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Flavourly was biggest deal

Crowdcube passes £1.5 million investment milestone

Ryan O'RorkeCrowdcube, the equity crowdfunding platform, has revealed that it has raised more than £1.5 million for Scottish businesses since launching an office in Edinburgh last year.

Two-thirds of the total has come from five pitches:  Growler Beers in Edinburgh and The Bellfield Brewery closed their pitches on the platform after successfully passing their funding targets of £100,000 and £150,000 respectively.

In April, the biggest deal so far saw Flavourly.com, the craft beer and gourmet food discovery club, raise £515,000.

Founded by Scottish entrepreneur Ryan O’Rorke (pictured) it drew investment from 339 of Crowdcube’s members after turning down £75,000 investment from the investors on the BBC’s Dragons’ Den.

Craig McKenna, who heads up Crowdcube’s Scottish office, said the figures show that there is a “huge” the appetite for crowdfunding in Scotland.

“We’ve been overwhelmed by the interest shown by both businesses and investors, and our success so far is only the tip of the iceberg,” he said.

“There is a great start-up ethos in Scotland at present, and working closely with partners such as law firm Harper Macleod we’ve been able to tap into this community and the results are clear to see. Every one of these successful pitches is a great company and I believe there are many more like them north of the Border.”

Mr O’Rorke, said: “We saw an opportunity to use our appearance on Dragons’ Den to give our customers the opportunity to become dragons and invest in Flavourly.

“We were impressed by the professionalism of Crowdcube, the ongoing support and how quickly they were able to get us set up despite their thorough and detailed process. As a result we have gained some top industry experts on board as investors, as well as our own army of crowd investors who will be shouting about Flavourly.”

Crowdcube also has offices in Exeter and London and opened its Edinburgh office in response to an increase in demand for alternative finance options such as crowdfunding.

Luke Lang, co-founder of Crowdcube, said: “We launched in Scotland due to its strong entrepreneurial culture, so it’s great to see that seven businesses have already successfully raised investment on Crowdcube.

“It’s clear that our investor community has relished the opportunity to back Scottish businesses and with a growing number of businesses from the area looking to raise finance on the platform – we’re keeping up with demand.”

The Scottish businesses to raise finance on Crowdcube so far are:

  • Plan Bee, which specialises in the management of beehives, providing its own brand of Corporate Social Sustainability, was the first Scottish business to fund on the platform raising more than £105,000 from 177 investors
  • CHOC+, the innovative chocolate brand which raised £168,000 from over 180 investors
  • Flavourly, the craft beer and gourmet food discovery club, raised £515,000 from 339 investors.
  • SuperJam, the award-winning producer of fruit jams that was founded by Fraser Doherty, raised £308,000 from 367 investors.
  • NewGalexy Services, the onshore legal process outsourcing company, which raised over £212,000 following investment from 122 people.
  • Growler Beers, the craft beer and cider company, which raised over £107,000 from 118 investors.
  • Bellfield Brewery recently closed its pitch after passing its £150,000 investment target to raise more than £179,000 in May 2015.

 

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