Crowdcube sets world record by crowdfunding £1.2m in 16 minutes » SMEInsider

Crowdcube sets world record by crowdfunding £1.2m in 16 minutes

Alternative finance innovators Crowdcube have used their own platform to secure their entire “Series B” target top-up fund of £1.2m in just 16 minutes, attracting contributions from 141 investors.  

Based in Exeter, Crowdcube is an equity crowdfunding platform that has helped 130 start-ups to raise £32m since its creation in 2011, with television personality Kevin McCloud using the platform to raise £1.95m for his Hab Housing venture. The Series B fundraising effort brings total investment up to £5m and the company’s total worth to just under £20m. Investors, who committed an average of £8,500 apiece, collectively hold a 25.64% stake in the business. The company is currently looking to expand into new areas, opening offices in London and launching a new mini-bond offering, and has attracted clients including the Mexican restaurant chain Chilango and the high-end River Cottage restaurant, owned by celebrity chef Hugh Fearnley-Whittingstall.

Co-founder Luke Lang said: “We’re over the moon. It’s overwhelming to have such strong support for Crowdcube and our fantastic team. ‘We’re very much looking forward to growing our dominant market position and continuing to disrupt and democratise investment, both here in the UK and overseas.”

Darren Westlake, CEO and co-founder, added: “This record-breaking fundraise from our crowd of registered investors at the same time as backing by an established VC firm is a huge thumbs up for our business, team and the growth path we outlined.