- Malaysian community marketplace for artists and promoters raises US$28,000 in pre-seed
- Round led by Endeavour Capitals
- Capital will be used to boost product development and spur user acquisitions in the region
Malaysian startup Gigfairy, a community marketplace for artists and promoters, today announced raising about US$28,000 in pre-seed funding led by Endeavour Capitals.
The three-month-old startup plans to use the money to boost product development and spur user acquisitions in the region. A release noted that the funding comes a month after 1337 Ventures invested in and included Gigfairy in its accelerator programme.
“We’re feeling stocked, we’re very excited to have this funding so we can go ahead with all our marketing plans… Talks have been going on for the past two to three weeks, but we finally closed it last week,” Brian Foo, Co-founder, Gigfairy told e27.
“Like us, [Endeavour Capitals] is very passionate about music and they saw an opportunity here… They’re very well-connected people,” he added.
The idea for Gigfairy came along in November 2014, with an initial Beta put together on Squarespace in December. A full version is currently in development.
On the revenue side, Gigfairy is entirely free to use at the time of writing, but that will change to a commission-based model (15 per cent) for bookings of local artists made through the platform.
“This year we are looking to go into another two or three markets hopefully, [including] Singapore and Jakarta. At the moment we are really focussed on getting talent on board,” Foo said.
Challenges will be around disrupting an industry that Gigfairy sees as very traditional.
“In Malaysia, it’s a real challenge to get people to move from a traditional way of doing things to online,” he said.
Like many, Foo is excited about the growth of the Malaysian startup ecosystem. He wanted to give a shout out to all the local artists that have supported the platform in its earliest days.
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