Online beer club BeerBods has become the fastest pitch to fund on equity crowdfunding platform Crowdcube, closing £155,000 in three days from over 100 investors including the global head of branding at Innocent Drinks.

Overfunding its original target of £100,000 in return for a share of 23.25% equity, the company’s new backers include Dan Germain of Innocent and Helen Fitzgerald, former vice president at Morgan Stanley.

The round also involved participation from several of the site’s own members.

Launched in September 2012 by Matt Lane, Worcestershire-based BeerBods offers an online subscription service where members pay £36 every quarter to receive a case of 12 different craft beers.

Members are then encouraged to discuss the beers with other subscribers via the site’s community forum in order to “learn about and enjoy each beer together”.

The investment will be used to scale the business, both in the UK and overseas, and will go towards the development of additional products and services.

BeerBods founder, Lane, said:

“The fact that so many of our customers got behind our Crowdcube campaign demonstrates just how special our business and our craft beer community really is. The customer was always at the core of our service, but now they are owners too.”

Luke Lang, co-founder of Crowdcube, continued:  “The way BeerBods has engaged with its customers to raise finance, and develop potentially powerful relationships with prominent and influential business leaders through the process, is a great example of how it makes sense for a community-based business to turn to crowdfunding.”

Discussing his reasons for investing, Innocent Drinks’ Germain added:

“I first came across BeerBods as a regular consumer, and have been a subscriber for a while now; I love the idea of getting the best beers in the world sent right to my door. Matt Lane has a genuine love for what he does, and I was impressed by his clear pitch and his ideas for extending the business and brand in the immediate future.”

City watchdog the Financial Conduct Authority (FCA) today unveiled its long-awaited plans to regulate the burgeoning crowdfunding sector, provoking a mixed reaction from start-ups and alternative finance providers.

Published following the release of a wide-ranging consultation paper announced in October 2013, the new rules will tighten and restrict how the industry operates, in a move which the FCA says will protect companies and investors using peer-to-peer lending and crowdfunding platforms.

Most notably, the new rules will require ‘inexperienced investors’ using equity-based crowdfunding platforms such as Seedrs and Crowdcube to certify that they will invest no more than 10% of their portfolio into companies listed on such sites.

Higher net-worth individuals and those who receive independent investment advice will be allowed greater amounts, the FCA said in a statement.

This ‘10% rule’, which the FCA claims will protect amateur investors from losing significant amounts of money in risky, unlisted businesses, has been criticised by some within the industry as undermining one of crowdfunding’s key strengths – allowing members of the public to get involved in backing early-stage businesses.

Barry James, founder of independent industry body The Crowdfunding Centre, said: “On a day like today one has to wonder whether our FCA is the worst regulator in the western world. The words that spring first to mind are inflexible, stubborn and unimaginative. Maybe it’s time for a change.

“Make no mistake, the infamous 10% rule – however it’s dressed up – does just that: it takes the crowd out of equity crowdfunding.”

Despite the backlash from some within the sector, Luke Lang, co-founder of Crowdcube, appeared to welcome the proposals, saying he was ‘delighted’ that the measures finalised by the FCA were broadly in line with how Crowdcube operates today.

“The UK leads the world in equity crowdfunding and these changes will help build market confidence, ensuring that the crowd remains in crowdfunding and the industry can continue to flourish,” Lang said.

In addition to the 10% rule, equity crowdfunding platforms will be restricted from advertising their services to amateur investors, instead being required to target their marketing at experienced or high net-worth investors or advised retail clients.

Debt-based peer-to-peer lenders such as Funding Circle will be subject to less stringent rules than equity-based platforms, as the FCA sees them as less risky.

Regulations affecting debt-based lending will include a requirement for procedures to be put in place to allow repayments to continue, even if the platform itself falls into difficulty.

More generally, the FCA will require crowdfunding platforms to provide ‘clear information’ about the risks involved in using such services.

James Meekings, co-founder of Funding Circle, welcomed the FCA’s proposals, commenting: “The introduction of proportionate regulation will be a step-change for the industry and will cement our position within the wider financial landscape.

“The FCA has shown foresight in striking the balance between enabling the industry to continue to flourish, while ensuring the protection of investors and borrowers.”

