The round oversubscribed, exceeding its original target of £2.3 million (at a valuation of £25million) 10 hours after going live on the SyndicateRoom platform.
This latest round follows a campaign in May 2015, when SyndicateRoom completed a £1.2 million funding round.
Super-angel investor and Abcam founder Jonathan Milner led the round. Online investors included Unicorn AIM VCT, who invested the largest contribution, at £1million.
All investors had access to the same class of shares at the same price per share in the raise.
Funds will be used to support an aggressive growth strategy over the next six months. SyndicateRoom will boost its expansion into the equity capital markets and double its staff base over the next six months.
Goncalo de Vasconcelos, CEO and Co-Founder of SyndicateRoom said, “We are building the most successful and efficient incremental distribution platform for companies to raise equity investment at all stages of their equity journey, from idea to IPO. To have such strong demand from both retail and institutional investors is the strongest vote of confidence we could have regarding our expansion plans within crowdfunding and equity capital markets. I am hugely excited about the times ahead of SyndicateRoom and its potential to become a billion-dollar business.”
Chris Hutchinson, senior fund manager, Unicorn AIM VCT, commented, “We are delighted to have the opportunity to invest in SyndicateRoom at this point in the company’s development The business has been on an upwards trajectory since it launched - and the projected revenue growth looks incredibly positive. Fintech is set to have a dramatic impact on the financial services landscape as we know it, and we look forward to sharing in SyndicateRoom’s success as it plays a key role in leading the future transformation of the industry.”
Lead investor and Abcam co-founder, Jonathan Milner said, “SyndicateRoom’s growth since it launched in 2013 has been absolutely phenomenal. A number of ingredients have combined to achieve this – from superb leadership and a brilliant company culture to investor demand and a desire for growth from UK companies. The time is now for smart equity crowdfunding and SyndicateRoom is in a prime position to help drive further success across the industry.”