CrowdfundBeat News Wire,
Australia’s most ambitious equity crowdfunding investment drive has begun, with mobile payments and taxi booking platform Ingogo announcing plans to raise between $3 million and $4m through equity crowdfunding.
The raise is to be conducted through VentureCrowd, which already raised $1.2m for Ingogo late last year as part of a broader $9.3m funding round.
VentureCrowd said the raise, to close in May, will be the largest ever equity crowdfunding round to date in Australia.
Ingogo, which is taking on the likes of Cabcharge, will use the funding to fuel continued aggressive growth among Australian taxi networks, consumers and in new verticals.
“VentureCrowd has helped ingogo reach a range of investors we simply wouldn’t reach through traditional channels and we’re pleased to be working with them again on this funding round,” said Ingogo founder and CEO, Hamish Petrie. “The last raising through VentureCrowd would have placed it in the top 10 US crowdfunded raises. This one will take it up another level.
“We want to deliver further results around multiple initiatives including our recent national taxi roll out, where we’ve added Brisbane, Perth & Adelaide to our Sydney & Melbourne Coverage.
“This capital will drive all these initiatives harder, has allowed us to upscale our growth and revenue forecasts and put us in a great position for an ASX listing. We will pick the right moment for that.”
VentureCrowd CEO Jeremy Colless said the Ingogo fundraising further proves how equity crowdfunding can provide technology start-ups with much–needed capital.
“We have already validated the value of equity crowdfunding in past investment rounds into high-growth companies such as Ingogo, but this latest round proves this investment method is here to stay,” Mr Colless said.
“Sophisticated investors are immensely interested in gaining access to opportunities they wouldn’t see elsewhere, that possibilities would increase immensely if legislative changes enabled retail investors to take part as well.”
Ingogo was founded in 2011 by Hamish Petrie, who sold his previous business Moshtix to News Limited in 2007.
The start-up launched in Sydney in 2011, followed by Melbourne in 2014.
Ingogo began as a taxi booking and in-app payments model, it evolved in 2013 to become a full mobile payments business.
It also beefed up its exec team in January, appointing Craig Hopper as chief commercial officer and Trent Jerome as chief financial officer, in addition to announcing a partnership with cloud accounting platform Xero to develop a portable payment and accounting platform for small businesses.