P2P lender’s equity crowdfund reaches target

The fundraise opened three weeks ago and is still running despite hitting its target level.

Ethical P2P lending investment platform Abundance has passed its funding target of £1.2m on the equity crowdfunding site Seedrs

The raise is now overfunding, after launching three weeks ago, meaning investors can still nab shares in Abundance. It was seeking £1.2m on a pre-money valuation of £16.6m, therefore offering 6.67 per cent equity. It hit its target in less than 13 days with more than 760 people investing, most of whom are existing Abundance customers.    

Bruce Davis, co-founder and joint MD of Abundance said: "We are very pleased to welcome more than 750 new shareholders who have put their hard cash behind delivering the next stage of Abundance mission. We achieved £75m of projects funded with just 75 angels, so after what has been a frankly intense and emotional process we are ready to achieve much more with 750 plus shareholders backing us."

Specialising in debentures (classed as ‘debt securities’) for long-term ethical-focussed projects, it has been particularly active in the renewable energy sector.