Assetz Capital has exceeded its £500,000 minimum Seedrs fundraising target in less than a week and now aims to secure matched investment from the government’s future fund to double this to £1m.
The future fund, which opened for applications last month, offers convertible loans ranging from £125,000 to £5m from the government, subject to at least equal match funding from private investors.
The loan, alongside an equivalent investment from private investors, can then convert into an equity investment in the company within 36 months.
Assetz Capital will use the capital to support its delivery of the coronavirus business interruption loan scheme (CBILS).
At the start of May, Assetz was approved to deliver the scheme, and has since been partnering with institutional lenders in preparation. Law has previously said the platform expects to gain market share as a result of delivering CBILS.
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“We are again delighted by the response from our investors to this fourth funding round through Seedrs,” said Stuart Law (pictured), chief executive at Assetz Capital.
“We would also be proud to bring the UK government into our shareholder base through the future fund.
“This funding round, in the middle of the pandemic, is another endorsement of both our model and our approach during an incredibly difficult economic period for many businesses.
“We look forward to commencing CBILS lending as soon as possible this month to support UK business and housebuilders.”