With less than two weeks until its second Crowdcube campaign comes to an end, tech start-up Powered Now has successfully surpassed its initial £350,000 target goal.
Last month, Powered Now launched the campaign to raise the £350,000 in return for 10.8% equity for A (£10,000), B shares, Powered Now secured over £144,000 from over 20 investors within the campaign’s first day going live. The funds will both scale up the already successful marketing strategy and allow further product development.
The award-winning mobile business administration app for iPads, iPhones and Android devices aims to streamline paperwork for sole traders and small firms of plumbers, electricians and builders by offering a comprehensive admin toolkit which offers services ranging from preparing an estimate to taking online payment.
Powered Now’s last year’s round on Crowdcube proved successful after raising £585,000. Chris Barling, co-founder of the company, previously declared:
“We chose Crowdcube because it’s very accessible, being open to anyone who wants to get involved with innovative and disruptive businesses like ours. Like last time, we think the public will be keen on investing as so many use tradesmen and know how they can struggle to get quotes out quickly. The campaign will also help Powered Now get the message out through a crowd of enthusiastic ambassadors, so it’s all very exciting for us.”
During a recent interview with Western Morning News, Benjamin Dyer, co-founder and CEO of Powered Now, stated:
“Having raised nearly £600k a year ago we are delighted that existing stakeholders are keen to put money in a second time and they are joined by 80% of new investors. Since our last fund raise around 30,000 trade companies have downloaded the product, while our paying customers are shooting up with over 10% in the US.
“Thanks to the spend on product development and the launch of a new version, Apple recently featured Powered Now as a best business app, so we are confident that we have the right product at the right time.”
The campaign is set to close at the beginning of September.
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