SUBPLACE recently gained a place in the Malaysia Book of Records for ‘Highest Investment Amount Received For A Equity Crowdfunding Project in 15 minutes’.
The acknowledgement marks yet another milestone since the launch of the online shopping platform in November last year.
As Asia’s first lifestyle subscription platform, SUBPLACE lets consumers subscribe for a wide range of products and services ranging from fast-moving consumer goods to personal care products to furniture, home appliances and electronics.
Besides providing a platform for SMEs and businesses to sell products and services by subscription, SUBPLACE recently ventured into the smart home market, with the plan to launch the first STAR products on their platform.
The first STAR product, LOCKIN Smart Lock raised a total of RM 6.66 million in just 15 minutes on MyStartr, exceeding all projected expectations and earning them a place in the Malaysia Book of Records. In just 4 days, SUBPLACE raised the target investment sum of RM 10 million.
“We are thrilled to have set a new record in the Malaysia Book of Records. This is quite a humbling experience as it shows that investors have faith in our platform and our products. The Smart Home Market is still in its infancy and projected widespread adoption across the globe will see high growth potential in this segment in the coming decades,” said Mak Wai Hoong, CEO of SUBPLACE.
“We believe that smart homes of the future are here. With LOCKIN, we have a product that addresses a key area where technology can make a difference, which is home security. SUBPLACE is perfectly placed to take the lead in this as we have a tried and tested subscription and rental platform that can help bring high tech products to the mass market,” added Mak.
Following the success of LOCKIN’s equity crowdfunding campaign, SUBPLACE plans to officially launch the product this October, with the aim to have 250 brand stores throughout Malaysia in the next five years.