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Funding hits £20m as Exeter's Crowdcube marks third anniversary

By WMNCBarnes  |  Posted: February 27, 2014

crowdcube

Crowdcube founders Luke Lang, left and Darren Westlake

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Exeter-based Crowdcube has notched up £20 million in investments for start up and growing businesses, as it marks its third anniversary.

Established by Luke Lang and Darren Westlake, it became the world’s first equity crowdfunding platform, successfully generating investment support for 103 businesses so far.

The 60,000 individuals currently registered to invest via Crowdcube can pledge from just £10 to hopeful businesses pitching for funds.

Crowdcube says that the companies it has helped raise finance for will support the creation of around 1900 new jobs over the next three years.

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Its biggest funding success to date, was in response to Grand Designs presenter Kevin McCloud’s Hab Housing pitch in September, which broke the world record for equity crowdfunding investment with 649 people putting in a total of £1.95 million.

Chief executive Darren Westlake said: “When Luke and I founded Crowdcube, equity crowdfunding didn’t exist.

“Now it’s all over the media and is a mainstream source of capital for many businesses.

“In 2013 we grew 562% on the year before, securing over £12 million for 54 deals which is phenomenal.

“With over 100 applying to us to seek finance each month, it is clear that Britain is not short of entrepreneurial spirit.”

Crowdcube now also has a presence in seven countries: Brazil, Sweden, Dubai, Poland, Italy, Spain and New Zealand.

And last month saw its launch of the first managed venture fund for crowdfunded equity investments.

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