96 investors. Eight days. RM1.04 million (US$320,000). That’s how much Biztory—a Malaysian software-as-a-service (SaaS) startup—raised through equity crowdfunding (ECF) this January.
The company had gone the ECF way with a RM700,000 (US$161,000) target—about half the amount it ended up with.
Fresh from becoming profitable in June 2019, Biztory chose to tap into its customer base via ECF “for capital and synergy” to try and scale further, said founder-CEO Bryan Soong. “I’m not a very sociable person, and with my limited connections [within the venture capital space], it’s hard for me to go out there and fundraise.