Pelican launches new crowdfunding campaign, already reached £300,000 goal

Social trading app Pelican has raised up to £339,062 in its latest crowdfunding campaign, which is still live.

The sale, which is being raised through Seedrs, launched last week with a goal of £300,000, and having reached the target, it appears the company is continuing to accept commitments.

At the time of writing, the Pelican crowdfund had received contributions from 263 investors, with a total of 4.47 per cent of the company’s equity being distributed to these backers.

For this funding round, Pelican has been given a pre-money valuation of £7.2m.

Pelican, which is regulated by the FCA, offers a mobile-based, multi-broker network designed to help retail traders and investors operating in the global markets. Through its platform, the company offers more than 10,000 global markets and helps traders improve profits by building a social support network.

The app is designed to empower traders to communicate, share and compare live trades within various social groups.

Users can also use the app to monitor all trades, complete deals on global markets, and use analysis tools to monitor performance.

Pelican founder Mike Read said, “We believe our latest funding-round is especially timely given ESMA’s ruling that obligate brokers to publish their percentage of profitable clients: with an industry average of 82% of CFD accounts operating at a loss, there clearly needs to be a new model to offer traders more enhanced profitability.

“Our app offers a new dynamic to solve the significant gap in trading profitability. By integrating communication into a central network for traders, we can offer a platform where live data and ideas can be shared between market professionals and retail traders on a fully-regulated platform.”

This investment follows a £1m crowdfunding campaign which was raised on the CrowdCube platform last year. Prior to this, the company bagged £500,000 in funding in 2016.

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