DEALSTREETASIA: Singapore-based crowdfunding platforms CoAssets, FundedByMe and New Union have established a tripartite alliance to grow crowdfunding in Southeast Asia. Combined, the three companies have facilitated raising of S$200 million ($148.17 million dollars) through international campaigns, to date. They plan to accelerate this growth in the coming months, despite the relative youth of the industry in the region.
“This alliance represents the emerging wave of financial services that will meet crucial business needs. We are extremely excited to bring a new avenue to connect drivers of business, and allow them access to funds that weren’t previously available to them,” said Eddie Lee, managing director of New Union Singapore.
By forming an alliance from three different crowdfunding backgrounds, the members aim to consolidate their expertise and experience, serving as an alternative financing scheme for SMEs and entrepreneurs. Concurrently, they hope to provide another platform of investment to interested parties, such as retail investors and family offices.
This corporate alliance sees huge potential in developing Southeast Asia, beginning with market education. From there, they intend to build the industry as a credible environment for investors to enter and participate in, as it matures. Crowdfunding’s growth in Asia shows suggests a great opportunity to initiate advancements.
Getty Goh, founder and CEO of CoAssets, said, “We hope to shed positive light on the crowdfunding industry and attract stakeholders to help us further grow the crowdfunding scene in Southeast Asia.”
Daniel Daboczy, founder and CEO of FundedByMe, commented that with this tripartite alliance, “…we are able to pool together our networks, bringing together the biggest and most influential players in each industry, with both international reach, and local expertise. It is truly exciting to begin working with such capable and likeminded partners in the industry.”
With ambitious goals aimed at growing the sector size and accelerating the growth of the regional crowdfunding space in Southeast Asia, as well as establish it as a viable segment of the financial sector, the three firms have planned a combined project for Q3 2015. They are also looking to establish joint conferences in the next few months.