Capital markets SaaS ecosystem ScribeStar has raised over £1 million, of which £865,000 was raised by 726 investors on Crowdcube. The sum raised on the crowdfunding platform is nearly 75% more than its target of £500,000. ScribeStar says it will use the funds to further its expansion in the capital markets digital document production market, and to help traditional and blockchain-based stock exchanges digitise their platforms for the non-trading processes related to fund raising and compliance.
ScribeStar has now had almost 60 equity, debt and public takeover transactions on its platform and is continuing to work with law firms such as CMS, Taylor Wessing and Travers Smith.
Adam Shaw, executive chairman and a co-founder of ScribeStar, commented: “We are delighted to see so much interest in our platform that we raised almost 75% more than we targeted on Crowdcube. We are very pleased to welcome our new investors and to receive the continued support from our current shareholders. The new funding will enable us to continue expanding our customer base in the UK and other regulated markets. It also allows us to further develop our unique technological advantages that lawyers find so useful in making verification and regulatory filings much more efficient than is possible with current methods. With these advances and the interest we are seeing from stock exchanges, we are moving a step closer to realising our vision of building a single digital ecosystem for capital markets.”
Crowdcube is a British investment crowdfunding platform that connects startups with potential investors. Other similar platforms include Kickstarter and Seedrs. Companies that chose crowdfunding instead of venture capital funding include Legal Connection and, many years ago, Lawbite, which raised £350,000 in 2014/15.