Assetz Capital has raised its latest fundraising target from £1m to £1.5m, after an initial Seedrs equity funding round was oversubscribed.
More than £652,000 has now been pledged by Seedrs investors – exceeding the initial target of £500,000 – with seven days left in the campaign.
It is expected that the funding round will be matched pound for pound by the UK government, under the terms of the future fund. This would effectively double the value of the funding, bringing the total amount to approximately £1.5m, pending additional investment.
“We’re delighted with the progress of our latest Seedrs equity funding round, which exceeded its £500,000 minimum target after just one week with fantastic support from our investors,” said Stuart Law (pictured), chief executive of Assetz Capital.
“The success of 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’re again delighted by the response from our investors on this latest Seedrs round. We would also be proud to bring the UK government into our shareholder base through the future fund.”
This is the fourth Seedrs investment round for Assetz Capital. Last year, the peer-to-peer lending platform raised £1.86m via Seedrs – almost double the £1m target that was initially set.
“Seedrs is the equity crowdfunding platform that we have worked with successfully three times before over the years and we now have over 3,200 individual investments from private investors who hold shares in our company,” added Law.
“We are now in overfunding for this campaign, which has a maximum of seven days remaining to run and take the overall fund raise to £1.5m or greater.”
The future fund provides government loans to UK-based companies ranging from £125,000 to £5m, subject to at least equal match funding from private investors.
Read more: What’s going on at Assetz Capital?