Abundance states that it originally looked to raise £1.2 million from investors but ended the offer overfunded at £1,575,586. The share offering valued Abundance at £16.6 million pre-money. Abundance reported that more than 1000 investors backed the firm.
Previously funded by more than 75 angel investors, Abundance has raised £82 million since 2012. Abundance has listed 34 “green and socially useful projects.” Specific offerings have ranged from wind and geothermal energy projects to social housing. Abundance has returned over £17 million in principle and interest to its investors for its debt based offerings.
Abundance reports revenue growth £292,000 in 2014, £1,337,000 in 2017, 2018 year to date at £1,352,000, saying it has a scalable business model.
The proceeds of the crowdfunding round are expected to push Abundance to the next “several hundred million.”
Abundance Co-Founder and Managing Director, Bruce Davis, commented that as investment specialists, they are especially pleased by the strong response to their own share offer, calling it a “vote of confidence” in their mission:
“As the first-ever regulated practitioner of crowdfunding, it’s important to us that ordinary people can join us as shareholders. Our mission has always been to help to build a more democratic and open financial system giving people control over their money. Creating an even bigger community of investors, not only in our projects but also in us, supports our work helping the transition to a cleaner, low-carbon and socially beneficial economy.”
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