Irish crowdfunding site has £23m investment pool for tech
his week, entrepreneurship is being celebrated over the world in Global Entrepreneur Week, and a Northern Ireland-based intelligent crowdfunding site has raised nearly £23m for tech business startups.
Seedups was founded by Michael Faulkner in 2010 as a means of connecting the best tech-startups with tech-savvy investors. “We knew there was a gap in the funding cycle for disruptive tech-based entrepreneurs and we also knew that Angel Investors were struggling to find enough opportunities to fulfil their investment goals, so Seedups was born from that,” he said. “We know that tech companies are the ones with the greatest scale, but most ideas stall in their infancy, and we know that crowdfunding can help this.
At the heart of the Seedups’ concept is the need to give Startups a fair valuation and ensure that companies can gain access to the funding they need to survive. Seedups uses a “wisdom of crowd” matching engine to give a fair valuation of a startup’s worth. Investors compete with micro-bids to ensure they can are part of the equity deal, and tools are in place to ensure that Investors can network and conduct collective due diligence on various startups and place bids on projects. It is free to register for both parties.
“It’s impossible to underestimate the importance of entrepreneurial activity: most new jobs are brought about by new companies, not larger ones. They really are the lifeblood of the economy, yet they are the ones that struggle to raise the working capital they need to grow.
Since going live in February of this year, Seedups has attracted nearly 900 entrepreneurs and nearly 400 investors from the USA, UK and Ireland.