Powered Now Raises Equity on Crowdfunding Platform Crowdcube.
Tech start-up Powered Now, a mobile administrative app for tradesmen, has cruised by its equity crowdfunding target of £350,000 after just 12 days and is now overfunding. The additional capital will be used to further market and develop its app for tradesmen and field trade companies, simplifying administration and eliminating paperwork.
To date 78 people have invested in the pitch on Crowdcube for 22.54% equity with the largest single investor contributing £85,000. The campaign will continue accepting funds until the 31 July.
Benjamin Dyer, CEO of Powered Now was amazed how quickly they achieved the target and says:
“The response to our crowdfunding campaign has been tremendous and to hit our target after only 12 days is a huge endorsement of what we’ve been doing at Powered Now. Tradesmen and field trade companies are one of the last business sectors to benefit from the computer revolution. This funding will help us accelerate our mobile application development to provide these companies with the tools they need.
“In fact we will now be raising further funds as we think that the opportunity is so massive we need to grab it as quickly as we can. After all, there are over 900,000 trade companies in the UK alone.”
Chris Barling, Powered Now’s co-founder and chairman adds:
“Initially we were a little cautious about crowdfunding. Eventually we chose Crowdcube for our business angel round as this opens up the opportunity to a wider range of people. However, we did want to make sure that we still had the safeguards in place that you would have in a conventional angel round. This includes having an investor director and shareholder agreement. Crowdcube was our chosen platform as it is the most advanced and the largest in the world.”
The Powered Now app works on iPads and iPhones (with an Android version in the pipeline). It lets you do everything, from taking notes and photos of a job, emailing the estimate and letting the customer accept it, then managing the work right through to invoicing and taking payment (by credit/debit card or PayPal). Everything can be done while you’re with the client. All of your information is held in one place and it automatically backs up to the cloud whenever there is a wi-fi connection. Even if you damage or lose your device, you can download the data to the replacement, or access it via a browser.
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