Crowdcube, the world’s leading equity crowdfunding platform, had several of its records smashed by fintech pioneer Curve, which raised £6 million in a mere 5 hours. A total of 9,591 people backed Curve, the highest number of investors in a raise on Crowdcube. The fundraise began at 10am UK time on Tuesday and just five minutes later, investors ploughed in £1 million, in the first of the record-breaking statistics that raised the bar for future campaigns.
Curve, an over-the-top banking platform that consolidates cards and accounts into a single card and app, announced in August it had plans to launch a seven-figure crowdfunding campaign. Curve revealed later that month that its target would be £1 million. That figure came and went in just five minutes after Tuesday’s raise went live.
Curve averaged an astonishing 254 investments per minute in the first 10 minutes of the campaign and became the fastest company ever to raise £6 million on Crowdcube in just a few hours.
Luke Lang, Crowdcube Co-founder and Chief Marketing Officer, said: “This record-breaking raise on Crowdcube shows the strength of Curve as a business whose mission is to leave a defining mark on the world. At Crowdcube, we love to see savvy entrepreneurs who don’t just see investors, they see communities, collaborators and co-creators. We congratulate founder Shachar Bialik and all the teams at Curve for this landmark achievement.”
To date, Chip, a savings platform, held the record for the most amount of investors on Crowdcube, at 6,535. Its November 2018 crowdfund raised £3.8 million.
Curve joins Chip, Monzo, Nutmeg, Mr & Mrs Smith, BrewDog and Revolut, among the 700 companies that have funded with Crowdcube. These companies turn their deep, connected and loyal network of supporters into shareholders. Building a long-lasting community of users can trump investment as a primary motive for these companies. The commercial benefits - increased engagement, loyalty, advocacy and spending - offer unparalleled connections that often use word of mouth to champion a brand.
Crowdcube’s transformative approach to equity investing celebrates the competitive edge that ambitious businesses, whether starting out or scaling up, access by engaging their community, alongside its own growing investor community. For example Chip’s 9,408 shareholders are 400% more likely to refer a friend, and 500% less likely to churn. Whereas, Monzo’s shareholders are 43% more active than standard users of their innovative app.