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August 9, 2013

Seedrs announces European expansion plans

Equity crowdfunding firm to begin expansion later this year.

By Joe Curtis

Equity crowdfunding company Seedrs has announced plans to expand across Europe.

The firm, which is currently based in London with an R&D facility in Lisbon, said it will open offices across Europe later this year and early next year.

COO and co-founder Carlos Silva did not divulge the details, but told CBR: "We will be operating Europe-wide. There will be key areas but we will have a presence all over. It’s the first platform of this kind to be Europe-wide.

"That will be our milestone this year."

He also announced that the company, which has successfully funded 28 startups since its launch in July 2012, has nearly reached £2m in fundraising after already reaching the £1m landmark in April 2013.

The average startup requested £70,000 of capital, though the amount needed did go as high as £250,000.

Silva said: "I don’t think we have had £2m but we are very, very close. We have closed 28 deals. We are doing very well."

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The news comes after rival Crowdcube, launched in February 2011, broke the £10m mark earlier in August 2013.

The company has helped fund 59 businesses, with an average investment of £2,700, and attributed part of its success pointed to banks’ unease over lending to SMBs.

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