Skolafund successfully fundraised on the Ata Plus Equity Crowdfunding (ECF) platform, which has a track record of funding social enterprises, back in February 2017.
According to Ata Plus, the deal reportedly gives investors in the ECF round a return of 10% on their investments, as well as “extraordinary” social impact returns.
“With this significant development, we are on a sounder footing to continue serving the disadvantaged in our communities, whether through aid on education, or other ways like medical and humanitarian assistance. This also means we can reach more people and be more accessible across Southeast Asia,” said Tengku Syamil, co-founder and CEO of Skolafund.
To-date, RM1.6 million worth of scholarships has been crowdsourced on Skolafund’s platform, benefitting 592 students from less-privileged backgrounds.
It also has 29,000 registered donors with 11,119 of them actively contributing in a campaign. In total, 350 campaigns have been launched and 189 of them were 100% funded.
“We are over the moon with this announcement, not only for what it means to Skolafund, but equally to their investors that came in at the ECF round.It is Malaysia’s first exit story in ECF and this augurs well for the future of this asset class and also dispels the myth that investing in Impact Enterprises does not give a financial return,” said Elain Lockman, Co-founder and Director of Ata Plus.
Through this acquisition, Skolafund’s platform will be merged into the acquirer’s regional platform, strengthening the total offering.