Bidnow.my raises RM5.4m from 470 investors

by BERNAMA / pic source: mystartr.com

BIDNOW.MY, the Malaysian largest auction technology platform, recently completed its second-round funding exercise from MyStartr platform, a licensed crowdfunding recognised market operators by Securities Commission Malaysia.

Supported by 470 investors, which sets the highest record of MyStartr, Bidnow.my successfully raised ~US$1.3 million (RM5.43 million) in less than two weeks, exceeding its maximum target amount of RM5.5 million.

Bidnow.my serves as a platform for public to access all public auction property listings in Malaysia. Its first equity-based crowdfunding project was also facilitated by MyStartr, which was held last year, from Dec 12 to Dec 21, 2020. A total of RM2.1 million was raised from 384 shareholders, at the same time, awarded the Malaysia Books of Record highest investment amount received for an equity crowdfunding in a day.

Commenting on the funding achievement, MyStartr founder and CEO Goh Boon Peng said, “Congratulations to Bidnow.my! We are very honoured to assist the team at every step of the fundraising process to achieve success. In fact, there are many Malaysian companies with very innovative business models, just like Bidnow.my. We are optimistic that they can expand their businesses internationally.”

Bidnow.my was established in June 2019 as a one-stop auction property business platform. Within two years, it has become the largest status in Malaysia. Currently, more than 20,000 active members and over 8,000 real estate brokers are registered on the platform. Other than real estate auctions, the “JomBid” and “GroupBid” features which were soft launched in April 2021 allow the users to bid for brand new home appliances, gadgets, luxury watches and furniture.

“With the increase of users in Bidnow.my, currently there are more property agencies and product vendors intending to list their products on Bidnow.my for bidding.

We believe through the strategic cooperation with these parties, Bidnow.my will have more variety of products to attract more customers from different interests to visit Bidnow.my to look for valued buy items. Therefore, we are expecting the active members to grow tremendously in year 2022,” said Bidnow. my founder and CEO Frankie Goh.

Bidnow.my promises that the team will maximise the use of fund to become the number one bidding and home appliance purchasing platform in South-East Asia.

The team is going to establish a second oversea company in Jakarta, Indonesia and also develop a complete e-bidding system to all auction houses and banks, while integrating with other property portals to create a win-win situation.

The previous secured funding has enabled the platform to upgrade the software and services, as well as setting up a company in Singapore.