Jobs platform smashes £80k crowdfunding target in less than one week
Esports job platform Hitmarker has beat its equity crowdfunding target raising £200k.
Hitmarker launched its equity crowdfunding campaign on Crowdcube on Friday November 1 and had raised 250 per cent of its target by the following Thursday.
The company will now seek to double its full-time headcount in order to expand into the wider video game industry.
Hitmarker’s initial equity crowdfunding target was £80k, offered in exchange for four per cent equity, and the company set a cap of £200k, which was offered in exchange for 9.43 per cent.
Hitmarker’s founder, Phil Huggan, said: “Before we launched our crowdfunding campaign, we created cash flow forecasts based on the different amounts we thought we could raise, and £200k was accounted for in these.
“We’ll use the extra £120k wisely, by increasing our marketing spend and paying more competitive salaries with the view of dominating the video game industry’s hiring landscape, just as we’ve done in esports.
“We expect this to increase the number of jobs on our platform five-fold and lead to a similar surge in the number of users we have.”
The campaign had a runway of 30 days to raise the minimum amount but ended up being concluded after six days when Hitmarker hit its upper target ahead of schedule.
This amount was pledged by a total of 405 investors from 37 different countries and the average amount invested was £500. Over the six-day period, Hitmarker averaged one investment every 20 minutes.
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