New fundraising round 🎉

Hi everyone. We’re pleased to let you know about our latest funding round. We’ve raised £30m from existing and new investors. We raised this capital following a period of strong performance for the business amid volatile equity markets.

The money strengthens our balance sheet and provides us with the firepower to continue to develop our product and meet the needs of our customers in the UK and Europe. With this new capital, we’re excited to accelerate our plans.

You can check out more details in our blog and the Financial Times which has just published an article about the news, including an interview with Adam.

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Congrats on the new raise! Can you please give us more info regarding the convertible?

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:tada::fire::balloon::birthday::fr::+1::wine_glass::exploding_head::clap:

That’s the best end of the week possible considering the current market!

@adam :raised_hands:

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Thanks everyone. We continue to be hard at work, so every £ makes a big impact.

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What was the valuation and do you know the current share value?

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Will existing investors receive more details regarding the convertible loan note terms?

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Congrats on the extra runway.

Please publish your roadmap again so we can see what you’re planning to use the funds on.

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This round was not priced. The share price and valuation remain as per the last round.

How does one get invited to these funding rounds, if one is in London and looking to invest :wink:

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Have a few mil and be part of institutional investment company :wink:

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Oh I see. The rest of us plebs stick to the FreeTrade app :sweat_smile:

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Agree - it would be great for current investors to get more details on the terms and how this affects our shareholding (e.g. preferential rights, convertible terms etc).

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Congratulations!

Obviously not ideal for existing shareholders but probably the best we could have hoped for at this point.

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No early retirement for me then :slightly_frowning_face:

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The convertible loan note will likely need to have a conversion price at some point

or how this will covert into numbers of shares and at what price

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If I have read correctly regarding convertibles I imagine the conversion will probably be at a lower price than the latest share price, giving the issuer a nice profit (in addition to the interest on the loan).

I am more than happy to lend a couple grand as a convertible loan … :+1:

Does a potential recession help Freetrade upskill in recruiting quality engineers over the next two or so years? Now well capitalised and the entitled position of software engineers may start to fade if employers are back in the positon of power. A number of start ups will fail, company layoffs and employees will look for job certainty. I’m not personally in this space, but could be a silver lining if the economy tanks

At this moment in time its a probability given the huge tech sell off but let optimism shine and hope for a quick recovery :pray:

Well done @adam glad to hear we are still on the road.

I was beginning to worry for my investment!

@Coolsmp @stephen this was a lifeboat as capital money has dried up. I expect terms are 50% off share price. Adam eluded to how hard it has been to raise money right now and how firms valuations have tanked. We were on the final months of runway with no idea how bad the markets will yet be so literally anything was going to be acceptable.

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