Unicorn pumps £1m into ‘billion dollar baby’ SyndicateRoom
City investment heavyweight Unicorn AIM VCT has injected £1 million into a heftily over-subscribed £3.1m funding round for equity crowdfunding platform SyndicateRoom.
The cash is being used to allow the young Cambridge UK business to pursue growth in equity capital markets via an aggressive strategy over the next six months. It believes it has the springboard to become Cambridge’s next billion dollar business.
Serial entrepreneur Jonathan Milner (pictured) led the round in which Unicorn was the largest single investor.
The initial target of £2.3m was reached in just 10 hours after going live on SyndicateRoom’s platform. In May 2015, SyndicateRoom also completed a £1.2million funding round, which was completed in just 33 hours.
The company plans to boost its expansion into the equity capital markets and double its staff base over the next six months.
CEO Goncalo de Vasconcelos, 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 for SyndicateRoom and its potential to become a billion dollar business.”
Chris Hutchinson, senior fund manager, Unicorn AIM VCT, said that SyndicateRoom had been on an upwards trajectory since it launched and that “the projected revenue growth looks incredibly positive.
“Fintech is set to have a dramatic impact on the financial services landscape as we know it, and we look forward to sharing in SyndicateRoom’s success as it plays a key role in leading the future transformation of the industry.”
Milner saidSyndicateRoom’s growth since it launched in 2013 had been “absolutely phenomenal. A number of ingredients have combined to achieve this – from superb leadership and a brilliant company culture to investor demand and a desire for growth from UK companies. The time is now for smart equity crowdfunding and SyndicateRoom is in a prime position to help drive further success across the industry.”