The Malaysia Digital Economy Corporation (MDEC) has launched the Alternative Funding Programme and will partner with 11 crowdfunding operators to help entrepreneurs tide over the economic challenges brought on by Covid-19.
This follows the successful launch of the same programme last year which saw a total of 16 companies successfully listed on participating platforms with a total of RM19.89 million raised.
PolicyStreet is among the startups which raised RM7.8 million through the programme and the largest funds raised to-date from an Equity Crowdfunding (ECF) platform in Malaysia.
“With the continued disruption to businesses caused by the outbreak in 2020, it is crucial for startups in Malaysia to be able to explore multiple avenues for funding. It is in the best interest of MDEC for them to have more options to ensure sustainable cash flow,” Chief Executive Officer (CEO) of MDEC, Surina Sukri said.
A total of five ECF and six peer-to-peer (P2P) platforms are taking part in the Alternative Funding Program by MDEC;
1. ATA Plus
4. Leet Capital
1. B2B Finpal
3. Funding Societies
“Our division will engage the founders of MSC-status companies and other high-networth-individuals to pay-it-forward as investors on these digital financing platforms to further encourage entrepreneurs to leverage on ECF and P2P platforms,” Gopi Ganesalingam, Vice President of MDEC’s Digitally Powered Business Division concluded.
Entrepreneurs can submit at https://mdec.my/gain/alternative-funding/ to explore the alternative financing option which will be available until March 31.