The FCA regulations come as the alternative finance sector enjoys an unprecedented boom; recent figures released by the Crowdfunding Centre showed that £28m was invested in businesses listed on equity crowdfunding platforms, alongside more than £480m lent through peer-to-peer lenders.

Speaking to the BBC, Chris Woolard, director of policy, risk and research at the FCA, said: “We’re trying to strike a balance between on one hand making sure consumers are properly informed and have real clarity about the investments they are getting into – but on the other hand, making sure this… source of funding is open to businesses and individuals.

“What we are saying [with the 10% rule] is, if you have never had experience of  this before, we want you to gain experience before you make a large investment.”

Boxever, a big data and personalisation platform for airlines and travel operators, has announced the completion of a $6m funding round led by investment group Polaris Partners.

Launched in December 2011, Dublin-based Boxever uses real-times analytics on over 60 millon guest profiles on travel and airline sites to understand customer shopping, purchase and support interactions.

It then communicates this data to clients through its platform with the goal to help them better understand and communicate with their users and increase conversion rates.

Having recently hired over 20 new employees to its team, the big data specialist intends to use the investment to double its staff numbers in the coming year.

It also plans to increase its client portfolio having just signed a new client, Asian travel operator Tigerair, to boost the airline’s revenues and sales process.

The deal was also backed by Irish investment firm Frontline Ventures who are looking to help “expand [Boxever’s] rapidly growing business”.

Noel Ruane, European venture partner with Polaris Partners, said:  “We are delighted to join the Boxever team and help them accelerate their global growth plans.

“Their deep travel domain expertise coupled with their outstanding engineering and data science capabilities is solving a huge unmet need in a $3.4 trillion industry.”

Boxever CEO, Dave O’Flanagan, commented:

“Their [Polaris’] expertise and strategic input will be invaluable as we grow, and the funding enables us to accelerate our growth plans and drive our product strategy so that we can capitalize on the huge opportunity in travel”.

Discussing the addition of Tigerair to its client portfolio, O’Flanagan said: “Being selected by Tigerair is an incredible validation of what we’re doing at Boxever.

“Airlines have access to vast amounts of untapped structured and unstructured information about their guests and very few are using this effectively.”

Migrant entrepreneurs are behind one in seven UK companies, with 456,073 migrants said to have launched a small or medium-sized business in Britain, according to a report launched today.

Published by due diligence platform DueDil and think tank the Centre for Entrepreneurs using figures from Companies House, the Migrant entrepreneurs: Building our businesses, creating our jobs report suggests migrant-founded companies are responsible for creating 14% of all UK jobs, 1.16m in total, with Irish, Indian, German, American, and Chinese the most entrepreneurial nationalities.

Labelled ‘migrEnts’, entrepreneurial activity amongst non-UK nationals was found to be “double the amount” of British-born individuals, with 17% percent of ‘migrEnts’ having launched their own business in comparison to 10.4% of those born here.

In addition, the findings also point to migrant business owners being, on average, eight years younger than their British counterparts; 44 years old compared to 52 years old.

The report forms part of DueDil’s goal to explore the “neglected aspect” of immigration -the contribution of migrant entrepreneurs to the UK economy, following recent stats from YouGov which found that 50% of the British public support the government’s efforts to attract new migrant entrepreneurs.

DueDil founder and CEO, Damian Kimmelman, an American “serial migrant entrepreneur”, said: “Immigration is one of Britain’s most emotive topics for debate. Sadly, opinions are rarely informed by evidence.

“This game-changing research proves that migrant entrepreneurs are hyper-productive, net contributors to the UK economy. History tells us that the most productive states always encourage intellectual and technological ferment; that’s what we’re seeing in Britain right now, and we must celebrate it.”

Luke Johnson, chairman of the Centre for Entrepreneurs, continued:

“The majority of the public appreciate the value of migrant entrepreneurs, yet our politicians and media send out negative signals that risk alienating this vital group of job creators.

“Given the huge contribution of migrant entrepreneurs, we are calling upon the media and politicians to join us in celebrating those who come to our country and launch businesses.”

You can download the full report here.

Crimson Startups Limited, the company behind Startups.co.uk and Growing Business, is delighted to announce the acquisition of established small business website Is4profit.com.

Started by publisher Brian Jack in 2001, Is4profit.com has delivered independent information and advice for the UK’s small and medium-sized business community for more than a decade.

