Birchal raises $1.2m in first 24 hours of campaign
Summary
Melbourne-headquartered crowdfunding platform Birchal has made its reputation securing capital for a wide variety of Australian start-ups and scale-ups, but now the company is harnessing the crowd to further its own ambitions.Birchal has raised an initial $1.2 million from more than 500 investors in the first 24 hours of its own equity crowdfunding campaign, including Giant Leap venture partner Peter Cameron and long-time backer Dom Pym, the co-founder of digital bank Up and Pin Payments.The company is hoping to secure up to $2.5 million from its latest capital raise, with the crowdsourced funding (CSF) offer opening to the public at noon.Since its founding in 2017 Birchal has hosted 248 successful CSF offers, raising $194 million for Australian entrepreneurs of which $50.4 million was secured from 56 offers in 2023 - a slight increase on the previous year. This is the second time Birchal has hosted its own CSF offer with the previous capital raise in April 2022 achieving its maximum target of $3 million. "While we believe the opportunity in Australia remains consistent and compelling, our share price for this CSF offer reflects direct investor feedback and recent market conditions. Our platform and our investor community are proving to be a resilient source of capital for our issuer clients, affirming our place, purpose and mission. "The capital raised will go towards building a market leading platform, launching products and services that complement Birchals current core business and diversify and grow revenue streams.