Singapore’s equity and debt crowdfunding platform FundedHere goes live

The FundedHere team

FundedHere received its Capital Markets Services Licence from Singapore’s monetary authority, which permits it to deal in securities under the Securities and Futures Act

The FundedHere team

FundedHere, an equity-based and lending crowdfunding platform targeting startups in Southeast Asia and Greater China, has launched operations in Singapore.

FundedHere had received its Capital Markets Services (CMS) Licence from Singapore’s Monetary Authority of Singapore (MAS) on 18 March 2015. The licence permits FundedHere to deal in securities under the Securities and Futures Act.

Startups can raise angel or seed funding – through equity issue and/or debt – by registering their business ideas through the FundedHere platform. As the startups mature, they can seek more traditional venture capital or private equity.

The platform will facilitate investments or venture debt from as low as S$5,000 (US$3,700) each.

FundedHere said in a statement that it has reviewed more than 100 startups, mostly from Singapore, and has short-listed approximately 10 which have potential to be crowdfunded.

“Our strategy is to leverage on Singapore’s well-regarded regulatory framework and stature as an international financial centre to help startups in the region raise funding,” said FundedHere CEO Michael Tee. “We will work closely with startups, incubators and VCs as well as local universities and technology research agencies in Singapore. We will also reach out to startups in Indonesia, Vietnam, the Philippines and China.”

Only Accredited Investors (AI) are allowed to invest from as low as S$5,000 (US$3,675) each in startups registered on the platform. Under Singapore law, individual AIs are required to have at least S$2 million in net personal assets, excluding the primary residence, or earn an annual income of at least S$300,000 (US$200,000). Corporate AIs are required to have at least S$10 million (US$7.4 million) in net assets.

FundedHere targets to register at least 1,000 AIs by the end of this year. Over the longer term, it hopes to register up top 10 per cent of AIs in Singapore.

The platform has to date lined 33 advisors, mentors and lead investors including Lei Ming (Co-founder of Baidu); TK Wong (Co-founder of Pacific Internet); Eddie Chau (Co-founder of Brandtology); and Maneesh Tripathi (CEO of SGX-listed Si2i Ltd); Professor Wong Poh Kam (Founder of NUS Enterprise); Elim Chew (Founder and President of the 77th Street), and Lim Soon Hock (Founder and Managing director of Plan-B ICAG Pte. Ltd.).

While crowdfunding and crowdsourcing have emerged in recent years as a multi-billion dollar fund-raising phenomenon in the US and Europe, many such platforms in the Asia are either reward or donation-based, whereby a business or a not-for-profit organisation gives some type of incentive to an investor or donor.

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