SOURCE: CoAssets Ltd

CoAssets Ltd

May 31, 2016 04:19 ET

CoAssets Expands on the Wings of Strong Regional Growth

SINGAPORE--(Marketwired - May 31, 2016) - CoAssets Ltd

  • CoAssets opens second office in Singapore to support its continued growth in the region
  • CoAssets' platform launched in Australia and China, clinching successful crowdfunding deals within days of going live
  • More than $45m has already been raised on the CoAssets platform since it was launched in 2013
  • CoAssets registered a 367 per cent increase in revenue over the last six months

Homegrown crowdfunding company CoAssets Ltd ("CoAssets" or the "Company") (NSX Code: CAX) is cementing its position as the biggest crowdfunding player in the region on the wings of its strong and phenomenal growth in the region. To better support business owners, strengthen service delivery and steer its future growth, the company has just opened its second office in Suntec City, Singapore.

CoAssets' rapid expansion follows after it launched its cutting-edged lead generation platform and completed a series of crowdfunding deals in Australia and China over the last 2 months. An engineering and construction consultancy, Stapleton International, was the first crowdfunding project to be launched by CoAssets in Australia. Stapleton successfully raised $105,000 via the CoAssets Australian platform in just two days. In China, CoAssets' investor base jumped by more than 200 within the first day of its launch. The CoAssets Tokens (CAT) campaign was also favourably received by users in China, drawing two fully-funded "virtual" projects in a matter of days. CoAssets' tokens are an innovative way for new crowdfunders to familiarise themselves with the crowdfunding process. Each new registered user of the China CoAssets' platform was able to claim 2,888 CoAssets tokens to invest in a virtual crowdfunding project. When the deal matures, these investors will be able to withdraw their returns, as per a normal crowdfunding opportunity facilitated by the CoAssets' platform.

Chief Executive Officer and Co-Founder, Mr. Getty Goh, said: "A series of successful projects and contract wins in the region has allowed us to expand our operations further beyond. With our second office here in Singapore and a fast growing team across the region, our capacity to serve businesses and provide them with alternative financing options have been greatly enhanced. We are extremely happy with the pace of our growth as it clearly shows that we have established confidence in CoAssets and our platform from both investors and business owners alike."

CoAssets currently have offices in Australia, China, Indonesia, Malaysia and Singapore. It has raised more than $45m over its crowdfunding platform and facilitated more than 50 projects since the company was founded in 2013. CoAssets' push into the region saw its revenue increased by 367 per cent over the last 6 months. It has also developed and implemented a risk-assessment model with a renowned international accounting firm to further strengthen its internal processes and controls.

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