Powered Now raises £585,580 in oversubscribed Crowdcube pitch
All-in-one financial admin app for trades industry smashes target by 67%
Powered Now, an app that provides an all-in-one mobile finance platform for tradespeople, has closed an oversubscribed pitch on equity crowdfunding platform Crowdcube, raising £585,580 from 165 investors.
The start-up listed its pitch in July with a stated target of £350,000, and closed it yesterday having raised 167% of its goal.
Founded in 2012 by Benjamin Dyer and Chris Barling, the two-time Startups 100-listed company produces an app which claims to simplify the process of financial tracking and invoice creation for tradespeople such as plumbers, electricians and carpenters.
Since launch it has seen strong growth, growing from 300 registered users to 3,000 in the space of a year and is set to hit revenues of £500,000 in 2014.
The Crowdcube funding represents another major boost for the fast-growing firm, and Powered Now said it would be used to “supercharge” marketing and back further product development as it looks to quickly expand into the lucrative US and EU markets.
Powered Now also revealed plans for an exit within five years, with a sale to an existing UK company cited as the most likely route.
Speaking to Crowdcube, Powered Now chief executive Benjamin Dyer said: “We are thrilled with the success of our angel round and the number of investors who have chosen to get involved during our short listing on Crowdcube.
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“With this funding we can grow the business substantially and help improve the lives of field trades companies.”