Eureeca raises over $400k self-funding target in six hours

Equity crowdfunding platform's previous self-funding campaign raised $400,000 in 12 days of being online
Chris Thomas and Sam Quawasmi, co-founders of Eureeca.
By Kay Marham
Wed 13 Sep 2017 02:40 PM

Equity crowdfunding platform Eureeca has announced that it reached its funding target of over $400,000 within a record time of just 6 hours of being online, during its second self-funding campaign.

In 2016, Eureeca’s previous self-funding campaign raised $400,000 in 12 days of being online.

The self-funding campaign represents a portion of an ongoing Series A round, which aims to raise $5 million from institutional investors around the world. The speed of the self-funding campaign underpins the adoption of equity crowdfunding as an investment raising mechanism in emerging markets.

Commenting on the fund raise, Sam Quawasmi, Eureeca Co-CEO and Co-founder said: “Having received significant interest from both our subscribers, the crowd and institutional investors, we knew that we would be allocating a portion of our Series A round to our followers and fans, who have been firmly behind our growth journey since our inception in 2013.

"The speed that we were able to reach our funding target is testimony to the consensus that the Equity Crowdfunding model will be more mainstream in the years to come and strengthens Eureeca’s role as the pioneer in connecting the next generation of investors and entrepreneurs across borders.”

The campaign, which went live on September 12th and was fully funded within 6 hours, attracted 71 everyday investors from 15 countries including Canada, Denmark, Holland, Malaysia, Saudi Arabia, the United Kingdom and the United Arab Emirates. The largest single investment was over $100,000.

Dubai-headquartered Eureeca currently has over 14,500 active investors from 42 countries. Once the Series A round is complete, it will allow Eureeca to become fully entrenched in its current markets, as well as to expand into additional new markets in Europe, Middle East and Southeast Asia.

Within the next 12 months, Eureeca aims have access to a combined population of over 400 million people in Southeast Asia alone, more than quadrupling its current target market.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Wed 13 Sep 2017 02:48 PM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.