Sharetribe moves past its initial crowdfunding target

Sharetribe, a platform to help businesses set up an online marketplace, has surpassed its initial crowdfunding target of ?500,000.

The company has pulled in ?539,160, so far, at a pre-money valuation of ?3m. The company has offered 14 to 32 per cent of its equity and has set a hard cap of ?1.5m to the campaign. Shares are priced at ?20 each, but an investor has to purchase a minimum of 25 shares.

Finland-based Sharetrice has an expected revenue of ?1.4m in 2019, according to its campaign page. Its current annual revenue has passed $1m.

Founded in 2011, the company helps entrepreneurs and businesses to set up online P2P marketplaces. Currently, it has 700 paying customers from nearly 50 countries, of which 35 per cent are based in the US.

Businesses can implement Sharetribe technology to rent and sell goods, spaces or services digitally, accept global payments, manage and track performance, and access over 25 currencies. The company recently launched a new API which allows users to launch their product quickly and adapt it to needs, such as greater demand or interacting with booking flows.

Last year, e-commerce companies led the way for funding in the payments and remittance sector, according to data by FinTech Global. A total of $11.9bn that was invested, around 59 per cent of the capital was deployed to the sub-sector.

Copyright ? 2018 FinTech Global

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