GoodMorning Global Group has secured a record RM20 million from over 1,000 investors in a single equity crowdfunding (ECF) campaign, as recognised by the Malaysian Book of Records.
Funds raised in this round will go towards accelerating biotechnology and food technology research whilst supporting the brand’s prospective IPO listing over the next two years.
Dato Dr Lim Sin Boon, Chairman of GoodMorning Global, said, “Beyond just being a significant company milestone, this recent ECF success is a testament to the industry’s readiness for a future food and alternative protein. We are now looking ahead at full force, to pioneer technological advancements that will put Malaysia at the forefront of this movement.”
The landmark achievement was announced at GoodMorning Global’s 15th-anniversary gala, where its subsidiary, GoodMorning Bio Industries, also received Bio-Based Accelerator (BBA) status from the Malaysian Bioeconomy Corporation, bringing it a step closer to prestigious Bio-Nexus status.
Providing more comprehensive access to funding and knowledge programmes, the certification is expected to help GoodMorning Global ramp up product research and development to meet better Malaysia’s growing demand for the consumption and export of plant-based protein products.
Further aligned with this, GoodMorning Global has signed Memorandums of Cooperation with its collaborative research partners, Universiti Tunku Abdul Rahman (UTAR), Tunku Abdul Rahman University of Management and Technology (TAR UMT), and its Middle Eastern trading partner in Sultanate of Oman, Eastern Arrow LLC.
The strategic partnerships will set in motion collaborative research projects to expand the local “future food and alternative protein” industry for greater food security.
Additionally, it also aims to position Malaysia as a regional scientific hub to mitigate the pressing global challenges of climate-induced food crises. All parties align to promote affordable sustainable food solutions as a means to tackle the domestic high inflation and living costs.
In the second half of the year, GoodMorning Global is poised to further grow its market share from the current 70 per cent. On top of its existing catalogue, the brand aims to officially launch its very first flagship product in future food and alternative protein – WonderMeat, Malaysia’s very first affordable dry-mix complete nutrition plant-based meat. The product is partly subsidised by the GoodMorning Vision Fund and is slated for release to the public in Q4 2023.
Reported by: Business Today 27 July 2023