Assetz Capital has met its target of raising £1.5m through a Seedrs funding round and the government’s future fund.
The peer-to-peer lending platform launched a fundraising round on the crowdfunding platform Seedrs in June of this year, with an initial target of raising £500,000 in total.
After passing the £500,000 target within a week of the Seedrs launch, Assetz Capital’s chief executive Stuart Law (pictured) announced his intention to use the government-backed future fund to match this £500,000.
The target was later raised to £1.5m total, after more than £750,000 was financed via Seedrs.
“We are proud to bring the UK government into our shareholder base through the future fund, sitting alongside new retail investors after our latest crowdfunding round,” said Law.
“We have our momentum back in the business again after the necessary pause for the pandemic.
“Covid-19 has thrown up significant challenges for all business, but we feel that we are already entering the next up cycle where we are again focused on growth and getting back to providing UK SMEs much needed capital at scale.”
Read more: Who has been utilising the future fund?
Assetz Capital was accredited under the government-backed coronavirus business interruption loan scheme (CBILS) earlier this year, and Law added that the platform is “fully supportive” of the government’s plans to extend the scheme past its original deadline of 30 September.
“We have seen a huge effort from our colleagues to keep delivering on our purpose to support UK SMEs as well as delivering attractive rates of interest to investors,” he said.
“We look forward to a strong finish to this year and a very strong 2021 as we fulfil growing demand for funding from quality borrowers.”
The future fund offers convertible loans to innovative businesses ranging from £125,000 to £5m. The fund will match the value of any equity investment raised from third party investors.
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