350 people back tech start-up
Investment will speed development of mobile app to help tradesmen with an admin headache
Award-winning app developer, Powered Now has closed its second equity crowdfunding campaign on Crowdcube, raising £574,770.
Powered Now surpassed its initial target of £350,000 by 64% and this amount ensured Crowdcube was the first equity crowdfunding platform to smash the £100 million investment milestone. A total of 353 people invested for a 16.5% equity share of the company with stakes ranging from £10 up to the largest single investment of £50,000. The ratio of male to female investors is 7:1 (13% female).
The capital will be used for raising awareness of the business admin app amongst tradesmen as well as further development of the software. Powered Now runs on Apple and Android phones and tablets. It helps small trade businesses such as builders, plumbers and electricians streamline their administration by eliminating paperwork and speeding up payment.
Benjamin Dyer, Powered Now’s CEO comments: “Once again the crowd has shown huge faith and enthusiasm in getting behind our business to help us grow. And it’s not just about the money, we have seen increasing numbers of people with strong trade backgrounds invest. These provide an invaluable source of ideas and advice for the business.”
Investor Julian Cater has experience helping trade businesses float on the London Stock Exchange and says: “I have made a substantial investment in Powered Now. That’s because I believe that there is a massive market and a clear opportunity to help trades businesses simplify their administration using new technology. The Powered Now management team has the right blend of experience, vision and entrepreneurial spirit to capitalise on this market.”
Luke Lang, co-founder of Crowdcube adds: “Powered Now was our Start-up of the Year in 2014 and it’s great to see the crowd again supporting this team which is using cloud technology to disrupt the construction sector. The app can make a real difference to all tradesmen who struggle with their old pen and paper admin that eats into family life and reduces earning capability. Good luck guys!”