The acquisition, for an undisclosed sum, sees Is4profit.com join Crimson’s market-leading portfolio of business websites.

It joins Startups.co.uk, Growing Business, and MyBusiness.co.uk to enhance Crimson’s position as the largest independent content provider for the UK’s small and medium-sized business community.

Is4profit will be based at Crimson’s London office. Its weekly newsletter and feed of the latest news affecting small businesses will continue.

Additionally, Crimson will be looking to grow and enhance the number of guides and topics covered by Is4profit, covering business law, strategy, employment, finance, IT , sales and marketing.

Crimson’s founder David Lester (pictured above) said the deal represents a signal of intent. “We have an unbeatable group of business websites catering for the entire spectrum of the small and medium-sized business community.

“Brian Jack has put years of time and effort to make Is4profit an essential source of vital information for established small businesses needing to keep abreast of all the changes affecting them.

“We are delighted to be able to continue Brian’s excellent work and the Is4profit acquisition only enhances our position as the leader in this market. We’re determined to continue providing the very best help and inspiration for UK business owners operating in a space so vital to the nation’s economy.”

Removal services comparison site Buzzmove has closed a $650,000 seed round led by key angel investors and entrepreneurs including Tom Singh, founder of New Look, Michael and Simon Blakey of Avonmore Developments, Andrew Weizs of Lean Investments, and Justin Peters, CEO of Kabbee.

Recently graduated from Telefónica’s global tech start-up accelerator Wayra, Buzzmove says it “puts customers back in control” of their property move by enabling them to instantly compare certified movers and book online immediately.

Founded in October 2013 by Becky Downing, the comparison start-up has an exclusive partnership with the BAR (British Association of Removers) which means that every vendor listed on its platform has been vetted and validated.

It plans to use the round, which was also backed by Wayra, to help facilitate its national launch and develop additional industry partnerships and affiliate agreements.

The deal sees investor Simony Blakey appointed as Buzzmove’s investor director, with the intention that his expertise will “shape the growth of the business”.

Buzzmove CEO, Downing, said: “It has been an exciting year for Buzzmove, and we’ve seen significant development both in our technology and business partnerships thanks to our involvement in the Wayra programme.

“This funding comes at a perfect time as we launch nationwide and will enable us to bring on more vendors into the marketplace.”

Avonmore Development director, Blakey, continued:

“We believe Buzzmove is a company with huge potential: it has a win-win model, and strikes a perfect balance between providing removers with booked jobs, straight into their order books and offering consumers a series of tailored accurate quotes on how much it will cost for them to move with trusted and accredited removers.”

Company financials database Duedil today announced it has raised $17m in a Series B funding round, led by tech investor Oak Investment Partners.

Founded by Damian Kimmelman in 2010, the two-time Startups 100-listed company was launched as the world’s first free-to-access database of company financials, allowing users to view details of private companies across 22 countries including assets, directors and turnover.

Since launch Duedil has seen widespread adoption across businesses of all sizes, including more than 75 of the FTSE 100 companies.

The company has grown particularly rapidly in the last year – doubling in size following a $5m Notion Capital-led funding round in April 2013, it has also been the recipient of numerous industry awards including Forbes’ list of Britain’s ‘six best financial technology businesses’ and named as one of the 2013 & 2014 FinTech 50, a yearly index of the fastest-growing tech businesses in the UK.

The latest Oak Capital-led funding builds on last year’s Series A round, and brings the total invested in the company to $22m over the past 10 months.

Duedil’s backing, which was also supported by existing investors Notion Capital and Passion Capital, will be used to market and further develop its technology, with its third-generation platform due to launch this month, as well as expand its service into new countries.

Oak Investment Partners will take a seat on the Duedil board as part of the deal, alongside existing board members.

Damian Kimmelman, founder and CEO of Duedil, said: “Business has an information problem. While you can find a stranger’s entire employment history online, it’s difficult to find detailed information on their company. This poor information flow leads to bad decisions, increases risk and creates missed opportunities.

“Our vision is a world of real-time decision intelligence, one where data is integrated seamlessly into business decision-making. To realise this, DueDil’s next phase is about embedding world-class discovery tools, platforms and networks into daily working life. Some of the smartest people and companies in the world are plugging into DueDil to exploit our unique business data and insights.”

