When Crowdfunding Offer Surpasses Target In 38 Seconds

When Crowdfunding Offer Surpasses Target In 38 Seconds

When Crowdfunding Offer Surpasses Target In 38 Seconds

NUREN Group, a Malaysian content, community and e-commerce platform, announced the public launch of its venture capital (VC) quality Crowdo equity crowdfunding (ECF) offer with a target of RM200,000 in Petaling Jaya last Friday.

“The ECF aims to bring on board retail investors, leveraging their wealth of experience and knowledge to add value to the company,” Nuren founder and CEO Petrina Goh said.

“We will use this investment to enhance product and service offerings, bring on new talents and improve e-commerce capabilities,” she said.

According to Nuren, the targeted fundraising amount of RM200,000 was achieved within 38 seconds of the offer going live at 10am on Friday.

The ECF for Nuren had been pre-marketed since earlier this year and attracted a substantial amount of investment interest, estimated to be in excess of 1.5 times the target amount.

“The year 2016 has proven to be an exciting year with the launch of our first flagship Online to Offline Wedding Showroom in Jaya One to strengthen our ties and relationships with vendors and customers.

We have also successfully embarked on the next users’ life stage, motherhood, with the introduction of our marketplace motherhood.com.my,” Goh said.

Nuren focuses on gathering related vendors and services on its three websites — wedding.com.my, motherhood.com.my and nuren.sg.

The websites are aimed at helping women entering the stages of marriage and motherhood to find inspiration and suitable products or services.

Goh said the company will focus on expanding its motherhood.com. my platform, which was launched on May 12, 2016. It also aims to expand into Singapore, Thailand, Indonesia and the Philippines.

“Our focus is to enter the Singaporean market this year. Next year we will target Thailand and the Philippines, where we are currently in talks with local partners for possible joint venture agreements,” she said.

Goh said the company’s 2016 revenue outlook is targeted at US$1 million (RM4.09 million).

“As for next year, we want to triple that number,” she added.

To date, Nuren has three streams of revenue, namely advertorial, subscription and e-commerce transactions. The company’s revenue is now mostly contributed from its subscription segment but it is hoping to expand its e-commerce stream.

“We will work on growing our e-commerce revenue, as well as enhancing our products and ser- vices offerings,” Goh stated.

Nuren recently raised US$2 million in a Series A round of financing led by Gobi Partners. The offer last Friday was the first ECF in South- East Asia to also have the backing of venture capital.

Crowdo, one of the largest crowd- funding companies in South-East Asia, offers equity crowdfunding and peer-to-peer lending solutions for Asian startups with global smart capital.

The Malaysia-based company also has offices in Singapore and Indonesia, and is registered with the Securities Commission. The target ceiling amount for Nuren’s crowdfunding offer is RM300,000. The offer expires on June 30, 2016.

*This news was sourced from The Malaysian Reserve~

http://themalaysianreserve.com/new/story/when-crowdfunding-offer-surpasses-target-38-seconds

Photo: Muhd Amin Naharul/TMR

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