The money will be used to further market and develop its app for tradesmen and field trade companies, simplifying administration and eliminating paperwork.
63 people invested in the pitch on Crowdcube for 20.59 per cent equity with the largest amount being £85,000. The campaign has been so successful that Powered Now is now overfunding and will continue accepting funds until the 31 July.
Benjamin Dyer, CEO of Powered Now was amazed how quickly they achieved the target and says: “The response to our crowdfunding campaign has been tremendous and to hit our target after only 12 days is a huge endorsement of what we’ve been doing at Powered Now. Tradesmen and field trade companies are one of the last business sectors to benefit from the computer revolution. This funding will help us accelerate our mobile application development to provide these companies with the tools they need.
“In fact we will now be raising further funds as we think that the opportunity is so massive we need to grab it as quickly as we can. After all, there are over 900,000 trade companies in the UK alone.”
Chris Barling, Powered Now’s co-founder and chairman adds: “Initially we were a little cautious about crowdfunding. Eventually we chose Crowdcube for our business angel round as this opens up the opportunity to a wider range of people. However, we did want to make sure that we still had the safeguards in place that you would have in a conventional angel round. This includes having an investor director and shareholder agreement. Crowdcube was our chosen platform as it is the most advanced and the largest in the world.”