PRESS RELEASE
Accelerate Global is one of only three social enterprises to raise funds through equity crowdfunding in Malaysia
Despite a lengthy global pandemic, Accelerate Global still managed to raise funds above their minimum goal.
KUALA LUMPUR, 18 NOVEMBER 2021 – Accelerate Global, a youth-led social enterprise tackling youth unemployment issues through upskilling programs successfully raised over RM 470K, above the minimum goal via Ethis Malaysia, the only shariah-compliant ECF platform registered with the Securities Commission Malaysia. This makes them the third only known Malaysian social enterprise that has had a successful equity crowdfunding campaign since 2017, and the only one that has successfully done so during the COVID-19 pandemic period.
Their campaign ran for 90 days and had garnered support from 69 investors from around the world including Singapore, Malaysia, China, Italy, Indonesia, Croatia, Australia, Algeria, India, France, and the United Kingdom, putting Accelerate Global on a trajectory to creating sustainable change in the lives of the youths especially those who are marginalised and underprivileged.
Accelerate Global Chief Executive Officer and Founder, Raudhah Nazran says the success of this campaign marks a new chapter for the social enterprise to scale up their impact.
“The funding will be used to digitise all of our upskilling programs and store them onto our very own e-learning platform. We found after running Accelerate for 2 years, most youths are keen to learn but often shy away from the opportunity either due to lack of funding or simply lack time. I knew then that it’s time to convert our live programs to self-paced learning programs and to also roll out our 1:1 ratio business model so no youth is left behind. Thrilling times ahead. My team and I cannot wait to launch this!”.
The 1:1 ratio business model is expected to be a game changer as for every subscription fee paid for, one underprivileged youth will be given access to Accelerate’s programmes. This youth-led social enterprise has been operating for two years and their impact model of developing self sustainable, independent youths and young entrepreneurs are proven given that all of their graduates are now either successfully running their own businesses or have gained employment. To date, they have directly impacted over 5,000 youths cumulatively through all their programs and this number is expected to exponentially grow in the next coming years with the launching of their digital platform.
Accelerate Global also represents the first social enterprise ECF campaign on the Ethis Malaysia platform, underlying Ethis’ ambition to circulate good by offering investors the opportunity to invest in businesses with high social impact.
“Accelerate Global’s fundraising success garnered the support of Malaysians and also investors from 10 other countries. This signifies the strength of their value proposition not only within the country but abroad as well. I am confident that Accelerate Global will continue to grow from strength to strength and expand beyond what they have already done thus far in creating a positive impact on society with their business operations,” says Wan Mohd Dazriq Wan Zulkiflee, the Chief Executive Officer of Ethis Malaysia.
“Ethis will continue to support fundraising efforts for impact driven enterprises and social enterprises such as Accelerate Global for institutional and retail investors, as it goes hand in hand with Ethis’ circulate good ambition in the real economy. For investors, this provides an opportunity for them to amplify their investments beyond monetary returns but also in considerations of investments that create a positive impact on society. As such, that is why it is crucial for us to support Malaysian social enterprises and SMEs in their growth journey so that they can continue to expand and scale their business impact for the greater good of the society and beneficiaries they are supporting. As the backbone of our economy, SMEs and social enterprises such as Accelerate Global are crucial to the growth of the Malaysian economy and the development of the nation’s socio-economic agenda,” he says.