Crowdfunding web developers raise £100,000 in just 2.5 hours for online community platform
Two web developers have managed to raise £100,000 in two-and-a-half hours via crowdfunding for a new online community discussion board platform, Microco.sm.
Success: Microco.sm reached its £100,000 target in 2.5 hours
David Kitchen and Matt Cottingham run LFGGS.com, a global cycling community, and their latest idea was borne out of frustration with existing forum software. They founded their new venture a year ago with the aim of creating a system allowing anyone to engage with, or create, and interest-based community site.
But to take it further they required some financial backing and the pair turned to equity crowdfunding site Seedrs, breaking all previous crowdfunding records on the site in the process. The £100,000 investment target offered five per cent ownership in the business and 127 investors pledged sums between £100 and £12,000.
Kitchen commented: “We have been blown away by the reaction to the business. We publicised the campaign through our own cycling community and many of the investors came from that network. It shows there is a real thirst for communities that serve the needs of their members.
“We believe in creating social networks that are not linked by address books, but by hobbies and interests. As a result of this funding we now have the breathing space to create a world-class product that will revolutionise the way people interact online.”
CEO and co-founder of Seedrs, Jeff Lynn, added: “This has been another unprecedented campaign for Seedrs and we are thrilled with the result.
“By successfully harnessing the support of their personal networks, Microco.sm have broken all records on the Seedrs site.”
The campaign was the second round of investment for the business, adding to £50,000 raised on Seedrs last year, which took 15 hours.
The company is now valued at £2m and the product will officially launch later this year.