Crowdcube smashes world record with £1.2m raised in 16 minutes

141 investors invested an average of approximately £8,500 in the company’s series B round.

Darren Westlake, Crowdcube CEO and co-founder, said: “We’re delighted to have given everyday investors the opportunity to invest in our fast growing business.

“This record-breaking fundraise from our crowd of registered investors at the same time as backing by an established VC firm is a huge thumbs up for our business, team and the growth path that we outlined.”

The crowdfunding round follows an investment of £3.8m from VC firms led by Balderton Capital, which was announced last week.

Westlake added: “This is the first time that any sizeable fundraise has meshed traditional and alternative finance methods and we expect to see more of this in the future.”

Crowdcube plans to use the funds to double its staff to 50, opening offices in London and Scotland and increase the scope of its overseas operations. It currently has joint ventures with seven platforms in other countries, including Brazil, Dubai and New Zealand.

Related: “Crowdfunding isn’t just for startups”

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