Microco.sm completes £100,000 Seedrs crowdfunding target in less than three hours
Rapid backing from 127 investors marks world record for equity crowdfunding
Web technology start-up Microco.sm yesterday secured its £100,000 investment target in just two and a half hours via equity crowdfunding site Seedrs, setting a world record for the crowdfunding industry.
127 investors backed the campaign in return for a collective share of 5% in the businesses.
Launched in September 2012 by systems architect and web developer David Kitchen and software engineer Matt Cottingham, London-based Microco.sm offers a digital platform for online communities and discussion boards acting as a social network for people with similar hobbies and interests.
It intends to utilise the funding to refine its offering prior to its official product launch later this year and the investment will also support its plans to increase employee headcount to 30 over the next four years.
The announcement is the online community provider’s second crowdfunding success with £50,000 seed capital raised on the Seedrs platform in 2012.
It also marks the second industry-first for 2012 Startups Top 20 company Seedrs following Glentham Capital’s recent campaign using the site, the first time a crowdfunding platform has participated in a fund management venture.
Microco.sm co-founder Kitchen commented: “We have been blown away by the reaction to the business.
“As a result of this funding we now have the breathing space to create a world-class product that will revolutionise the way people interact online.”
Jeff Lynn, CEO and co-founder of Seedrs, added:
“This has been another unprecedented campaign for Seedrs and we are thrilled with the result. By successfully harnessing the support of their personal networks, Microco.sm have broken all records on the Seedrs site. They are now in a place where they can focus on getting their product right before taking it to market.”