Devon-based tech start-up, Powered Now has successfully concluded its investment pitch on equity crowdfunding platform Crowdcube. Initially aiming to raise £350,000 from the crowd, Powered Now smashed its original target, overfunding by 167% to secure £585,580 within five weeks of listing.
Powered Now is a mobile admin application aimed at sole traders and small firms of plumbers, electricians, builders, and the like, who are mostly in the field at customers’ premises and working from vans rather than offices. They often struggle with paperwork and payment which wastes time, and therefore money.
Soft-launched at The Next Web startup rally in 2013, it won best mobile app in the Microsoft Bizspark Startup Rally and has already attracted nearly 6,000 user registrations worldwide.
Powered Now will use the capital for marketing and further development of its award-winning mobile apps. These help small trade businesses such as builders, plumbers and electricians to streamline their administration and eliminate paperwork.
“We chose Crowdcube because it’s very accessible, being open to anyone who wants to get involved with innovative and disruptive businesses like ours,” says Chris Barling, Powered Now’s chairman and co-founder. “We think the public will be keen on investing as lots of them use tradesmen and know, for instance, how they struggle to get quotes out quickly. The campaign will also help Powered Now get the message out through a crowd of enthusiastic ambassadors, so it’s all very exciting for us.”
A total of 165 people have invested for 30.26% equity share of the company. Investments range from as little as £10 up to the largest single investment of £85,000.
Benjamin Dyer, Powered Now’s CEO stated:
“We are thrilled with the success of our angel round and the number of investors who have chosen to get involved during our short listing on Crowdcube. With this funding we can grow the business substantially and help improve the lives and profits of field trade companies.”
Paul Adlam, the former president of the trade association for Ductwork Contractors (ADCAS) was one of the first investors to get involved with the Powered Now funding round.
“I decided to invest in the pitch because the problem the team is solving affects such a wide range of businesses, both in the UK and abroad. Tradesmen and field-based companies have often been slow to adopt technology, but Powered Now is the first application I’ve seen that not only helps solve the fundamental problem of how to manage paperwork when you’re not office-based, but it’s also easy to use, and that’s a must.”
This investment round brings with it a new investment director, Bill Anthony, who will be joining the board. As a former portfolio director for venture capitalists 3i and Finance Wales, Bill brings his substantial experience of growing businesses to the Powered Now team.
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