OurCrowd is set to expand its equity crowdfunding platform to Asia with a new partnership with United Overseas Bank Limited (UOB). Under terms of the partnership, UOB, which is headquartered in Singapore and includes branches throughout Asia, will be putting $10 million to work to invest in portfolio companies raising funds on the OurCrowd platform. As part of the deal, OurCrowd announced that it is opening its platform to include Asian based technology startups to raise capital through equity crowdfunding campaigns.
For OurCrowd, partnering with UOB is the firm’s first foray of Asian expansion. In addition to UOB, also part of Asian expansion is Singapore based Sassoon Investment Corporation which is partnering with OurCrowd and providing investments as well.
Having initially launched with a focus on providing fundraising to Israeli based startups, the platform has expanded to include companies from other regions as the OurCrowd investor base has grown globally. With regard to the current growth plans, OurCrowd Founder and CEO Jon Medved stated :“The UOB OurCrowd partnership represents a huge step forward for OurCrowd and the Asian tech ecosystem. Together, we will empower scores of new entrepreneurs and match them with global investors and mentor networks.”
Janet Young, Head of Group Channels and Digitalization at UOB, added: “SMEs are the foundation of Asian economies, providing high levels of employment. However, it can be challenging for small businesses to obtain financing, particularly equity financing, in the early stages of growth. Because of this, UOB has partnered with OurCrowd, to connect smart ideas with smart money.”