SHOPLOOOH, an upcoming homegrown e-commerce platform and lifestyle content incubator, have successfully raised RM 2.4 million from 417 investors in just three weeks, surpassing its minimum target amount by more than two times.
Subscribe to our Telegram channel to get a daily dose of business and lifestyle news from NHA – News Hub Asia!
Malaysia’s leading equity crowdfunding platform, MyStartr, facilitated the funding, raising the minimum target amount of RM 1 million within the first day of the campaign.
Established in 2013 as an apparel brand that provides high-quality casual wear for ladies, SHOPLOOOH has grown exponentially and has quadrupled its first-year earnings of RM 37,000 to RM 152,000 in 12 months.
Commenting on the funding achievement, Garrick Tan, Co-founder and Chief Executive Officer of SHOPLOOOH, said, “Our significant growth inspired the team to persist with our dream of creating a Malaysian fashion brand that empowers women and spreads the message of love and perseverance. Today’s announcement brings us closer to that goal.”
Couple Garrick and Audrey founded SHOPLOOOH after quitting their careers due to a life-changing event to focus full-time on developing the platform.
Since then, SHOPLOOOH’s revenue has risen more than 100 times to a staggering RM 3.9 million and has a fully operational store in Sunway Pyramid shopping centre that started with a RM 500,000 investment.
SHOPLOOOH has also built a strong following with over 230,000 followers on Facebook and Instagram. Active user conversions have reached 45,000 and customer repurchase rates have hit 60%. The brand also marked a new milestone with sales of RM 150,000 in a single day in December 2020.
“SHOPLOOOH is more than just a fashion brand. Ultimately, the goal is to become an incubator of lifestyle content. SHOPLOOOH matches users’ unique personalities and identities to high-quality products and services. We think this will be a winning combination that will create not only a great Malaysian e-commerce brand but also the first Malaysian e-commerce fashion brand to go to IPO,” said Co-founder & Managing Director, Audrey Ng.
The team uses social media and their years of experience in production and marketing, along with their industry connections, to develop high-quality merchandise. For example, a new Street Wear series was launched to uniquely showcase Malaysian fashion.
Business goals made possible with MyStartr
The brand’s long-term plans are made possible with crowdfunding platform MyStartr, which the country’s Ministry of Finance backs through the Malaysia Co-Investment Fund (MyCIF).
Administered by the Securities Commission of Malaysia, MyCIF is a fund that co-invests in equity crowdfunding and peer-to-peer campaigns with a ratio of 1:4. MyCIF has benefitted about 1,196 Malaysian micro, small and medium enterprises by the end of 2020.
SOURCE Shoploooh Sdn Bhd
