Crowdcube, the Exeter, UK-based equity crowdfunding platform, has opened and closed its own bid raising £1.2m in just 16 minutes.
141 investors backed the company’s Series B round of crowdfunding, which followed the announcement last week of a £3.8m investment from venture capital firm Balderton Capital (read here).
Hosted on Crowdcube’s own website, the campaign represents the fastest crowdfunded pitch, 12 times faster than the previous record.
Led by Darren Westlake, CEO and co-founder, Crowdcube will use the £5m total investment to further expand its operations in the UK and internationally. The company is planning to double its team to 50 staff, expanding its head office in Exeter and opening new offices in London and Scotland. It is also expanding internationally beyond the seven joint ventures that it has already established.
So far, Crowdcube has raised over £32m for more than 130 start-up, early stage and growth businesses.