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Crowdcube, a UK-based equity crowdfunding platform, announced today that it’s coming to Italy.
The platform also recently signed agreements to expand into New Zealand and Spain, and will officially launch in those countries, as well as others, in early 2014.
Instead of expanding into the countries on its own, the platform’s executives elected to partner with existing financial firms. In Italy, for example, Crowdcube has chosen to partner with tech venture fund Xandas.
“To successfully expand internationally it's vital to have a strong presence at a local level, and this is why joint venture partnerships are an important aspect of our strategy for long term success,” said Crowdcube CEO Darren Westlake in a statement. “People who understand the local culture and are already immersed in the start-up and investment scene are critical for success: it is not sufficient simply to build a website and hope that people come - we all know it takes more than that.”
Crowdcube is one of the largest equity crowdfunding platforms in the world, with a roster of 50,000 investors in the UK. The company has already partnered with companies in Brazil, Sweden, Dubai, and Poland, though the only country where it’s operating outside of the UK is Sweden. It is looking for partners in Germany, France, Canada, and the US.
It’s been a good year for Crowdcube already, and today’s news means the company is finishing up the year well. The platform also announced this morning that it has raised £11.7 for over 50 businesses so far in 2013.
The platform sees over 1,000 investments per month, and 60 percent of the investments are from repeat customers — a fine rate, especially considering that the platform only launched in 2011. The company’s efforts haven’t gone unnoticed: it was, for instance, recently profiled in the Economist.
We’ve reached out to Crowdcube to find out more about its international expansion plans and will update our readers when we hear back.