By Emily Nicolle on 29th March 2018
Westcountry-based Crowdcube is hoping to draw more funding from investors to start-ups based outside of London, in an effort to boost the UK regions.
Announced today, equity crowdfunding platform Crowdcube has launched a campaign to double equity funding deals for start-ups and growth businesses outside London. The campaign is also being backed by six leading supporters of regional SMEs, including BGF, G by Grant Thornton, IdeaSquares, Harper Macleod, Techstart Ventures and Virgin StartUp.
The campaign’s target is to increase the total of equity funding deals in the UK regions from its current number of 736 from all providers to 1500 within five years. Working as a team, Crowdcube and the partner supporters will engage with regional SMEs, advising them on their suitability for crowdfunding and co-investment and working to help them launch funding rounds on the Crowdcube platform.
“Doubling equity funding deals in the regions in five years is an ambitious target, but it reflects the shared commitment Crowdcube and our partners have to driving change,” said Luke Lang, co-founder of Crowdcube.
“Working together makes all of our networks, technology and access to funding much more powerful. There is brilliant entrepreneurial talent and dedication across the country - we’re going to free more of that potential.”
Data from research firm Beauhurst showed that in comparison to the 736 regional funding deals completed in 2017, London start-ups achieved a total of 769 deals. Rival equity crowdfunding platform Seedrs launched a similar mission for growth-focused British SMEs last week, after partnering with commercial finance broker Finpoint.
Since Crowdcube was founded in 2011, the platform has facilitated funding deals for more than 600 companies, reaching over £400m invested on the platform to date by a community of 500,000+ investors.