Overfunding: PledgeMe Secures $500,000 Funding Target in Four Days Through Self-Running Crowdfunding Campaign

Less than a week after launching its own equity crowdfunding campaign, New Zealand-based PledgeMe has successfully secured its initial $500,000 funding target from more than 200 investors.

As previously reported, PledgeMe was launched in 2012 and claims to be the first project-based crowdfunding platform in New Zealand. The funding portal has helped 1,200 campaigns fund successfully, with more than $27 million pledged through the platform.  Just four years ago, PledgeMe became the first equal licensed equity crowdfunding platform in New Zealand after the legislation changed to allow raising investment online without a public prospectus. PledgeMe co-founder, Anna Guenther, recently stated:

“In the last twelve months, we’ve had almost $12 million pledged through the platform. That’s significant growth from the previous years, and shows a trend towards larger equity crowdfunding campaigns like Ocho and Waiapu. Both of those campaigns raised the $2million legal maximum within hours of going out to their crowds.”

PledgeMe reported it has nearly 200 shareholders currently. Last financial year, PledgeMe had $767,983 in revenue with a profit of $252,971. Over the last three years, the funding portal has grown over 90% in compounded annual growth. The funding portal also revealed it is looking to raise up to $900,000, which represents 11.1% of the company. Shares are priced at $164.50 each with a minimum purchase of one share. Following the campaign surpassing its funding target, Guenther reportedly stated:

“We’re so thankful for the continued support of our crowd. We can’t wait to go on the next stage of our company’s journey with our shareholders past, present, and future!”

Funds from the latest crowdfunding round will be used for PledgeMe to launch in Australia, expand in New Zealand, and fund the development of new ways to make crowdfunding more accessible. The funding round is set to close on September 6th (or when NZ$900,000 is achieved).