A 620% uptick: Equity crowdfunding in Australia gathers momentum
More Australian businesses are raising more money through equity crowdfunding, with investments in the last quarter up a massive 620% compared to the same time last year.
According to a report from crowd-sourced funding (CSF) platform Birchal, funds raised through such campaigns were up 100% for the 2020-21 financial year, compared to the previous 12 months, as crowdfunding becomes a “go-to funding source” for both small businesses and startups.
Over the financial year, 63 successful offers were closed across the major platforms — a 40% increase on the previous financial year.
On average, campaigns secured more capital, with the total invested reaching $47 million, 100% more than in the previous 12 months.
Birchal led the way, hosting 45 successful deals — 71% of the total — and accounting for 70% of all funds raised.
However, OnMarket accounted for $7 million in funding, hosting six successful deals. These included Cannatrek’s $2.5 million raise, the third biggest of the year.
Equitise also saw $7 million raised, but through 10 deals. Its most successful campaign was for Batch Brewing, which raised $1.5 million.
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Source: A 620% uptick: Equity crowdfunding in Australia gathers momentum