£1.2m raised in 16 minutes? That’ll be a world record

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The Telegraph | By Rebecca Burn-Callander | July 22, 2014

CrowdCube world's fastest equity raiseCrowdcube, the equity-based crowdfunding platform, has broken the world record for the fastest fundraising after taking just 16 minutes to hit its target.

In a world first, Crowdcube, which raises funds from armchair investors in exchange for equity, today closed a £1.2m round within just 16 minutes.

This was 12 times faster than the previous record for the fastest crowdfunded pitch and set a world record for the fastest equity crowdfunding raise of all time.

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The previous record for the fastest equity crowdfund was Crowdfunder, a Cornwall-based crowdfunding platform focusing on rewards, which raised £500,000 in three hours.

Darren Westlake, Crowdcube CEO and co-founder said: “This is the first time that any sizeable fundraise has meshed traditional and alternative finance methods and we expect to see more of this in the future.

141 investors backed Crowdcube’s latest round of crowdfunding, which will be used to expand the company's operations both in the UK and internationally.

The average amount invested topped £8,500.

This latest round follows a £3.8m cash injection from venture capital firm Balderton Capital last week.

The company, which now has a presence in seven countries, including Brazil, Sweden, Dubai, Poland, Italy, Spain and New Zealand, is hoping to build a truly global crowdfunding platform.

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