Hab Housing closes record-breaking £1.9m Crowdcube pitch
Final figure smashes £1m crowdfunding target for Grand Design star’s sustainable architecture firm
Sustainable architecture company Hab Housing today announced it has successfully raised £1,904,540 through equity funding platform Crowdcube, setting a new crowdfunding world record.
Founded in 2007 by Grand Designs star Kevin McCloud, Hab Housing aims to address the housing shortage by building 1,000 environmentally friendly properties a year.
Hab’s housing projects will be designed according to their environmental context, seeking to avoid what McCloud terms ‘identikit Noddy houses’.
The £1.9m raised was almost double the company’s original funding target of £1m, making it one of Crowdcube’s most over-subscribed pitches.
When news of Hab Housing’s funding plans were first reported in the national press, the figure sought was stated as £1.5m, with the number lowered once it listed on Crowdcube.
The investment sets a new crowdfunding world record, bettering the precedent Crowdcube itself set when it raised £1.5m using its own website.
648 investors now hold a combined share of 25.39% of the business, and the company has also announced that investors will be offered a package of benefits, including invitations to events and preferential terms on a Hab custom build home.
Kevin McCloud, founding director of Hab Housing, commented: “We find it gratifying that so many people have joined Hab’s merry band of shareholders. From day one, Hab has been fuelled by passion, commitment and vision, and although it has felt lonely at times we now feel vindicated and invigorated by the backing of the people who have thrown their encouragement and financial support behind us.
“Crowdcube have been an excellent bunch to work with through the funding process, aiding greatly in demystifying the peer-to-peer funding world.”
Luke Lang, co-founder of Crowdcube, added: “We’re thrilled that an innovative company such as Hab Housing turned to Crowdcube to help it take advantage of the new market opportunity it has identified. Britain is full of people with great ideas.
“Crowdfunding is transforming equity finance by giving budding businesses an alternative way to attract investment, through showcasing the opportunity online and inspiring a new breed of angel.”