FreeAgent raises £10.7m in AIM listing

Edinburgh-based company is thought to be the first equity crowdfunded business to IPO, achieving a market capitalisation of around £34.1m

FreeAgent, the accounting software firm, has raised £10.7m after it started trading on the Alternative Investment Market (AIM), with NPlus1 Singer acting as the nominated adviser and sole broker to the company.

Founded in 2007 by Ed Molyneux, Olly Headey and Roan Lavery, Edinburgh-based FreeAgent provides cloud-based accounting software for freelancers and small business owners.

The listing gives the company a market capitalisation of around £34.1m and is thought to be the first time a company has gone on to IPO after raising finance through equity crowdfunding. FreeAgent secured more than £1m on Seedrs in July last year.

Jeff Lynn, CEO and co-founder of Seedrs, said: “We congratulate FreeAgent following today’s float on AIM and for becoming the first equity crowdfunded IPO.

“As the early stage investment space matures in the coming years, we look forward to seeing many more Seedrs companies floating or exiting. We strongly believe that this asset class will be very fruitful for investors with diverse investment portfolios, and FreeAgent’s listing is an early example of that.”

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