It's targeting startups in SE Asia and China.
FundedHere, Singapore's first licensed equity and debt crowdfunding platform started operations on March 21, bridging startups in Southeast Asia and China with investments or venture debt from as low as S$5,000 (US$3,700) each.
Startups can raise angel or seed funding – through equity issue and/or debt – by registering their business ideas through the FundedHere online platform.
“We will work closely with startups, incubators and VCs as well as local universities and technology research agencies in Singapore. We will also reach out to startups in Indonesia, Vietnam, the Philippines and China,” ssaid FundedHere’s CEO, Michael Tee.
Fundedhere received its Capital Markets Services (CMS) Licence from Singapore’s Monetary Authority of Singapore (MAS) on 18 March 2015
The platform has reviewed more than 100 startups, mostly from Singapore, and has short-listed approximately ten which have potential to be crowdfunded.
Only accredited investors (AIs) are allowed to invest from as low as $5,000 each in startups registered on the platform.
Under Singapore law, individual AIs are required to have at least $2 million in net personal assets, excluding the primary residence, or earn an annual income of at least $300,000 (US$200,000). Corporate AIs are required to have at least $10 million in net assets.
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