New equity crowdfunding platform for start-ups launched

New equity crowdfunding platform FundedHere, launched by entrepreneur Andy Lim, is aimed facilitating funding for start-ups in Singapore and South-east Asia from as low as $5,000 for up to 12 months, either in terms of equity or venture debt.&nb
New equity crowdfunding platform FundedHere, launched by entrepreneur Andy Lim, is aimed facilitating funding for start-ups in Singapore and South-east Asia from as low as $5,000 for up to 12 months, either in terms of equity or venture debt. -- PHOTO: SCREENGRAB FROM FUNDEDHERE.COM

SINGAPORE - Entrepreneur Andy Lim, who is behind financial services group Moneyworld and private equity firm Tembusu Partners, on Tuesday launched a new equity crowdfunding platform FundedHere.

The crowdfunding portal is aimed facilitating funding for start-ups in Singapore and South-east Asia from as low as $5,000 for up to 12 months, either in terms of equity or venture debt.

It will receive a one-time success fee from the start-up for which funds or loans have been raised.

In addition, FundedHere will also feature a panel of experienced mentors and lead investors who can invest in and nurture the start-ups.

Some of the lead investors include Ms Susan Chong, chief executive of sustainable packaging firm Greenpac; Mr Joseph Foo, founder and executive chairman of marine electronics systems integrator Jason Marine Group; and entrepreneur and investor Patrick Liew.

"The spirit of crowdfunding is to tap multi-levels of investment or lending in order to fund innovative start-ups which have unique technology or creative content, but are unlikely to receive traditional bank loans because they do not have financial assets or a business track record," said Mr Lim.

"FundedHere will build up an eco-system for start-ups which will combine innovators, investors, mentors, talent and partners who can help bring the ideas or products to the global market."

The platform, www.fundedhere.com, is subject to legal approval from the Monetary Authority of Singapore (MAS), which last month issued a public consultation paper on securities-based crowdfunding.