Back in May, Edinburgh-based cloud accounting provider, FreeAgent, took to equity crowdfunding platform Seedrs with a mission to raise funds for its vision of “Democratising Accounting.”
Since its launch in 2007, FreeAgent has grown into an established, highly-regarded technology innovator, with customers in 100 countries and more than 70 members of staff. For the past two years the company has been ranked in the top 20 of the Deloitte Fast 50 – the annual run down of the UK’s fastest-growing technology companies – as well as being named as “One to Watch” in the Sunday Times Tech Track 100.
FreeAgent is set to use funding to accelerate development of its product and introduce more micro-businesses and freelancers to FreeAgent, so that they can manage their books more effectively. The company decided to looking into crowdfunding so that way it could open investment to its 40,000-strong customer base and also hopes to attract other traditional and non-traditional investors, including small business owners and accountants. These new investors will be able to have a stake in FreeAgent from as little as £10.
Since its launch, FreeAgent’s campaign has successfully secured over £1 million (its initial goal). The company’s co-founder and CEO Ed Molyneux stated:
“[The team is] absolutely thrilled to have surpassed our target – and to have become one of a select group of UK businesses to have raised more than £1m through crowdfunding. We chose this route because we wanted to make it easy for small business owners to invest in our business, and the fact that many of our new shareholders are customers who use and love FreeAgent really reinforces our decision.”
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