Scale attracts interest from Internet Anywhere [Herald, The (Scotland)]
(Herald, The (Scotland) Via Acquire Media NewsEdge) INTERNET Anywhere has cited Squareknot's commitment to working with a small number of companies as a key factor behind its decision to utilise the crowdfunding platform.
The Ayrshire-based satellite broadband provider is among the first six businesses pitching for funding through Squareknot.
It is looking to raise pound(s)125,000 by asking 125 people to invest pound(s)1000 in the business, with the overall investment equating to a 10% shareholding. As a reward, investors will receive an equity stake, 50% tax relief on their investment through the Seed Enterprise Investment Scheme (SEIS), and a satellite broadband system worth pound(s)600 installed.
John Fitzgerald, owner of Internet Anywhere, said: "Derek [Bond, co-founder] is keen to be very specific and specialise in 10 to 12 key businesses, as opposed to having 100 on the books. That really means we will get the personal level of contact.
"It is much easier to understand 10 businesses than 100 - that is what has really made it attractive to me."
Mr Fitzgerald said the funding will drive sales of its satellite broadband technology, giving high speed internet connections to remote areas and places where the internet is unavailable.
He is also aiming to raise funding through the banks, but admitted this is proving hard.
Mr Fitzgerald said: "This [crowdfunding] was a good way of raising funds without giving away too much of the business."
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