A quick update on SyndicateRoom, which is staging a £1.2m fundraise for itself, through itself.
The platform is offering up 14.12% of its equity, at a pre-money valuation of £7,301,471. The EIS-eligible round launched today and is already 76% subscribed, equating to just over £900k of money raised. Should this rampant pace of investment continue, the round would not run into overfunding, as it is capped at the target raise of £1.2m. Interestingly the maximum amount that any individual investor may contribute to the round is £5k. We learned from a platform representative that the round is designed to attract as many “owner advocates” as possible – thus the investment cap.
True to the model, a prominent Angel investor is leading the way. So-called “super-angel” Jonathan Milner invested £250k of his own money after negotiating the terms and valuation of the deal. Every private investor who follows on will invest on exactly the same terms as the lead Angel.
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