Sandal – a publicly listed, home electronics business – is attempting to raise half a million pounds through equity crowdfunding. The money is being raised for the sake of “MiHome”, a home automation system in mould of British Gas’ “Hive” or Google’s “Nest”. MiHome allows users to control and monitor their home heating, lighting and appliances whilst on the move. The publicly listed company Sandal has boasted £3m a year in turnover in each of the last 3 years. To date, just shy of £140k has been raised via the SyndicateRoomplatform.
The groundbreaking element of this round is of course its status as ISA eligible. We learned in last month’s Budget that a consultation was soon to be launched to determine whether or not to extend the list of ISA-able products to include a broader range of “debt and equity securities offered via crowd funding platforms”. But SyndicateRoom has now seized the initiative in becoming the first platform to purvey a crowdfunding ISA.
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