ShareIn shifts from platform to enabler with $1m cash boost
According to a company report, ShareIn has chosen a “radical change in strategy” by moving from a transactional portal to a company that delivers software tools for aspiring investment platforms.
The latest cash injection was led by the Stirling-based ESM Investments syndicate and has seen ESM’S David Mcintosh join the Sharein board as a non-executive.
The cash will be used to triple ShareIn’s management team.
Mr Mcintosh said: “We first approached Sharein last year as we saw the significant opportunity in providing the technology platform in the growing equity crowdfunding market.”
ShareIn CEO and co-founder, Jude Cook, said: “We are carving a niche by providing innovative crowdfunding software. We enable companies to equity crowdfund themselves.”
“Companies who will be successful in equity crowdfunding need to understand they have to generate their own crowd. If you list on a platform and don’t bring the first 30 per cent to 40 per cent yourself you are very unlikely to succeed. The percentage of total strangers who have no prior connection with a company or their connections is very low.”
ShareIn has already enabled a range of firms to meet their fundraising goals, including 3D display specialist Holoxica and Parkure, which is seeking a cure of Parkinson’s disease
Cook, an engineering graduate turned chartered accountant and mother of three, founded ShareIn, the only crowdfunding platform in Scotland authorised by the Financial Conduct Authority (FCA), in 2014.
“We’re not closing down the current platform, but we’re going in a new direction”, she explained.
Earlier this year, the firm, which is based in Edinburgh’s Codebase, the UK’s largest technology incubator, announced their partnership plans to provide equity crowdfunding solutions for the combined Chinese and UK markets.
Andrew Pickett, co-founder and CTO, said: “We are delighted to have secured this funding, which will provide the resources needed to support our ambitious growth plans to become a global equity crowdfunding technology provider.”
Jamie Coleman, Codebase MD added: “We are excited to support ShareIn’s expansion plans and are very enthusiastic about the businesses potential” said David McIntosh of ESM investor in ShareIn.
“We first approached ShareIn last year as we saw the significant opportunity in providing the technology platform in the growing equity crowdfunding market.”