KUALA LUMPUR (Aug 7): Wahed Ventures, a Shariah-compliant equity crowdfunding platform, has listed Carpedia as its first venture deal to invest in.

The startup is a talent platform catering to the logistics industry that aims to support the local economy by providing flexible work opportunities to gig workers in Malaysia. It intends to grow its revenue by capitalising on the economic potential of the gig economy.

The company’s revenue in June 2024 was RM1 million and has seen a 15% month-to-month growth over the past six months. Carpedia has two revenue models - a monthly retainer and commission per parcel.

According to its investment memorandum, Carpedia charges a monthly retainer fee for every “full-time” gig workers assigned, and takes commission from every parcel successfully sent by gig workers.

The startup earns 8% to 20% gross profit from the monthly retainer fee and 20% gross profit from the commission per parcel.

The minimum target for the fundraising is RM750,000 and the maximum is RM2 million. Meanwhile, minimum equity offered is 6.98%, while the maximum equity offered is 16.67%. The pre-money valuation of the company is RM10 million.

The proceeds will be used to enhance technology at Carpedia, improve profit margins and efficiency, and deepen market access. Carpedia is currently serving e-commerce and delivery clients in Southeast Asia such as Laz Logistics, Ninjavan and Shoppee Xpress.

Some of the risks associated with the investment include slow client acquisitions, execution challenges and business relying heavily on clients adopting Carpedia’s workforce management methods.

The investment memo also detailed that due diligence on the company was performed by Wahed Ventures, with an in-depth review of the technical aspects of the product such as scalability conducted, before it was selected as an investment.  

To comply with Shariah requirements, two levels of screening were conducted to identify and manage any Shariah risk. The first level was conducted by an internal Shariah review team and the second by an independent Shariah board.

https://www.theedgemarkets.com/node/721960