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Tue 19 Mar 2019 03:05 PM

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Swedish crowdfunding firm launches operations in Dubai

FundedByMe aimsto launch its first campaign on the local platform early in the second quarter of 2019 after securing licence from Dubai regulator

Swedish crowdfunding firm launches operations in Dubai
Samer Toukan, CEO of FundedByMe MENA.

FundedByMe, a global crowdfunding website that allows companies to raise funds by selling equity, trough equity crowdfunding, has launched operations in Dubai International Financial Centre (DIFC) after obtaining a licence from the Dubai Financial Services Authority (DFSA).

Stockholm-listed FundedByMe MENA said it aims at launching its first campaign on the local platform early in the second quarter of 2019.

“With the comprehensive review and approval process we went through for our DFSA license, we are proud to say that FundedByMe is the only regulated equity crowdfunding platforms in the region,” said Samer Toukan, CEO of FundedByMe MENA.

"We have developed a 15-step due-diligence process to ensure that quality is maintained throughout the fundraising cycle. This highly selective process creates confidence and credibility with our investors, in the quality of our campaigns and in the source of involved funds," he added.

Company owners with valid trade licences, ambitious business plans, and clear financial projections can now go to FundedByMe MENA to begin their fundraising campaigns, he said.

At the same time, investors seeking quality deal flows can now register their details to gain access to companies that are seeking funds, based on individual risk and diversification strategies.

Depending on the complexity of the application, the on-boarding and due-diligence process for both investors and fundraisers will take approximately four weeks.

The UAE is the latest addition to FundedByMe's operational network. Prior to launching in the UAE, over 269,000 registered investors from 111 countries successfully funded around 500 companies from 25 countries with more than AED232 million.

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