pitchIN and Malaysia's first Token Crowdfunding (TCF) campaign surpasses US$1.1 million (RM5 million) minimum target, reaching US$2.2 million (RM10 million) with 469 investors

This marks the first successful public TCF campaign under the Initial Exchange Offering (IEO) guidelines issued by the Securities Commission (SC).

BidNow has raised US$2.2 million (RM10 million) from Malaysia’s first Token Crowdfunding (TCF) campaign, surpassing its minimum target of US$1.1 million (RM5 million) with 469 investors. This marks the first successful public TCF campaign under the Initial Exchange Offering (IEO) guidelines by the Securities Commission (SC).

The campaign was run by BidNow via pitchIN, a Registered Market Operator with the SC. An auction platform based in Malaysia, BidNow allows its users to auction and bid on various products like home appliances, gadgets, luxury items and real estate. Since 2019, the company claims that over 20,000 active users and more than 8,000 real estate brokers have signed up.

“We are honoured to be the first successful public TCF campaign in Malaysia, surpassing our minimum target and reaching US$2.2 million (RM10 million),” said Frankie Goh, CEO of BidNow, in a statement.

“This achievement is a testament to the trust and confidence our investors have placed in us. We chose TCF because we believe in the transformative power of blockchain technology, and this marks a significant milestone in our journey. With this support, we're expanding our operations into Singapore and will integrate blockchain into our platform to enhance efficiency, transparency, and security.”

Registered with the Securities Commission Malaysia to operate both Equity Crowdfunding (ECF) and TCF platforms, pitchIN is a digital fundraising and investment hub.

“BidNow’s success in raising RM10 million from TCF within eight weeks signals demand and opportunities for regulated token offerings in Malaysia,” said Nicholas Chong, pitchIN’s Head of TCF.

“As one of the few fully regulated token launchpads in the world, pitchIN is well-positioned to bridge traditional investors and companies into Web3 investment and fundraising.”

He added that for investors who missed the first TCF deal, the company has two to three exciting deals in the pipeline, which it expects to launch this year after they are reviewed by the SC.

“We hope that BidNow’s success will pave the way for others to follow suit. With the first campaign under our belt, we’re confident of assisting other companies that would like to consider TCF as a viable option for their fundraising to fuel growth for their companies,” added Sam Shafie, CEO of pitchIN.

This achievement sets a new benchmark for the crowdfunding industry in Malaysia and reflects the growing confidence in token-based fundraising models. It is a testament to the market's readiness to embrace innovative financial technologies.

As more businesses explore blockchain and tokenisation, pitchIN believes that the landscape of capital raising will continue to evolve, offering diversified opportunities for both investors and entrepreneurs.

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