Crunch kicks off crowdfunding campaign, already raised 60% of goal

Accounting software developer Crunch has launched its first-ever crowdfunding campaign, via Seedrs, with the goal of raising £600,000.

The fundraise, which still has 30 days left, has already received commitments from 36 investors and pulled in £375,000 at the time of writing. Crunch is raising the capital at a pre-money valuation of £15m.

Shares are priced at £4.70 apiece and Crunch is offering a 3.84% of its equity through the sale.

Crunch was founded in 2007 by Darren Fell after experiencing shortfalls with traditional accountancy firms. As a result, Fell built an all-inclusive online accounting service for freelancers, contractors and small businesses.

Its digital accounting service, which can also be accessed through mobile devices, helps the self-employed easily manage their accounts and bookkeeping. A user can send invoices, record expenses, get a real-time view of finances, see how much tax is owed at any time and more.

In addition to accounting, Crunch can help customers with mortgages, buying small business insurance, advice for investments and pensions, and more.

The company currently boasts over 20,000 software users and more than 67,000 members.

With the proceeds of the crowdfunding, Crunch plans to enhance its technology to keep up with changing market demands.

Crunch founder Darren Fell said, “Crunch’s growth since 2009 has been nothing short of incredible. I speak to business leaders every single day that can’t quite believe how quickly we’ve grown, or how impressive our in-house accounting platform is.

“With this crowdfunding campaign, I firmly believe the stage is set for Crunch to achieve even greater and even faster growth than ever before, accelerating the development of our software and service to create a world-beating accounting platform that truly makes life simpler for the UK’s hard-working self-employed community.”

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