UK television broadcaster Channel 4 has tapped its Commercial Growth Fund to take part in an a £8.5m ($10.9m) round for crowdfunding platform Crowdcube.
Venture capital firm Draper Esprit made its second investment in the business, leading the round with a £6m investment, while Balderton Capital also participated. The company also launched a crowdfunding campaign on its own platform to raise additional funds.
Founded in 2011, Crowdcube has created an equity crowdfunding platform that enables users to participate in companies’ funding and debt financing rounds alongside professional investors.
The company claims more than £335m has been invested in more than 600 startups, early and growth-stage businesses on its platform to date.
The funding will be used to raise brand awareness in the UK and internationally, with plans to launch Crowdcube’s first national TV advertising campaign on the back of the investment by the advertising-for-equity focused Commercial Growth Fund.
Crowdcube has now raised more than $48m altogether, its last funding being a $9.4m series C round in 2015 that was led by stockbroker Numis and backed by Draper Esprit, Balderton Capital and Tim Draper.