Abundance has raised more than £500,000 in a crowdfunding campaign to help the platform fight climate change.
The crowd bonds platform had launched a crowdfunding campaign on the Seedrs website last month to raise £350,000 but was at £587,000 as of this morning (14 October) with a week to go until the fundraise closes.
The platform said the money will be used to establish more community municipal investments to fund local council green projects and to cement its position in net zero investments.
“We will continue to grow our core business, by backing new companies in a diverse range of sectors to accelerate our green transition,” Abundance said.
“We have built a loyal customer base, and our technology is ready to scale, so we will build on this solid foundation.”
Abundance also said it is looking for a strategic partner to help it grow faster.
It comes after the first community municipal investment (CMI) funded through its platform, by West Berkshire council, hit its £1m target.
Warrington Borough Council is currently more than halfway towards its £1m target and Abundance says it has a pipeline of other local authorities with CMI projects.
“The success of this first-of-its-kind investment shows the potential of CMIs as a viable, scalable solution for low risk, high impact investments and position us well to progress in our conversations with other councils and deliver on our pipeline,” Tom Harwood, operations and customer director for Abundance, said.