Malaysia Digital Economy Corporation (MDEC) has launched its Alternative Funding Program for the year 2021. In this year’s edition, MDEC is once again linking arms with crowdfunding operators to help entrepreneurs raise funds for their tech startups amid the ongoing COVID-19 pandemic.
“While initiatives like the Dana Penjana Nasional have done much to address the funding gaps for startups in Malaysia, it is in the best interest of MDEC for them to have more options to ensure sustainable cash flow. Backed by the strong outcomes from last year’s program, I believe equity crowdfunding (ECF) and peer-to-peer (P2P) platform are great fundraising avenues for startups to consider,” said MDEC CEO Surina Shukri.
When compared to 2020’s edition, this year’s program also saw the increase of participating crowdfunding operators from 7 to 11. Last year, the program helped raise a total of RM19.89 million for 16 companies.
For the 2021 edition, a total of five ECF companies have joined the program including ATA Plus, CrowdPlus.asia, Eurecca, Leet Capital, and pitchIN. As for the six P2P platforms, they are B2B Finpal, CapBay, Funding Societies, microLEAP, MoneySave, and QuicKash.
MDEC also added that it would offer priority assessment to all applicants by expediting the eligibility screening process before submitting the profiles to the applicants’ choice of ECF/P2P operator.
“To further encourage entrepreneurs to leverage on ECF and P2P platforms, our division will also engage the founders of MSC-status companies and other high-net-worth-individuals to pay-it-forward as investors on these digital financing platforms,” said Gopi Ganesalingam, vice president of MDEC’s Digitally Powered Business Division.
So, entrepreneurs that are interested in securing an alternative financing option can learn more about MDEC’s Alternative Funding Program 2021 through MDEC’s official website right here. They may also submit their applications from now till 31 March 2021 via the same website.
(Source and Images: MDEC)