Sagoon receives interests for 25pc fundraising in 12 hours

KATHMANDU: Social commerce platform Sagoon succeeded in receiving interests from its people around the to invest in more than 25 per cent of its fundraising goal within 12 hours of the announcement*, the Washington DC-based venture said.

Sagoon, which is founded by US-based Non-Resident Nepali Govinda Giri, has opened investment from accredited investors worldwide to put in their money as little as USD 5,000 in the company.

Diluting its 10 per cent stake, Sagoon aims at raising US 1.8 million through equity crowdfunding platform BankRoll.

According to Sagoon, it would use the raised money to build and launch mobile apps, and expand its user base.

During the general convention of America Nepal Association (ANA) in Atlanta, Georgia on Sunday, Non-Resident Nepali Association (NRNA) leaders announced that they were also investing in Sagoon.

Addressing the ANA function, NRNA US President Dr Keshab Paudel hailed Sagoon as a very ambitious project and said he saw "a big potential to win the social media landscape".

He said he considered himself "fortunate to get this opportunity to invest in Sagoon at its early stage", and added, "I am deeply impressed and convinced by the hard work, passion and dedication of its founders to achieve the mission of revolutionising social media, which will make every Nepali proud one day."

According to Paudel, the mission of NRNA was to support and encourage Nepali entrepreneurs who ultimately create financial opportunities within our community and back home in Nepal. "And as NRN US members, we have decided to bring much-needed resources to Sagoon to fulfill its dream,” he has been quoted in a statement issued by Sagoon.

NRNA of America's Vice-President, Ram C. Pokhrel, said “We all should support Sagoon for it is the first Nepali global project which will make us proud.”

“I am so happy to get support from NRN who believe in our vision and encourage us to move forward," Sagoon's founder Giri said, "We thank all NRN US members for their unconditional support, and hope they will continue to support and encourage us until we achieve our goal.”

*Corrected on November 4