It took just 16 minutes for crowdfunding start-up Crowdcube to close a £1.2m funding round yesterday.
Touted to be the world’s fastest equity crowdfund, the round was backed by141 investors with the average amount invested at around £8,500.
The news comes after Balderton Capital invested £3.8m in the firm last week.
Exeter-based Crowdcube plans to use the money to open new offices in London and Scotland, increase staff count to 50, and expand its international operations.
Darren Westlake, Crowdcube CEO and co-founder told the Daily Telegraph: “This is the first time that any sizeable fundraise has meshed traditional and alternative finance methods and we expect to see more of this in the future.
“Crowdcube is in a fantastic position to pursue our growth plans and continue to support both investors and small and growing businesses in their investment and finance requirements.”