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Crowdfunding platform SyndicateRoom has raised £3.1m in a series A funding round.

Its initial target of £2.3m was reached 10 hours after the funding round went live on SyndicateRoom’s own website. Last May, the platform completed a £1.2m funding round, which was completed in 33 hours.

The latest round was led by Jonathan Milner, an angel investor and founder of biotech firm Abcam. The largest investor was Unicorn AIM VCT, which put in £1m.

SyndicateRoom said the funds will be used to “support an aggressive growth strategy over the next six months”, a period in which it aims to double its staff base.

Goncalo de Vasconcelos, chief executive and co-founder of SyndicateRoom, said: “We are building the most successful and efficient incremental distribution platform for companies to raise equity investment at all stages of their equity journey, from idea to IPO.

“To have such strong demand from both retail and institutional investors is the strongest vote of confidence we could have regarding our expansion plans within crowdfunding and equity capital markets.

“I am hugely excited about the times ahead of SyndicateRoom and its potential to become a billion dollar business.”

In March, SyndicateRoom announced a new tie-up with the London Stock Exchangeallowing crowdfunding investors to participate in initial public offerings (IPOs) and placing on the exchange.

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