KUALA LUMPUR, September 23 – Polyseed SSD Sdn Bhd (“Polyseed”), a total integrated green solutions company which converts all conventional plastic to eco-friendly biodegradable plastic, launches its equity crowdfunding offer on CrowdPlus.asia, with support from Malaysian Bioeconomy Development Corporation (Bioeconomy Corporation, formerly known as BiotechCorp). This is the first social and environmental impact company in ASEAN to raise funds through an equity crowdfunding (ECF) platform—and it comes right on the heels of CrowdPlus.asia’s first successful equity crowd-funded green deal, Green Lagoon Technology Sdn Bhd (GLT) which surpassed its MYR800,000 target.
Polyseed is the only company in Malaysia to integrate technology, OEM manufacturing, an extensive retail network, reverse logistics solutions, public education and recycling solutions under its total green solutions umbrella. Some of its notable milestones include:
- Right to use an exclusive second generation oxo–biodegradable technology to convert all plastics into biodegradable products;
- Transferred the said technology to more than 20 manufacturers and in-return, being supplied 20% of their production at their normal price;
- Established a network of retailers like KK Super Mart, BMS Organic, Hero Supermarket and petrol stations;
- Collaborating with the Ministry of Federal Territories (KWP) to facilitate the transformation of 13 associations with 440,000 members going green, in line with the goals of Bio-degradable product usage in Federal Territories starting from 2017; and
- Collaborating with Guan Ming to educate primary school children through an upcoming green campaign in 2017
The company is looking to raise between RM400,000 to RM1,100,000 for the purpose of fulfilling orders by offering Redeemable Convertible Preference Shares (“RCPS”) with the option to convert into ordinary shares no later than end of the 4th quarter of 2017 whereby an IPO exercise is envisaged. Should the IPO exercise not materialize by end of the 4th quarter of 2017, the RCPS can be redeemed at an assured dividend rate of 18% p.a.
According to Bryan Chung, COO of CrowdPlus.asia: “We’re proud to be a ‘green platform’ committed to supporting revolutionary companies that battle climate change and preserve the environment—just as we’ve done with our previous offering, GLT. In fact, Polyseed got to know us through our previous social media marketing efforts for GLT. Beyond functioning as a channel to raise funds, we’re also a platform for innovative companies to raise awareness for their causes—and in the case of Polyseed, educate the masses about the long-term biodegradable benefits of green plastic.”
Syed Agil Syed Hashim, Acting CEO of Bioeconomy Corporation said, “As the leading economic development agency of the bio-based industry in Malaysia, Bioeconomy Corporation empowers local bio-based companies like Polyseed to grow by providing them with strategic funding platforms. Our second collaboration with Crowdplus.asia is a testament to this effort. After the success with GLT, we are hopeful that Polyseed and other bio-based companies can achieve similar success via equity crowdfunding and other unconventional platforms.
“The bioplastics industry will bring a significant impact to Malaysia’s bioeconomy. The global market size of the plastic industry is worth USD520 billion (RM2.15 trillion) with Malaysia having a share of USD3.5 billion (RM14.5 billion) in the global market. Bioeconomy Corporation will continue to facilitate and support Polyseed’s innovative work in bioplastics, which will enrich Malaysia’s bio-based industry and in turn contribute to the country’s economic, environmental and societal development.”
Leonard Ho, CEO of Polyseed acknowledged the maturity of the developed capital market in Malaysia. Despite the abundance of traditional banking solutions available to SMEs in Malaysia, they believe ECF innovatively bridges the gap for SMEs to rectify the lack of tangible securities, and potentially allows small investors to participate in the growth of promising companies.
“We are privileged to be able to practice our core value as social environmentalists, as evidenced by the exclusive invitation and vote of confidence from Government agencies such as Malaysian Bioeconomy Development Corporation and Malaysian Green Technology Corporation. The Government has also acknowledged our additives technology by inviting us to participate in the formulation of a broad-based green policy and standard protocol for future enforcement and implementation.
“Through the government’s Green Initiative Program, we also believe we have the potential to achieve our first RM100 million business in two years. We have secured prominent customers like Caring Group, Shell Group, and other major customer orders. We hope investors will realize the potential of Polyseed to revolutionize the immensely profitable plastic market and join us in our effort to benefit future generations through meaningful, environmentally driven business activities.”
For those who are seeking funding or interested in becoming an investor, please visit www.crowdplus.asia for more information.