Cambridge-based crowdfunding site SyndicateRoom has raised £1.2m of investment in just 33 hours, meaning it can grow to offer a wider range of projects to investors.
SyndicateRoom supports projects covering science and currently has a number of active campaigns live at the moment, including Enval’s laminated packaging recycling method, Sandal, a consumer electronics business branching into the Internet of Things market and healthcare products manufactured by CamNutra.
The platform’s funding was raised by supporters of the UK-based company, led by Angel investor Jonathan Milner who contributed more than £250,000 of his own money.
He said: “I have been a board observer in the business for over a year. SyndicateRoom’s vision, values and team make it an incredibly exciting business and I look forward to investing alongside others in this funding round.“
“SyndicateRoom has demonstrated that when done properly, where the interests of investors are genuinely balanced with those of quality, serious businesses seeking investment, equity crowdfunding can be a huge force for good for both investors and industry.”
Investors, with each limited to contributing £5,000 gave the remaining funds. However, the speed of the round meant money was raised at a speed of £34,000 per hour.
SyndicateRoom’s founder and CEO Goncalo de Vasconcelos said: “This raise was as much about taking the opportunity to increase numbers of ‘owner advocates’ – investors who love SyndicateRoom’s unique approach, want to share in its success and who champion it amongst their own networks of contacts.”
SyndicateRoom was not allowed to raise beyond the £1.2m because the company’s monetisation model is working so effectively, it doesn’t need additional funds.
The company launched 18 months ago and has so far supported more than 30 companies with £20m funding in total. The average amount it has raised for each of the companies is £600,000, with investors’ contributions averaging at £15,000 per investment.
