Credit: Vulcan Post

These days a growing number of businesses embrace equity crowdfunding as a source of startup finance. There are a variety of other reasons to use equity crowdfunding (ECF) in addition to the obvious financial ones.

To compile this list of 8 Malaysian firms who have raised more than RM1 million using ECF in 2023, we opted to look back at ECF platforms licenced with the Securities Commission Malaysia (SC).

1. Ezon

The Johor-based healthtech business EZON earned RM2.3 million in an ECF financing round on MyStartr that ended in April 2023.

The campaign website states that EZON provides biotechnology, nanotechnology, and their own Light Activated Energy (LAE) technology, and that they want to employ all of these to address the problems with human health.

By building an EZON Healthtech Lifestyle Centre, the business hopes to make cutting-edge medical technology accessible to everyone.

They want to utilise the money for remodelling, equipment purchases, staffing, marketing, and advertising.

2. NCTech

A firm called NCTech is working to create a wireless development system to provide the food and beverage sector access to technology.

They said that they were the ones who invented the red call button, which is still used in many eateries all around Malaysia.

The business will use the RM1.6 million it obtained through MyStartr to offer its NC-BOTs, ice-making equipment, and other solutions to aid the F&B industry.

3. Entomal BioTech

The biotechnology business Entomal Biotech is situated in Malaysia and specialises in the upcycling of organic byproducts and the treatment of biowaste. This is accomplished by using the Black Soldier Fly (BSF) larvae, an insect species renowned for its capacity for bioconversion to create ecologically benign goods.

Entomal Biotech is creating the first-ever mobile recyclable waste system in Malaysia at scale, a container that can be positioned anywhere organic waste is produced, including hotels, fast-food restaurants, malls, and farms.

After the garbage has been collected, Entomal Biotech’s specially bred BSF larva are added to the waste so they may “consume” it.

Animal protein (such as entire dried larvae) and frass, which may be utilised as soil fertiliser and animal feed, are the end products of the process.

By the end of 2023, the business hopes to implement eight of its trash recycling solutions across Malaysia and across the globe after securing RM1.7 million in funding from MyStartr.

4. The Original Beverage

To those who are not familiar, The Original Beverage manufactures honeyB, a Malaysian trademark of halal sparkling honey canned beverages created with Australian natural honey.

Co-founders Jen Lun and Wei Sheng said in an interview with us that they saw an opportunity to offer a genuine and healthier option in the soft drink market after seeing that consumer trend was shifting towards healthier living.

They founded The Original Beverage in 2016 and began with honeyB, which served as their sole offering for six years before they last year launched the honeyB Black Tea with BOH.

It was disclosed that The Original Beverage had acquired RM1.5 million in funding on the ECF platform iPivot.

According to Wei Sheng, in the long run, “We want to ensure honeyB is accessible to anyone, anywhere, and anytime, and become a real and natural beverage category leader on its own.”

5. QMed Asia

A team of doctors and engineers launched Qmed Asia (formerly QueueMed), a domestic healthcare technology business, in 2019 to help healthcare professionals with digital health.

The concept was developed as a response to the lengthy lines that its creator, Dr. Kev Lim, personally encountered when taking his daughter to a follow-up appointment.

The general public and healthcare professionals have showered them with support and praise since they introduced their mobile queuing solutions and online appointment system to clinics and hospitals.

Furthermore, their website provides a number of amenities for patients, such as assisting them in finding local clinics and hospitals and scheduling home care and virtual care.

Through the ECF platform Leet Capital, the firm raised RM5.1 million, and they intend to utilise the money to increase their market share in nearby nations like Vietnam, Singapore, and Indonesia.

6. ChargeSini

As the electric vehicle (EV) market continues to grow in importance in this country, attention has been drawn more intensely to the solutions related to it, such as EV charging networks.

ChargeSini, a business in Malaysia that provides EV charging solutions, just secured RM5.5 million through an ECF round on pitchIN.

ChargeSini offers a variety of EV chargers around the country and also has an app that makes it simple for drivers to find and use the company’s charging points.

The money will be used to buy more EV chargers for the business, according to ChargeSini co-founder Nick Leong, who told Vulcan Post about the plan.

7. BayaPay

On its official site, BayaPay claims to be setting the standard for fleet expenditure management and fuel management by providing improved controls and cost reductions.

To do this, firms may use BayaFuel, a payment card that streamlines safe payments within predetermined limits and controls for all fleet-related expenses management, including fuel, travel, accommodation, servicing, upkeep, road tax, protection, tolls, and parking.

The BayaFuel Payment Card is intended to assist companies in cost- and money-saving measures.

On its campaign profile on pitchIN, BayaPay disclosed that company had received RM1.2 million in an ECF round from 36 investors.

Building market traction, structuring credit finance, and completing and launching the go-to-market payment card will be the main goals of the money received.

8. SpeedHome

SpeedHome is a different local startup with some history.

The company, which was once known as Speedrent, focuses on a platform that connects landlords and tenants in order to cut out the middlemen, in this case, the real estate brokers.

SpeedHome secured RM7 million in Series A fundraising in 2021 with the support of Gobi Partners and Allianz Malaysia Berhad (Allianz).

Through pitchIN, they most recently received an ECF of RM 2.03 million. This wasn’t the first time they had raised money using an ECF platform; in fact, they had already raised RM2.5 million twice in 2020 before.

Even if obtaining substantial sums of money through ECF is not the end-all be-all evidence that a start-up is doing well or has promise, it’s important to keep a watch on these firms since they have definitely succeeded in attracting investors’ attention.

Read other articles written about Malaysian startups here.

To reach the Innovate Tech Show editorial team on your feedback, story ideas and pitches, contact us here.