CoAssets, FundedByMe, New Union tie up to grow crowdfunding industry

THE largely dormant crowdfunding scene in Singapore was jolted on Wednesday by news of a three-party alliance comprising local platforms CoAssets, FundedByMe and New Union.

The alliance has reportedly raised over S$200 million in crowdfunding campaigns collectively to-date.

According to a statement released by the companies on Wednesday, the alliance was formed to grow the crowdfunding industry in South-east Asia into a "credible, trustworthy environment".

It aims to provide an alternative financing scheme for SMEs and entrepreneurs as well as an additional platform of investment for interested parties.

A "combined project" for Q3 2015 is in the works, along with joint conferences hosted by the three members in the next few months, said the statement.

CoAssets is a Singapore-based real estate crowdfunding platform launched in July 2013. FundedByMe is a Sweden-based crowdfunding platform launched in Singapore in January 2014 that offers rewards-based, debt-based and equity crowdfunding. New Union, a homegrown debt-based crowdfunding platform, was founded in July 2013.