Pavegen raises over £1m on Crowdcube
With just over a month left for its crowdfunding, clean tech company Pavegen has already smashed its £750,000 target and hit £1,081,940 pledged from 905 investors on investment platform Crowdcube.
Pavegen is a London-based firm that launched an innovative technology to covert people’s footstep into clean energy.
With over 100 projects across 30 countries and a cumulative revenue of over £2.5 million, Pavegen’s specific tiles have already been placed in various shopping centres, airports and other public spaces.
The company launched a Crowdcube investment round to raise £750,000. Last week, it had already raised more than £705,000 and is now 144% funded – as it has hit a £1,081,940 target for 6.34% equity offered.
Laurence Kemball-Cook, founder and CEO of Pavegen, said in an interview, “As we continue to expand globally and create value for our current shareholders, we will be looking to close a larger venture capital round in the near future. Crowdfunding has enabled us to reach this next stage of growth far quicker than conventional forms of raising finance.”
Crowdcube is the world’s leading investment crowdfunding platform, allowing people and investors to fund start-up, early stage and growth businesses through equity, debt and investment fund options.
According to the website’s data, in the first months of 2015, Crowdcube had more than £24 million invested through the site, and raised £17 million. This helped to fund 36 businesses and create thousands of jobs.
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