By Oliver Smith on Tuesday 25 June 2019
Adam Dodds is back with Freetrade’s 2nd crowdfunding in as many months.
After a tumultuous crowdfunding round in April which saw Crowdcube taken offline, Freetrade is back to try again, launching a new £1m round today.
In order to deal with the influx of interest, which AltFi covered in-depth at the time, Freetrade is releasing batches of £375,000 in equity to its existing customers and investors before the campaign goes live at lunchtime.
At the time of publication, Freetrade has already soared past its initial £1m funding target, but says it has an additional £5m which it can overfund.
UPDATE 2019-06-26 - Freetrade's crowdfunding has now reached £2.8m.
Given the two months have passed since Freetrade’s last Crowdcube round, its valuation has risen some 13% to £43m.
The company points to a customer base now sitting at over 30,000 (previously 20,000) and a waiting list for Ireland, its first step with international expansion, as to the reasons for this increase.
In the last few months Freetrade has also started talks with the FCA to expand its licence to become a full-scope broker, allowing it to launch fractional shares.
Developing...
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