SUBPLACE’s LOCKIN raises RM10m in 4 days

by AZALEA AZUAR / pic credit:

SUBPLACE’S LOCKIN Smart Lock has raised RM10 million in four days through the MyStartr platform, making it the record for the fastest equity crowdfunding campaign in Malaysia.

The campaign raised RM6.66 million in 15 minutes and overall had over 275 participating investors, each pledged in undisclosed amounts.

“It is above and beyond our expectations and we would like to express our thanks to our investors for their confidence in our ability to deliver a quality product to the market.

“I believe the success of this campaign is an indicator of a healthy appetite for smart home products, indicating the high potential of the smart home market,” SUBPLACE CEO Mak Wai Hoong said in a statement last Friday.

SUBPLACE is Asia’s first online subscription platform launched in November 2020 that offers a variety of products and services solely on a subscription and rental basis.

The company has recently partnered Malaysia Digital Economy Corp to launch the Go-eCommerce Onboarding Campaign to help small and medium enterprises move their businesses online.

SUBPLACE’s LOCKIN is a state-of-the-art smart lock security that would be offered on the SUBPLACE platform by subscription, more specifically, on a rent-to-own basis.

SUBPLACE plans to open 250 brand stores nationwide within the next five years, with an expected uptake of over 100,000 new users.

The LOCKIN Smart Lock will be launched in October this year at the price of RM2,400 and is available either as an outright purchase or through a rent-to-own plan starting at RM69 per month.

Besides the X1 smart lock, the company will also offer two other smart locks, the LOCKIN S30 Pro and LOCKIN 2X Pro.