Assetz Capital surpasses Seedrs fund raising target after just one week
Assetz Capital has already exceeded its £500,000 minimum Seedrs fundraising target and now aims to secure matched investment from the Government’s new Future Fund to double up the investment.
The Manchester-based peer-to-peer marketplace lender set a minimum overall target, including the Future Fund matched investment, of £1m and has already exceeded that just a week after the fundraise went live.
The funding round has a maximum of 27 days remaining to run before closing and an overall investment of up to £2m is expected.
The Government’s Future Fund enables innovative and high-growth British businesses to apply for a convertible loan of between £125,000 and £5m, which is matched against private investment.
The convertible loan, alongside an equivalent investment from private investors, can then convert into an equity investment in the company within 36 months.
Assetz Capital was accredited as a lender under the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) in May and will use the capital to support its CBILs delivery.
Stuart Law, Assetz Capital chief executive, said: “We are again delighted by the response from our investors to this fourth funding round through Seedrs. We would also be proud to bring the UK Government into our shareholder base through the Future Fund.
“This funding round, in the middle of the pandemic, is another endorsement of both our model and our approach during an incredibly difficult economic period for many businesses.
“We look forward to commencing CBILS lending as soon as possible this month to support UK business and housebuilders.”