Ifty Ahmed, general partner at Oak Investment Partners, said: “We’re excited by the scale of the market that DueDil is creating. Business information is a multi-billion dollar industry that’s changed little in decades.

“In particular, DueDil is enabling small and medium-sized companies, which represent 99% of all businesses, to access rich insights and information. The DueDil executive team has a clear strategy for reordering the business information sector around customers, and is executing in an impressive way.”

Transport and logistics recruiter Driver Hire has welcomed its latest franchisee, Ivan Carter, to its network after a re-sale opportunity became available for its Southampton territory.

New owner Carter has taken over the business from long-standing franchisee Greg Walters, who has operated the Driver Hire Southampton outlet for the past 20 years.

Carter, who previously worked in IT, joined the chain after making the decision that he wanted to be his “own boss” and chose to start a franchise as he felt it was “a safer way of doing it”.

Established in 1983, Driver Hire provides temporary drivers and logistics employees to short-staffed local businesses and claims to be the UK’s “largest specialist supplier” to the industry.

Alongside its core recruitment aspect, the franchise also offers CPC training to drivers looking to obtain large goods vehicle licences.

It has franchise packages available from £30,000, with re-sales of existing franchises ranging from £40,000 to £500,000. The company provides training, IT infrastructure and marketing to its franchisees.

Discussing his reasons for choosing Driver Hire, Carter commented: “For a start, you’re buying into a tried and tested business model.

“Research by the Nat West Bank shows that franchises have a much higher success rate and move into profitability more quickly than a standalone business start-up. And of course, Driver Hire are currently celebrating 30 years in business which, in itself, speaks volume about its reputation and strength of its business model.”

To find out more about Driver Hire’s franchise re-sale opportunities, click here.

For more information on franchising, visit our dedicated channel.

Global ice-cream brand Baskin Robbins has announced it is offering single-store franchises across the UK, as it prepares for a programme of nationwide expansion.

It marks the first time the global chain has opened up single-store franchise opportunities in the UK, adding to its existing networks in Canada, Russia, the USA, Dubai and elsewhere.

Baskin Robbins said the franchises were available for a total launch cost of £150,000, of which 50% would normally be funded by a high-street bank – meaning entrepreneurs would need around £75,000 liquid capital to open a branch.

The cost includes training for staff, turnover forecasts and dedicated sales and marketing support.

Each franchisee will also be allocated a dedicated support manager to help choose a location for the new store.

The company said the single-store opportunities would give Baskin Robbins the opportunity to see how the franchisee operates their store, potentially providing them with the assistance to open a multi-store franchise in the future.

Founded in Massachusetts, USA, in 1945, Baskin Robbins is one of the world’s leading ice cream brands, selling a range of frozen snacks from around 6,700 stores across 50 countries.

In a statement, Jim Johnstone, general manager at Baskin Robbins UK, said: “We have a great team here in the UK who are dedicated to helping franchisees grow their sales and profitability – and with the introduction of our single-store franchises we are opening up the market to so many more people.

“Baskin Robbins has just been listed 17^th in the top 100 global franchises by Franchise Direct. The list details the franchises which are performing best on an international level and we have beaten all other ice-cream franchises this year, as well as rising 5 places on last year.”

British weedkiller start-up Weedingtech has raised £750,000 in a deal backed by private investors including Chelsea football club owner Roman Abramovich, through his venture firm Millhouse LLC.

Said to be the UK’s “first and only” herbicide-free weedkiller, the biotech company also secured backing from well-known venture capitalist Jon Moulton and the late Sir James Goldsmith’s son Ben Goldsmith, founder of green investment firm WHEB Group.

Founded in 2011, Weedingtech specialises in non-toxic chemical-free weedkillers with its flagship product Foamstream using just foam, hot water and steam to kill weeds.

Its investment, which takes its overall funding to date to £2m, will see it expand its range and take Foamstream to market.

It also intends to use the finance to develop weedkillers for commercial use.

Weedingtech CEO, Leo de Montaignac, commented:

“We’re delighted to offer the market more choice, and are already seeing enormous interest from Europe and from distributors around the globe excited about getting involved.”

Discussing his decision to back Weedingtech, Moulton said:

“This is a sizeable market opportunity that is only going to get bigger as more traditional herbicides are legislated against. Weedingtech has the right products, platform and expertise to capture a commanding position in this new marketplace.”