Malaysia Club Network (MYCN) will be raising funds through equity crowdfunding (ECF) to finance the development of its mobile app as it aims to gain traction among young party-goers.
Its ECF campaign over Ata Plus is targeting to raise RM200,000 to RM900,000, which is equivalent to a stake of 11.11% to 36%. This values the company at RM1.6mil.
MYCN, co-founded by a group of friends, is looking to change the way party-goers plan and experience a night out, as well as how entertainment merchants track and handle patrons via a collaborative platform.
The app allows users to book tables at eateries and purchase food and drinks in advance. Some of the additional features include bill-splitting, guest list reservation for big groups, and offer deals.
“Not only is the app convenient and free for patrons, for merchants, it will mean they can process more orders, capture missed sales, create brand awareness and increase their sales based on the data collected by the app. Our aim is to mitigate the fear party-goers have of their reservation being dishonoured or cancelled at the last minute by their preferred nightlife establishments,” says Terrence Leow, co-founder and director of MYCN.
The app is at its final stages of development and is expected to go live in June 2019.
The funds raised will be used for app development and maintenance, as well as for working capital and operations.
MYCN had conducted a survey among 1,500 individuals aged between 21-30 years old, and found that 69.08% would prefer to use a mobile app for their nightlife bookings, with 58.9% citing long queues and traditional forms of reservations as major irritants.
The f&b industry has thrived and flourished in recent years. It is estimated that there are over 160,000 establishments generating an estimated gross output of RM66.4bil, contributing a growth of 12.2% since 2010.
“MYCN is the solution to the current problems faced by the nightlife industry. This app will bring much needed relief to this sector for both patrons and establishments,” says Kyri Andreou, co-founder and director of Ata Plus.