First approved crowdfunding platform raises S$1.74m

Singapore

FUNDEDHERE, the first crowdfunding platform to gain regulatory approval, has raised S$1.74 million in seed capital from three high net worth individuals: the major shareholder of a Singapore mainboard-listed firm investing in his personal capacity; a Chinese entrepreneur investing through her Singapore-based family office Asiaworld Assets; and a Swiss intellectual property specialist.

FundedHere declined to reveal their individual contributions, but said each invested over S$500,000. The money will go towards strengthening the management of the company, increasing marketing efforts, and building up a pool of accredited investors.