After setting out to raise £1 million, Freetrade has exceeded its target and the investment platform has now managed to raise £5 million, with the company revising its crowdfunding target to £7 million.
According to an article by AltFi, the sixth crowdfunding campaign launched by Freetrade attracted more than 5,000 investors, and the initial target of £1 million was reached in under five minutes after having raised a further £3 million from its existing shareholders.
As Finance Magnates reported earlier this month, the funding received from the investment round will be used by Freetrade for further growth and product development, including doubling down on expanding to new markets.
Commenting on the investment round, Adam Dodds, Freetrade CEO and founder, said in the statement: “Crowdfunding has played an integral part in our growth since day one, along with funding, it has brought us a loyal community that has been vital in spreading the word about Freetrade.”
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“This latest round will help us build on the tremendous success we’ve had over the past couple of months, as we expand and develop new products.”
Freetrade crowdfunding success continues
Freetrade’s app offers commission-free stock investment and is targeted mainly at millennials. The London-based start-up said in an earlier statement that the new investment follows a record-breaking crowdfunding in which it secured £1 million in just 77 seconds, also on Crowdcube.
This then got a significant top-up after Freetrade raised a total of £5 million across two further crowdfunding rounds which were notably in the firm’s very first crowdfunding attempt back in 2016.
“We’ve seen record signups and trading volumes on our platform over the past couple of months. So we feel very confident going into our next crowdfunding round – something that we had planned on doing for a long time,” said Viktor Nebehaj, Freetrade chief marketing officer and co-founder, earlier this week in a statement.