KUALA LUMPUR, 13 August 2021 – LOCKIN Smart Lock, the first star product launched by SUBPLACE, completed its first round of investments through the MyStartr crowdfunding platform. It raised RM6.66 million in just 15 minutes, and the fundraising campaign set a new record as the fastest ECF campaign in Malaysia to crowdfund RM10 million in just four days. The campaign had over 275 participating investors, each pledged in undisclosed amounts.
SUBPLACE, Asia’s first online subscription platform launched in November 2020, with the goal of revolutionising the e-commerce space by offering a variety of products and services solely on a subscription and rental basis. The platform prides itself as an easy to use, all in one business ecosystem for businesses looking to expand their business model to reach customers looking for the convenience of subscriptions. The company has had a good run of successful campaigns and have recently partnered with MDEC to launch the Go e-Commerce Onboarding campaign aimed at helping SMEs move business online.
SUBPLACE’s pioneering Star Product – LOCKIN – is a state of the art smart lock that offers unparalleled security backed by state of the art technology. The first in a series of Star Products, LOCKIN will be offered to consumers on the SUBPLACE platform by subscription, more specifically, on a rent-to-own basis, which ensures a low entry cost for maximum market reach. LOCKIN is the first of a suite of smart gadgets, and its launch marks an exciting step towards making fully integrated smart homes a reality.
“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. 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. 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 Mr Mak Wai Hoong (WH Mak), CEO of SUBPLACE.
SUBPLACE plans to set up 250 brand stores across Malaysia within the next five years, 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 and is available either as an outright purchase or through a rent-to-own plan starting at RM69 per month. Besides the X1 smart lock, the company will also offer two other smart locks, the LOCKIN S30 Pro and LOCKIN 2X Pro.
More details of the project and campaign can be found here.
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