On Thursday, we launched our fourth crowdfunding round and smashed it out of the park again - breaking the Crowdcube website in the process.
Our target was £1 million, which was gone in an incredibly short amount of time.
I wasn’t even able to login to the Crowdcube portal to approve access to the pitch documents for investors.
Because of their technical issues, Crowdcube needed to then pause and hide the campaign. Later they could restore their website, so their users could view the other live campaigns again. That’s where the campaign is now, with about £2 million of investment pledged.
We are now closing the round
We had two options available to us. We could either keep the campaign paused and open it again in a week or so, once Crowdcube engineering is satisfied the site will be able to handle the heavy load.
Or we could close the round officially now and then open a new campaign later. We have chosen this option, which will be effective later today. There are a few reasons that make this a better option right now:
- It allows Crowdcube the time needed to build and test a solution to the load issues experienced. The pressure of going back live as soon as possible runs a higher risk that we’ll run into more issues. We can’t risk you having a suboptimal experience again.
- If we wait until after 3rd June, we will unlock an additional £3 million of EIS availability. We only had £2 million available for this round, pending HMRC approval. Many of our investors are keen for this tax relief so waiting a few more weeks makes sense to us.
- If we wait until after 3rd June, we will also unlock an extra £2 million in crowdfunding cap, so more of our community will be able to participate in the raise.
So, we’ll be back to raise more in June!
If you still want to invest now
If you are still interested in investing now, at the same price per share, there is an opportunity to do this. Some of our early shareholders are willing to sell shares in a private sale on the same terms as the crowdfunding round.
If you have invested in Freetrade in a previous round then you just need to contact me via email with your interest.
If you invested in Freetrade in this latest round or you have not invested so far at all, you can express interest in investing on our Crowdcube pitch page, and someone will be in contact.
I am confident that investors who want to purchase shares now will be able to invest. As a result, no one should feel like they missed an opportunity to invest. You’ll have at least a week to express interest, no rush (we don’t want to crash the site again). We are humbled by your continued interest, and look forward to June!