SubPlace, a subscription online shopping startup, announced today that its equity crowdfunding (ECF) campaign on MyStartr had collected $2.36 million in just four days.
The money was gathered from 275 investors for the startup’s smart lock product LockIn.
According to a press release, SubPlace intends to open 250 brand stores across Malaysia over the next five years, with over 100,000 additional users expected.
SubPlace is an online platform where users may subscribe to a variety of products and services, including fast-moving consumer goods, personal care items, furniture, home appliances, and electronics, that will be launched in November 2020.
SUB and SUB+ are the two subscription types for the lifestyle subscription platform.
Users can subscribe to SUB for their everyday needs and services (for example, food, pet supplies, health and beauty goods). Products can be purchased individually or in bundles. Subscribers have the option of cancelling their subscriptions without penalty or continuing them on a monthly/long-term basis.
SUB+ is a platform for renting high-end furniture, household appliances, and gadgets, all of which come with warranties and maintenance. Products are inexpensive, to begin with. Customers will not be required to make a deposit or provide a credit card because the subscriptions are not instalments.
SubPlace asserts LockIn is a cutting-edge smart lock that will be available for purchase in October for $566 USD. The device will be offered for purchase outright or on a rent-to-own basis, with monthly payments starting at US$16.
The business will also sell two more smart locks, the LOCKIN S30 Pro and LOCKIN 2X Pro, in addition to the X1 smart lock.
“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. However, we also acknowledge that we are now tasked with delivering on our promise, and we want to let our investors know that we will not disappoint. Our goal is to exceed everyone’s expectations,” said Mak Wai Hoong, CEO of SubPlace.
The company has teamed up with the Multimedia Development Corporation (MDEC) to create the Go e-Commerce Onboarding programme, which aims to assist small businesses in moving their operations online.
