myBarrister.co.uk, a supplier of online access to the Bar, has reached its target of raising more than £150,000 through crowdfunding. myBarrister is the first barrister service to use crowdfunding to raise funds. myBarrister used the online crowd-funding platform Crowdcube to raise the £150,000 for a 3.75% equity stake in the company. The fund raising was launched on 14 March 2014. The largest investment was £50,000 with 58 individual investors putting money into the venture.
The funds will be used specifically to expand the business, by growing the number of registered barristers and funding an increased marketing spend to deliver more potential clients direct to these barristers. The target is to have 1,000 barristers signed up to myBarrister in the next 12 months. myBarrister was launched in June 2013 to take advantage of regulatory changes that allow barristers to accept instructions directly from businesses and individuals, rather than exclusively through a solicitor. More than 100 barristers have already signed up to myBarrister, including a number of leading QCs.
COMMENT: £150,000 for 3.75%? That give the company a valuation of £4 million.