarta, Indonesia and also, developing a complete e-bidding system to all auction houses and banks while integrating with other property portals to create a win-win situation. The previous secured funding has enabled the platform to upgrade the software and services, as well as setting up a company in Singapore.

 

Source: PRNewswire

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