Dubai's Eureeca raises $400,000 in 12-day crowd funding campaign
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Dubai’s Eureeca raises $400,000 in 12-day crowd funding campaign

Dubai’s Eureeca raises $400,000 in 12-day crowd funding campaign

Funds will be used to expand the platform internationally


Dubai-based crowd funding platform Eureeca has closed a $400,000 self-funding campaign in 12 days.

The firm said it launched the round, which started on July 26, after customers expressed an interest in investing in the platform itself.

It attracted 44 institutional and consumer investors from the UAE, UK, India, Saudi Arabia, the Netherlands, Italy, Canada and Jordan.

“We were both delighted and surprised that we were able to close the round so quickly and we feel that this firmly validates our position as a leader in equity crowdfunding and highlights the growing demand for a crowdinvesting marketplace offering a global solution,” said Sam Quawasmi, co-CEO and co-founder of Eureeca.

The funds will be used to boost Eureeca’s growth plans in continental Europe and Southeast Asia, after achieving UK Financial Conduct Authority approval in March 2015, and the development of its equity product offering.

This includes nominee structure investment services, crowdfunding insurance from American International Group (AIG), and a minimum-maximum raise feature for issuers.

Eureeca said it now has 12,000 active investors from 42 countries with an average investment of $5,900.

Read: Crowdfunding takes a step up as SMEs struggle for backing


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