Reward-based crowdfunding platform Crowdfunder secures £500,000 target in just over three hours

UK reward-based crowdfunding site Crowdfunder has raised £650,000 in an oversubscribed round on fellow crowdfunding platform Crowdcube, reaching its initial £500,000 target in three hours and 30 minutes of its campaign going live.

The pitch, which saw involvement from over 200 investors including independent charity Nesta , closed within 24 hours of launching on April 23 and is speculated as equity-based Crowdcube’s “fastest ever funding round to date”.

Established in 2012 out of a merger between an Exeter-based platform ran by Crowdcube and Peoplefund.it , Newquay-based Crowdfunder supports reward-based campaigns from businesses, charities, communities and social enterprises and claims to have facilitated over £1.5m in 4000 projects to date.

Sharing the news on their website, Phil Geraghty, managing director of Crowdfunder, said: “[This] is a massive endorsement of what we’ve been doing at Crowdfunder – and the sheer power of crowdfunding as a way to raise investment.

“Crowdfunder makes a great investment because we are a digital high-growth business in a fast growing market, but also we are really proud of the social and economic impact that we are having across the whole of the UK.”

Crowdcube co-founder, Luke Lang, added:

“Crowdfunder is now well placed to take advantage of the growing crowdfunding market.”