Recommend Launches Equity Crowdfunding Campaign with PitchIN Malaysia

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Petaling Jaya, Selangor – The Recommend Group, Southeast Asia’s largest home and property services platform, has announced the launch of an equity crowdfunding campaign to raise 5 million Malaysian Ringgit (MYR).

The Recommend Group provides a range of home services, including cleaning, plumbing, renovations, and aircon servicing.

The company has grown by five times since pivoting to a transaction-based platform in 2019, and revenue hit an all-time high in Q1 2023, defying expectations as well as a general negative outlook for the economy. This accomplishment is a result of the company’s resilience, strategic planning, and ability to adapt and thrive in challenging times, particular during the pandemic.

“Today, we are already the largest home and property services platform in Indonesia and Malaysia. Our platform handles 30,000 job requests with a value of USD 10M every month. About 15,000 to 20,000 jobs get successfully transacted over the platform and we have served more than 1.5 million homes to date,” said Jes Min Lua, CEO and Co-Founder, Recommend Group. “Equity crowdfunding is a great way for us to engage with our community and give people the opportunity to share in our growth.”

“Our platform handles 30,000 job requests with a value of USD 10M every month. About 15,000 to 20,000 jobs get successfully transacted over the platform and we have served more than 1.5 million homes to date”

Jes Min Lua, CEO and Co-Founder, The Recommend Group

The group aims to raise funding to further realise its vision of being the end-to-end technology platform for home and property management. Over the next few months, it will invest in algorithms and AI to better estimate the price of home repairs and renovations, to better improve the matching of customers to service providers.

The company will also improve its platform to serve corporate customers, and expand to more cities in Southeast Asia, particularly in Indonesia.

“Indonesia is a key part of our business. It contributes 80% of our volume and 70% of our revenue. And that is mainly coming from the Greater Jakarta area. There is tremendous opportunity for us to grow our presence in other cities like Surabaya, Medan, and Bali,” added Lua.

Across the region, there are many traditional home improvement players. However, as a home services platform, Recommend is by far the largest and longest-standing player. The Recommend Group has continued to grow and even extended its foothold through partnerships with organisations such as Grab, Shopee and Boost. It also serves as an installer for customers of Courts, AEON, and IKEA Malaysia.

Equity crowdfunding is a relatively new method of raising funds for startups, which has gained popularity in recent years. It involves raising capital from a large number of investors, who each contribute a small amount of money in exchange for equity in the company. This allows startups to access funding from a broader range of investors, without having to rely solely on traditional venture capital or angel investors.

The Recommend Group’s equity crowdfunding campaign will be conducted on the pitchIN platform, a leading equity crowdfunding platform in Malaysia. Depending on the final crowdfunded amount, the group will offer up to 11% in equity, giving it a valuation of MYR44 Million.

The company will also be hosting a series of public webinars to share its revenue and growth numbers. Anyone interested to learn more before reserving their investment can register for one of their upcoming webinar slots.

About The Recommend Group

The Recommend Group is Southeast Asia’s largest home and property services platform. Known as in Indonesia and in Malaysia, the platform provides a convenient and safe way for customers to book home services on-demand, or get price quotes for renovations. Over 200 types of services are available across 10 verticals, including home repairs, appliance servicing and repairs, home improvement, home cleaning, as well as lifestyle and beauty services to the home.

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