Commerce DotAsia to raise RM105 million via ECF

KUALA LUMPUR: Technology venture builder Commerce DotAsia Ventures Sdn Bhd aims to raise RM105 million through equity crowdfunding ( ECF) within a year.

Executive chairman and founder Ganesh Kumar Bangah said RM105 million would be raised in two stages via ECF, and the funds would be invested into technology enablers over the next three to four years.

“Currently, we are raising RM5 million and we have achieved half of that. The next stage, we will garner another RM100 million via placements to strategic investors or setting up of a fund to be determined in the future,” he told reporters at the launch of the company’s flagship e- commerce platform, Commerce.Asia Enterprise yesterday.

He said the technical complexities of setting up an online store and operating multiple marketplace accounts were simply too challenging for many small and medium enterprises (SMEs) and this affected their success in running an online business.

“All this takes up an enormous amount of knowledge, time and resources, something that SMEs and especially micro- SMEs simply cannot handle as it is just too difficult.

“These are the main reasons why SMEs are hesitant to go online despite the opportunity to engage larger local and global audiences. This is why we are launching Commerce.Asia Enterprise, to act as a one-stop solution to help bridge the gap between merchants and technology enablers,” said Ganesh. — Bernama