Over 1,800 investors in Clim8's third crowdfunding round, which says it is seeing a surge in demand for downloads since its launch in March 2021.
The round, which raised over £1.26m in its first 24 hours, easily hitting its £750,000 target, was at an undisclosed valuation in what Crowdcube calls a ‘convertible round’ whereby the cash is transferred directly to the company and shares issued at a future date. This allows crowdfunding companies to raise cash without having to agree to a valuation.
In total Clim8 has raised to £10m following the two previous rounds, including capital secured from Channel 4 Ventures (the venture arm of the TV channel which it exchanged £2m worth of advertising for equity), 7percent Ventures and two previous crowdfunding campaigns.
Clim8 says it will use the new cash feed its growth strategy, following the recent launch of its app in March 2021, and focus on growing its user base.
This includes a soon-to-be-launched Junior ISA and Self Invested Personal Pension (SIPP) in the UK.
The app, Clim8 says, has been downloaded by "thousands" of investors. It currently offers a General Investment Account as well as a standard stocks and shares ISA offering exposure to companies helping to mitigate climate change.
This includes companies working on renewable energy, clean technology, sustainable food, electric mobility, clean water, & the circular economy.
Duncan Grierson, Founder and CEO of Clim8 Invest, said: “Our customers have been asking for an opportunity to become involved in Clim8 not just as users, but also as shareholders. So we launched this campaign to give them a chance to join us as we embark on the next stage of our exciting journey to expand our offering. We’ve been amazed by the level of interest we’ve seen over the past few weeks, and I’m excited to welcome our new investors on board.”