Update: Future Ad Labs Hits Funding Goal in 36 Hours with Convertible Offer

That was fast.  No sooner had Future Ad Labs announced their public offer for convertibles on Seedrs than the offer was fully funded. The funding took only 36 hours to complete.

The company was seeking a raise of £300,000 and as of this writing the investment already funded stands at £300,170.  The convertible offer is posted at a 15% discount to the future valuation.  This was the very first convertible offer to launch on equity crowdfunding platform  Seedrs – a site that now offers three different types of investments for their registered users.  Investors may expect to receive shares in Future Ad Labs at either  the time of our next fundraising round or  on a longstop date of one year from the date of the convertible, in the event that they do not close a fundraising round within such time.

 

Overwhelmed: 100% #CrowdFunding target achieved in 36hrs. Love #startup #innovation? Still time to get onboard http://t.co/W0rSAfZ3dA

— Future Ad Labs (@futureadlabs) July 8, 2014

 

Future Ad Labs said of their strategy to use convertibles;

“We are using this convertible round as a form of bridging finance before undertaking a venture capital fundraising round in the near future. This is an instrument used to defer the need to set a formal valuation on the company and help generate momentum behind our new products which will ultimately place us in a good position to raise our Series A round.”

Future Ad Labs is a technology company that has developed “modern” ad units designed for the mobile generation. They believe that advertising is moving towards intelligent targeting of users on hand held devices, the exact environment our ad units were designed for.

Equity crowdfunding has experienced dramatic growth in the United Kingdom spawning a growing boom in young companies now able to attract capital more efficiently.  The new form of capital allocation has seen a growing number of platforms enter the space each seeking to provide a compelling platform for startups and small companies.  Seedrs is one of the leaders in the space and they have differentiated their service in a number of manners – most recently by providing alternative vehicles for raising capital.