Luxury lifestyle brand Oxwhite smashes Malaysia’s ECF records with US$1.2M fundraise via pitchIN
Luxury lifestyle brand Oxwhite has raised RM5.02 million (US$1.2 million) via pitchIN to become the largest ever equity crowdfunding campaign in Malaysia.
The company raised the funds from 485 investors and also attracted the largest individual crowdfunding investment of RM1.09 million (US$260,000). Well-known digital marketer and entrepreneur Vince Tan also contributed.
With this, Oxwhite smashed the record of Commerce.Asia’s MR5 million raised via the same ECF platform in 2017.
CK Changr, CEO of Oxwhite, said: “The 485 investors who have come on board will help us push out our brand further into the market. We will be using the money raised to launch new products and I am certain that our new ECF investors will serve as our brand evangelists.”
As per a press release, the campaign that ran for just two weeks garnered over RM11 million in investment interest. It subsequently went live for seven days, during which it achieved its RM5 million funding target from RM3 million in ECF investments and RM2 million in private placements.
CK Changr, CEO of Oxwhite, said: “In just over a year, Oxwhite grew to nearly RM5 million in sales. We are growing very fast and capital was needed to fuel our expansion plans. Our first choice was equity crowdfunding with pitchIN because we wanted to give our loyal customers the chance to be part of our growth story.”
“Together with my fellow Co-founders ZiKang Tai and Jave Ho, we take this opportunity to thank the investors for the overwhelming support. We will build the next chapter of the Oxwhite story with them. Oxwhite will be launching new product lines that will strengthen our position in the industry,” he added.
Sam Shafie, CEO of pitchIN said that Oxwhite has set new standards in the running of successful ECF campaigns. “The Oxwhite campaign was well planned and skillfully executed. The response from interested investors was overwhelming. Oxwhite surpassed the previous most backed campaign by more than 120 investors; setting a very high bar for the next big ECF deal. Coming at the end of the year, the Oxwhite deal fittingly closes what has been a very explosive growth year for pitchIN. We have surpassed the targets we set ourselves for 2019 and credit goes to great companies such as Oxwhite.”