SUBPLACE’S first star product, LOCKIN Smart Lock, has completed its first round of investments through the MyStartr crowdfunding platform, raising RM 6.66 mil (US$1.5 mil) in just 15 minutes.
The fundraising campaign set a new record as the fastest ECF Campaign in Malaysia to crowdfund RM10 mil (US$2.36 mil) within just four days.
The campaign had over 275 participating investors, with each pledging in undisclosed amounts.
“We are really excited to have achieved this result so quickly. It is above and beyond our expectations and we would like to express our thanks to our investors for their confidence in our ability to deliver a quality product to the market,” said Subplace CEO Mak Wai Hoong.
LOCKIN is a smart lock that can offer unparalleled security that is backed with state-of-the-art technology, offered to consumers via the Subplace platform by subscription and on a rent-to-own basis, to ensure a low entry cost for maximum market reach.
“I believe that the success of this campaign is an indicator of a healthy appetite for smart home products, indicating the high potential of the smart home market,” Mak continued.
Being Asia’s first online subscription platform that was launched in November last year, Subplace aims to revolutionise the e-commerce space by offering a variety of products and services solely on a subscription and rental basis.
The company recently partnered with MDEC to launch the Go e-Commerce Onboarding campaign aimed at helping small and medium enterprises (SMEs) to move its businesses online.
In the next five years, Subplace plans to set up 250 brand stores across Malaysia 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 (US$566) and is available either as an outright purchase or through a rent-to-own plan starting at RM69 (US$16) per month. – Aug 14, 2021
