LOCKIN Smart Lock, the first star product launched by SUBPLACE, successfully raised RM6.66 million from 172 investors in just 15 minutes.
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The project is facilitated by Malaysia’s leading equity crowdfunding (ECF) platform, MyStartr, which was approved by the Securities Commission (SC) for the Malaysia Co-Investment Fund (MYCIF). The platform aims to raise funds for 5,000 small and medium enterprises (SMEs) by 2030.
Founded in November 2020, SUBPLACE is Asia’s first online shopping platform that offers a wide variety of products and services on a rental and subscription basis. The subscribers may cancel their subscriptions at any time without penalty while for businesses, it provides a one-stop subscription and rental system, allowing them an easy and convenient way to offer their products by subscription or rental. The founder of SUBPLACE, Hoe Kian Choon (KC Hoe), has built three other brands, CUCKOO, WonderLab and WonderKlean, all incorporated with the subscription business model.
SUBPLACE’s outstanding crowdfunding performance is in light of CUCKOO’s success in Malaysia. CUCKOO in Malaysia has set record-breaking revenues for six consecutive years with over RM1bil sales recorded in 2020. Its success is also reflected in its rapid growth and expansion with more than 600 outlets across Malaysia and a presence in other countries in Southeast Asia such as Brunei, Singapore, and Indonesia. “We firmly believe that this model can bring business opportunities and even convenience and quality of life to the public,” said Mr Mak Wai Hoong (WH Mak), CEO of SUBPLACE.
To ensure public trust, SUBPLACE has forged partnerships with trusted local and international brands such as CTOS, Ninja Van and Hyped Mind, to name a few. Risk assessments that are provided by CTOS and SUBPLACE Biz partners are required to have a complete portfolio of credit risk management solutions and services so that customers can subscribe with confidence.
Mr Mak Wai Hoong also pointed out that SUBPLACE has successfully helped more than 100 brands in Malaysia to create their ideal subscription packages in just 6 months. Notable brands such as Yakult, Ogawa, Goodnite, SMART Rental, Itsu and so on are the Biz partners of SUBPLACE. To date, the platform has amassed more than 8,000 subscribers.
Huge Smart Lock Market
Smart home technology has come a long way and smart home tech is set to see mainstream adoption in the near future. According to the Global Smart Home Report 2020, the global smart home market was valued at $77.3 billion in 2020 and is forecast to continue growing well into the following decade.
The announcement of SUBPLACE’s first Star product – LOCKIN Smart Lock – marks the company’s first step into the smart home market. It will be available on a rental basis, which provides a low barrier of entry for wider market uptake. With the MyStartr ECF platform, SUBPLACE hopes to lead people into an integrated smart future. The ECF funding campaign secured 172 investors within just 15 minutes, with a total of RM6.66 million raised.
SUBPLACE expects to set up 250 brand stores across Malaysia within the next 5 years, with an expected uptake of over 100,000 new users. The LOCKIN Smart Lock will be launched in October this year at the price of RM2,400 and is available either as an outright purchase or through a rent-to-own plan starting at RM69 per month. Currently, the platform is actively recruiting dealers to join the team.
For more project details: MyStartr Lockin
SOURCE: SUBPLACE (press release)
