Everpeaks, a local multi-channel e-commerce solutions provider, announced that it will be raising RM1.6 million (US$375,676) via equity crowdfunding platform, pitchIN.
The company, an approved Angel Tax Incentive company, said in a press release today that it is already in talks with interested investors and is bullish about its prospects.
“We are looking to fundraise to strengthen the company’s operations. We are already almost breaking even at this point with an average growth rate of 76% year-on-year and any investment will be used for business expansion,” said Everpeaks CEO and founder Joachim Sebastian.
He pointed out that the Covid-19 pandemic has changed the way e-commerce is opening up in Malaysia, with new opportunities within the manufacturer-to-consumer (M2C) commerce.
“We are looking forward to riding that wave. We have strong partnerships with global leaders in the e-commerce industry, being the only Southeast Asian Amazon Service Partner Network member and the only Malaysian eBay Channel Partner as well as the Malaysian Community Partner for Payoneer (a financial services company that provides online money transfers and digital payment services),” he says.
Sebastian added that 40% of the investment portion will be allocated towards marketing as the company plans to participate in exhibitions all around the world in its bid to secure clients and establish its brand across the region.
Some 30% of the funds raised will be used towards developing and refining its technology solution while 20% is to be used to beef up its talent, it added.
Previously, Everpeaks received a RM300,000 (CIP300) grant from Cradle Fund in 2018. It was also part of the Structured Coaching Programme run by Proficeo for Cradle Fund as part of the CIP300 grant recipient programme.
Sebastian said Everpeaks has already secured RM1 million from a lead angel investor ahead of going live on pitchIN on June 15. This investment, he added, will be spread over two tranches — June 2020 and February 2021.
The company has received no outside investment prior to this round, besides the Cradle grant, he said.
Other than its partnerships with large e-commerce companies such as Amazon and eBay, it has also secured relationships with the government as an e-aggregator and it is a National eCommerce Strategic Roadmap partner of the Malaysia Digital Economy Corporation (MDEC).