Commerce DotAsia Ventures Sdn Bhd (Commerce.Asia) has set a new crowdfunding (ECF) record in Malaysia, raising RM20 million in its oversubscribed and Malaysia’s largest growth funding round at this day.
In the process, he had also broken his own record set in 2018 when the Malaysian Book of Records recognized Commerce.Asia for a similar corporate exercise.
This time around, a total of 94 Malaysian and international investors participated in the exercise facilitated by pitchIN, the licensed ECF platform.
The ECF round was led by Paramount Corporation Berhad (Paramount) Group with a strategic investment of RM10 million through its wholly owned investment vehicle Magna Intelligent Sdn Bhd (Magna) and Magna’s 30% associated company, Omegaxis Sdn Bhd, which owns Fundaztic.
Current investors, SEA Unicorn Sdn Bhd, co-owned by Commerce.Asia Founder and Executive Chairman, Ganesh Kumar Bangah (picture above) and the President of the National Tech Association of Malaysia (PIKOM), Dr. Sean Seah, also completed the ECF cycle.
Commerce.Asia has become synonymous with an “all-in-one” e-commerce ecosystem that provides one-stop, end-to-end e-commerce solutions for brands, businesses and SMEs in Southeast Asia. The group manages all aspects of customers’ online businesses: from developing online stores to managing product sales across multiple online marketplaces, including warehousing, payment, delivery, marketing and product management. orders.
Commerce.Asia currently has over 92,000 active sellers, posting a Group Gross Merchandise Volume (GMV) of RM6.7 billion last year.
Ganesh thanked investors for the “strong confidence” in Commerce.Asia, while apologizing to investors who had to be turned away due to oversubscription.
He also thanked the relevant authorities for their support, in particular the Securities Commission for activating Malaysia’s progressive ECF framework which has enabled growth companies like Commerce.Asia to raise capital and embark on this record ECF exercise.
Ganesh also expressed his gratitude to the Malaysia Digital Economy Corporation (MDEC) and specifically the GAIN initiative to create global tech champions, from shaping disruptive startups to transforming them into global unicorns. Commerce.Asia is a GAIN company. GAIN stands for Gateway (market access), Amplification (media and strategic roundtables), Investors and Nurture (mentors).
Meanwhile, pitchIN CEO Sam Shafie praised Commerce.Asia for “leading the way and setting the stage for other startups to learn from.”
At the same time, Paramount’s investment in Commerce.Asia is aligned with its five-year (2020-2024) strategic plan to identify new revenue streams, particularly in the digital space. Paramount is also the lead applicant in a consortium applying to Bank Negara for a digital banking license.
“This acquisition drives the convergence of two rapidly emerging trends – fintech and e-commerce – as it serves as a platform for Fundaztic to provide funding to the Commerce.Asia network of merchants using advanced data analytics and insights,” said Paramount’s corporate strategy and chief investment officer Tracy Gan (Photo).
She added that it also deepens and expands the merchant ecosystem available to the Paramount Group. Fundaztic is one of the first P2P (peer-to-peer) platforms in Malaysia and has so far disbursed nearly RM150 million and supported over 2,350 MSMEs across the country.
This development would result in strong business synergies between Paramount and Commerce.Asia while creating new revenue streams for both groups.
Going forward, Commerce.Asia would explore a possible public listing within the next 24 months, either through an initial product offering (IPO), listing through a SPAC (Special Purpose Acquisition Company) or a merger with a listed company.
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