The Swedish crowdfunding platform is ready for expansion in Asia based on a successful 2015 in Europe.
In November 2015, FundedByMe was nominated to receive a 2016 FinTech Innovation Award honouring the highest achievements from the global financial and payments technology industries. And FundedByMe is today a global financial technology entity with members from 172 different countries and an average investment spend of €6,000.
Changing face of finance
“The amount raised on the platform has more than doubled in 2015 from 2014 and we expect this trend to continue. FundedByMe is attracting more mature companies and hence all our key metrics are ticking upwards, with four public companies (BrewDog, FrontOffice, Mowjow and 24Money) trending on the platform today – with three of them planning an IPO within 2016,” says Pontus Frohde, FundedByMe COO.
2015 was also the year where a successful campaign from 2014, FinnishYoogaia, attracted Venture Capital money for the second time – this time a significant round of €2,7million.
“This is a great showcase of how Equity crowdfunding can help accelerate not only smart growth but also additional financing,” Frohde continues.
Expanding Asia
FundedByMe was awarded one of six coveted crowdfunding licenses to operate crowdfunding in Malaysia in June 2015.
“We already have a very active office in Singapore and a number of Asian campaigns live on the platform, including Möbler, which plans to import Swedish furniture to Asian buyers,” says Daniel Daboczy, CEO and co-founder of FundedByMe.
“In 2016 we will continue this international focus by expanding our activities in Singapore and Malaysia to appeal to both entrepreneurs and investors.”
Focused crowdfunding
More focus on Asia is not the only change for the platform. From January 1 2016, FundedByMe will no longer be accepting Reward-based crowdfunding campaigns, instead focusing only on the Equity and Loan crowdfunding models.
“Reward-based crowdfunding –the kind featured on Kickstarter and Indiegogo – is how FundedByMe got started, but as we have evolved into a more serious financial platform it no longer fits with our mission, which is to bring entrepreneurs and investors together to help foster business growth,” says Henrik von Stockenström, Sales Director.
Along with the decision to shut the door to Reward-based crowdfunding, FundedByMe will be increasing the listing fee for all Equity campaigns from 1 January 2016. Currently a new campaign is charged €500, but campaigns wishing to activate their crowdfunding activities in the New Year will pay €1,000.
Smart partnerships
In an effort to further assist crowdfunding SMEs, FundedByMe has partnered with a number of established brands that bring expertise to the table to help campaign and business owners succeed. Highlights include an annual partnership with Grant Thornton, Connect Sweden, Springfield Projects and Finnish advertising agency, Satumaa Family Business. The partnership with Synch Law continues.
Campaign highlights
The past year was filled with successes for the platform, including two hugely successful crowdfunding rounds for NOA Relaxation, which raised almost €1million in February 2015 and completed a round for over €700,000 in November 2015. The brand has gotten incredible traction all over Europe after these campaigns.
Other highlights include:
-Djenee, a personal on-demand digital concierge service with operations based out of Singapore, raised almost S$500,000 / €300,000 on the first day of the campaign on FundedByMe, setting a high standard for equity crowdfunding in Asia.
-Finnish company, fashion brand Marita Huurinainen, successfully closed a campaign with 80% investors from outside of Finland’s borders.
-Sweden’s Berries by Astrid and Fikabox both funded in record-time, as did solar energy company Trine.
-Bitcoin trading company Safello crowdfunded successfully, accepting Bitcoin as payment from the crowd
-Someone.io, Zeifie and Mormor Magdas all proved popular with the FundedByMe crowd.
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