Just a few days after launching its new equity crowdfunding round, Crowdcube announced it has officially welcomed the 3,000th person to its crowd of investors. The company launched its highly anticipated campaign earlier this week and within the first 24 hours, the platform raised over £6 million and is now in overfunding mode.
The Crowdcube team revealed in a Twitter post:
— Crowdcube (@Crowdcube) July 22, 2016
As previously reported, Crowdcube was the first equity crowdfunding platform to launch in the UK. Since that point in time, equity crowdfunding platform has secured over £160 million for over 350 businesses. They claim almost 50% of the UK market.
“In just five short years we have firmly established our position as a global fintech pioneer and the UK’s dominant equity crowdfunding platform but we’re not stopping there, we’ve got ambitious plans for the future. As a valued member of Crowdcube, we’d like to give you the opportunity to register for early access to our raise so you’ll have the chance to invest before the opportunity is available to the public.”
Crowdcube has notably experienced a doubling year on year revenue and is “now ready for the next stage of growth.” The company stated it will use the funds to “pioneer secondary liquidity and target £5.3 billion equity market” as it seeks to expand the portfolio of services the Fintech firm offers.
Under EU rules, an offer without a prospectus is capped at €5 million. Luckily, Crowdcube has filed a prospectus, available to potential investors, to allow the offer to go far higher than the present £6.1 million. The funding portal noted its desire to set a precedent for other firms seeking a funding round higher than the €5 million hurdle. The campaign is set run for 24 days.
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