AIM Listed Company Fitbug is Crowdfunding on SyndicateRoom

SyndicateRoom offers retail investors chance to take part in Fitbug’s £2.6m fundraise

AIM-listed company Fitbug, a “digital wellness pioneer”, will be raising capital via equity crowdfunding platform SyndicateRoom. The move by Fitbug, founded in 2005, is part of a strategic turnaround effort initiated by CEO Anna Gudmunson who took the helm of the company in August 2015. Information provided by Fitbug stated they delivered encouraging results in Q1 of 2016 and the “building blocks of a successful business are now in place.” SyndicateRoom is said to be the sole retail distribution agent for the offer and the terms will be on par with institutional investors.  According to SyndicateRoom, £852,000 has already been raised from institutional investors, with up to £1.76 million to be raised via SyndicateRoom and other investors at the same issue price. An earlier release by Fitbug said the offer comprises a placing of 340,800,000 Shares at 0.25p per share. The funding round is expected to close by 25 July 2016. The shares will also be EIS eligible

Gudmundson, stated;

“Having assessed a range of finance options to support our short-term and long-term working capital needs, we were particularly excited by the prospect of offering new shares to investors via SyndicateRoom. With its recent membership of the London Stock Exchange, SyndicateRoom is the only platform that could effectively distribute our shares direct to crowdfund investors, enabling us to expand the number of owner-advocates for our business as we focus on becoming a leader within this space by delivering an innovative app-based technology to enhance employee wellness.”

Goncalo de Vasconcelos, SyndicateRoom CEO and co-founder, said they were “thrilled” to list the Fitbug shares.

“Today’s announcement highlights the importance of retail investors as an ever growing number of publicly listed companies are using SyndicateRoom to tap into retail investors demand,” stated de Vasconcelos. “SyndicateRoom still remains the only crowdfunding platform that provides retail investors with direct access to company equity at the same economic terms as institutional investors.”

Tom Hinton, SyndicateRoom head of capital markets, called the Fitbug selection of SyndicateRoom as demonstrating their unique ability to provide access for both companies seeking capital and opportunity for retail investors.

“It’s fantastic to see the platform helping companies access a broad pool of demand and market capital raises in such an innovative way,” said Hinton.

SyndicateRoom is the only crowdfunding platform to have intermediary status with the London Stock Exchange.  The investment platform can offer retail investors access to both the public and private equity markets. Most recently, SyndicateRoom members participated in 3i Infrastructure PLC’s £385 million share offer, demonstrating the platform is positioned to promote a diverse range of equity funding rounds, from early stage through to public companies.