After having a successful year in Europe, FundedByMe, a Swedish crowdfunding platform, is set for expansion in Asia this year. In November 2015, the platform was among the nominees of the 2016 FinTech Innovation Award, which honors the highest achievements in global sectors of financial and payments technology. Today, the platform is a global financial technology company which has supporters from 172 different countries with an average investment of €6,000 (S$10,000).
Pontus Frohde, chief operating officer (COO) of FundedByMe, said that the amount crowdfunded on the platform in 2015 more than doubled from 2014, and that the trend is expected to continue. The platform has attracted more established companies. Four public companies trending on the platform are BrewDog, 24Money, Mowjow and FrontOffice, with three of them planning to launch an initial public offering (IPO) in 2016.
The achievements of the platform in 2015 demonstrated how equity crowdfunding can accelerate smart growth of businesses and additional financing.
FundedByMe was among the six crowdfunding platforms that were issued licenses to offer crowdfunding services in Malaysia in June 2015. Daniel Daboczy, CEO of FundedByMe, said that they already have an office in Singapore, with several Asian crowdfunding campaigns already live on the platform. One of the campaigns is Mobler, which is planning to import furniture from Sweden to Asia. In 2016, the platform will continue focusing on the international market by expanding its operations in Malaysia and Singapore so as to attract both investors and entrepreneurs.
Starting January 1 of this year, the platform has dropped reward-based crowdfunding campaigns and has only focused on equity-based and debt-based crowdfunding models. This focus will increase business growth on the platform as it has evolved into a more serious financial portal. The charge for new campaigns has also changed from €500 (S$833.33) to €1000 (S$1,666.67).
To facilitate financing of more small and medium-size enterprises (SMEs), the platform has created partnerships with several established and experienced players including Grant Thornton, Springfield Projects, Connect Sweden, Satumaa Family Business, and Synch Law.
Some of the campaign and other highlights of the platform include:
- Two NOA Relaxation crowdfunding rounds – one that raised about €1 million (S$1.67 million) in February 2015, and the other which raised more than €700K (S$1.17 million) in November 2015
- Djenee set a high equity crowdfunding standard in Asia by raising approximately €300K (S$500K) on its first day of campaigning
- Marita Huurinainen, a Finnish company, successfully completed its crowdfunding campaign with about 80 percent of investors from outside Finland
- Safello, a bitcoin trading company, successfully crowdfunded on the platform accepting bitcoin as a payment method
- Someone.io, Mormor Magdas and Zeifie became more popular on the platform
- Astrid and Fikabox campaigns of Sweden’s Berries and Trine of solar energy funded in record-time
(Conversion factor: S$1 = €0.6)