Abundance targeting £1.2m raise through Seedrs

The fundraise will open this morning but will be open only to pre-registered investors and Abundance customers.

Ethical investment platform Abundance will open its crowdfunding campaign on Seedrs this morning. At first, the raise will only be open to the platform’s customers and to pre-registered investors, who have been signing up since last week when the fundraise was announced.

AltFi can reveal that Abundance will be targeting a raise of £1.2m at a pre-money valuation of £16.6m.

More than 1,000 investors have pre-registered to take part in the campaign, a total that could see Abundance surge into overfunding, depending on what proportion of pre-registrants invest.

Abundance is open to raising more than its target sum but has not yet decided on a hard-stop. Should space in the round remain, the wider public will be free to invest from Monday next week. The round is EIS-eligible.

Abundance is an investment-based crowdfunding platform, specialising in debentures (classed as ‘debt securities’) for long-term ethical projects. It has been particularly active in the renewable energy sector. The firm claims to have raised more than £75m for 34 UK-based businesses to date.

The platform has expanded the range of projects offered to investors in recent times. It recently moved into funding the development of social housing, for example. Abundance hopes to use the money raised on Seedrs to build out its origination and underwriting teams, driving more dealflow on the platform.

Bruce Davis, co-founder and MD of Abundance, said in a statement last week: “The money will be used in part to grow our projects team to expand the sectors we support, beyond green including social housing and public infrastructure. It will also be used to add weight and reach to our advertising campaigns which in the past have generated real impact in the marketplace pioneering the idea that investing for profit and purpose are not mutually exclusive goals.”