Eureeca

Eureeca
Type of site
 Equity crowdfunding
Industry Finance
Website www.eureeca.com
Commercial Yes
Launched 2013

Eureeca is an equity crowdfunding platform with offices in Dubai, London, Amsterdam and Kuala Lumpur that allows early-stage businesses and small and medium-sized enterprises (SMEs) to raise capital from a group of investors in exchange for equity.[1] Launched in Dubai in 2013 by Chris Thomas and Sam Quawasmi, Eureeca serves as an alternative financing option to more traditional financing sources such as banks and venture capital firms.[2]

17 early-stage businesses and SMEs have successfully raised through the platform.[3]

In March 2015, Eureeca received regulatory approval from the United Kingdom's Financial Conduct Authority (FCA), which allowed it to begin actively listing British early-stage businesses and SMEs on its platform.[4] Eureeca has since become the most regulated platform globally receiving regulatory approval from the Securities Commission Malaysia, Netherlands Authority for the Financial Markets and the Dubai Financial Services Authority.

Model

Eureeca utilizes an "all or nothing" fundraising model, which requires campaigners to hit their targeted fundraising amount during a 90-day campaign period in order to collect the funds. In the event that the target amount is not reached, members of the crowd who have already invested in the business will have their funds credited back to their Eureeca account for future use.[1]

Eureeca has implemented a "Minimum Target" policy, which allows campaigners to specify a minimum target lower than their total one. This is based on milestones specified in the offering. Companies utilizing this target will have it clearly marked on their proposals, and will be allowed to keep anything they raise beyond it. [1]

Funded campaigns

17 early-stage businesses and SMEs have been successfully funded on the Eureeca platform.

Campaign Industry Funds Raised # Investors Equity Release Date
Nabbesh.com Online Marketplace $100,000 23 6.67% Sept. 2013[5]
SearchinMENA.com B2B Marketplace $140,000 31 7.22% Jan. 2014[5]
Foodlve.com Social Media $139,979 28 10% Feb. 2014[6]
Harir e-commerce $101,688 34 4.479% Feb. 2014[7]
Abjjad Social Media $161,776 44 17.98% Feb. 2014[8]
Poupee Couture Fashion $112,833 18 10% April 2014[9]
Cary! Online Marketplace $103,400 31 6.86% May 2014[10]
Jobedu.com Fashion $119,942 29 5.35% May 2014[2]
ekeif.com Digital Content $83,760 38 6.25% July 2014[11]
Izil Cosmetics $159,675 29 6.6% Aug. 2014[12]
Yislamoo.com Greet Cards $86,550 43 7% Oct. 2014[13]
Weziwezi.com Social Media / Digital Content $242,957 35 6.25% March 2015[14]
CoreFit Health and Fitness $200,000 36 10% July 2015[15]
Artscoops Online Marketplace $130,528 49 15.00722% Dec. 2015[16]
Homes or Houses Real Estate $611,000 48 13.18552% Jan. 2016[17]
Eureeca Financial Technology $400,000 45 3.6% Aug. 2016[18]
Savortex Advertising Technology $558,505 29 10% Sep. 2016[19]

Regulation

In March 2015, Eureeca received regulatory approval from the United Kingdom's Financial Conduct Authority (FCA), which allowed it to begin actively listing British early-stage businesses and SMEs on its platform.[4] In June 2015, Eureeca received regulatory approval from the Securities Commission Malaysia.[20] In September 2016, Eureeca received regulatory approval from the Netherlands Authority for the Financial Markets. [21] In November 2016, Eureeca received regulatory approval from the Dubai Financial Services Authority. [22]

Recognition

In September 2013 Eureeca co-founders Chris Thomas and Sam Quawasmi were presented with the "Innovator of the Year" award Gulf Business Industry Awards in the United Arab Emirates.[23] In December 2013, Eureeca was named "StartUp of the Year" at the first annual Arabian Business StartUp Awards in Dubai.[24] In October 2016, Eureeca was named in the "Forbes Top 50 UAE Start Ups To Watch”, placing 3rd in the list. [25]

See also

References

  1. 1 2 3 "How it works !". Eureeca.com. Retrieved 2015-08-29.
  2. 1 2 "Crowdfunding Comes of Age". Venturemagazine.me. 2015-01-28. Retrieved 2015-08-29.
  3. ↑ "Eureeca Receives Securities Commission Approval in Malaysia. Will Launch Southeast Asia Equity Crowdfunding Hub - Crowdfund Insider". Crowdfundinsider.com. 2015-06-11. Retrieved 2015-08-29.
  4. 1 2 "Crowd funder Eureeca to expand following UK regulation". GulfNews.com. 2015-03-23. Retrieved 2015-08-29.
  5. 1 2 "The secret sauce for running a successful crowd investment campaign". Wamda.com. 2014-01-16. Retrieved 2015-08-29.
  6. ↑ "Another quick win on Eureeca: Oasis500 startup Foodlve hits its target". Wamda.com. 2014-01-20. Retrieved 2015-08-29.
  7. ↑ Shak, Rima. "Harir proves Eureeca's international appeal - Retail". ArabianBusiness.com. Retrieved 2015-08-29.
  8. ↑ "Award Winning Startup Abjjad Successfully Raises Equity on Eureeca - Crowdfund Insider". Crowdfundinsider.com. 2014-03-04. Retrieved 2015-08-29.
  9. ↑ "Dubai designer uses crowdfunding to go global". GulfNews.com. 2015-03-22. Retrieved 2015-08-29.
  10. ↑ "News | Banking and Financial News,Islamic Business and Finance, Commercial Banking | Cary!, Eureeca's first mobile app to meet its crowdinvesting goal". CPI Financial. Retrieved 2015-08-29.
  11. ↑ "Ekeif is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. 2014-07-21. Retrieved 2015-08-29.
  12. ↑ "Raise startup capital through crowdfunding | BusinessPulse". Businesspulse.ae. 2015-02-16. Retrieved 2015-08-29.
  13. ↑ "Sometimes going offline makes sense: the Yislamoo story". Wamda.com. 2014-07-21. Retrieved 2015-08-29.
  14. ↑ "weziwezi is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. Retrieved 2015-08-29.
  15. ↑ "Core Fit is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. Retrieved 2015-08-29.
  16. ↑ De Leon, Pamella. "MENA Art Platform Artscoops Gets Funded Through Equity Crowdinvesting On Eureeca". Entrepreneur Middle East.
  17. ↑ Anderson, Robert. "Crowdfunding takes a step up as SMEs struggle for backing". Gulf Business. Retrieved 5 March 2016.
  18. ↑ "'Eureeca on Eureeca' campaign raises $400,000 in 12 days". Arabian Business. Retrieved 2016-11-17.
  19. ↑ "Savortex is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. Retrieved 2016-11-17.
  20. ↑ Zainul, Intan. "Financial respite for 'too-small' businesses". The Star. Retrieved 5 March 2016.
  21. ↑ "Eureeca launches in the Netherlands". Holland Fintech. Retrieved 2016-11-17.
  22. ↑ "Eureeca obtains DIFC first equity crowdfunding license". Gulf News. Retrieved 2016-11-17.
  23. ↑ "REVEALED: The Gulf Business Industry Awards Winners 2013". Gulf Business. Retrieved 2015-08-29.
  24. ↑ "Revealed: Winners of first Arabian Business - StartUp - Awards - StartUp". ArabianBusiness.com. 2013-12-04. Retrieved 2015-08-29.
  25. ↑ "50 UAE Startups to Watch". Forbes Middle East. Retrieved 2016-11-17.
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