Cambridge-based SyndicateRoom raised £1.2 million on its own crowdfunding site – in just 33 hours – to underpin its near-term expansion needs.
That’s £36.4k every hour – despite SyndicateRoom limiting investment to £5k per individual backer and vetoing any option for overfunding. Founder and CEO Goncalo de Vasconcelos (above) said the round was more than twice oversubscribed even before the launch. A number of elements in this deal chime with the funding culture that has evolved in the East of England.
When Business Weekly launched 25 years ago, banks ruled the roost. You could get venture capital if you were prepared to donate an arm and a leg and perhaps a pint of blood. This often equated to signing over a third of your business and promising to exit when demanded by the VC concerned.
The Syndicate Room deal leveraged two main power drivers of the modern funding era – crowdfunding and angel investors. The angels are serial entrepreneurs who have made money from scaling then selling their own businesses and choose to shake off their corporate shells, go native and survey opportunities as they present themselves.
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