Plans Launch in Six Countries in 2014 including New Zealand, Spain and Italy. Seeks Additional Partners in US.
UK based equity crowdfunding platform Crowdcube has announced an agreement to open up operations in Italy. The company has continued to expand their global reach for their platform by signing joint venture agreements in Brazil, Sweden, Dubai and Poland. Crowdcube Sweden launched in 2013. Brazil, Poland and Dubai are expected to launch in 2014. Next year will be busy for the innovative platform as they intend on expanding into New Zealand and Spain next year as well. The company shared they had signed seven partnership agreements to date. A previously announced expansion into Canada was not mentioned.
The expansion into Italy has been facilitated by a partnership with Xandas.
“We are delighted to partner with Europe’s leading equity crowdfunding platform, Crowdcube. Italy, which became the first country in Europe to implement equity crowdfunding laws early this year, has tremendous potential. Our knowledge of the local start-up and investor eco-system and Italian financial regulations combined with Crowdcube’s state-of-the-art technology and know-how means we can rapidly launch and make a real impact in Italy, akin to what Crowdcube has achieved in the UK.”
With more than 50,000 registered investors in the UK and known as one of the hottest FinTech firms in the United Kingdom as well as Europe, Crowdcube has made a great progress with their plans to expand their business model overseas. The expansion is funded with £1.5 million growth capital raised in just three days earlier this year using its own equity crowdfunding website.
Crowdcube’s international expansion aims to emulate the success that it has achieved in the UK since it launched the world’s first equity crowdfunding platform in February 2011. Eighty-three pitches have raised a combined total of more than £16 million, seven times its nearest competitor in the UK, and has contributed to the creation of an estimated 1,400 jobs.
Darren Westlake, CEO and co-founder of Crowdcube, comments:
“To successfully expand internationally it is vital to have a strong presence at a local level and this is why joint venture partnerships are an important aspect of our strategy for long term success. We have built a well-regarded brand, not just in the UK but abroad, a powerful technology platform and a wealth of knowledge and experience of equity crowdfunding that is second to none. However, people who understand the local culture and are already immersed in the start-up and investment scene are critical for success; it is not sufficient simply to build a website and hope that people come; we all know it takes more than that.”
“We’ve been accepting investments from overseas investors in businesses on our UK site for some time now. But for equity crowdfunding to really take off people need to be able to invest in national businesses as well as overseas ventures.”
Crowdcube expects further agreements to be signed in 2014 and is already seeking potential partners in France, Germany, Canada and the USA.