Crowdfunding platform Pledge Me surpasses NZD $500,000 target in its own crowdfund

New Zealand-based crowdfunding platform Pledge Me has surpassed the target NZD 500,080 for its own crowdfunding campaign.

Pledge Me has raised up to NZD $558,313 ($288,187) in the campaign which is still active for another 24 days. The NDZ $500,000 goal is for an equity offer of 6.6 per cent. A pre-money valuation of the company has been put at NZD $7.1m ($4.6m), which is based on a 6.5x revenue multiplier of forecast current year revenue.

There is a NZD $899,980 ($464,547) hardcap set for the crowdsale, which represents an 11.2 per cent distribution of its equity. There is a total of 5,471 shares on offer through the campaign at a price of NDZ $164.50 ($84.68).

So far, there have been 220 registered investors to the campaign, at the time of writing.

Founded in 2012, Pledge Me is a project-based crowdfunding campaign and in this time, it has helped 31 campaigns raise a total of $18m in funds. The company enables consumers to set up fundraises to help achieve their goals, through an equity sale or a crowd lending service.

Pledge Me decided to raise the funds in order to support its growth in New Zealand and launching into Australia. Over the next two years, the company hopes to further develop its technology, growing its team, and explore other international markets.

The proceeds from this round will be split, NDZ $400,000 for building its staff in Australia and marketing campaigns in the country. Around NZD $300,000 will be used to grow its marketing strategy in New Zealand and building the 3.0 version of its website. There will be $200,000 will be put towards developing new products and researching new markets.

It decided to raise the funds via crowdfunding to help make ‘equity crowdfunding equitable.’

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