Type of site Equity crowdfunding Website www.eureeca.com Launched 2013 | Industry Finance Commercial Yes | |
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. 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.
Contents
17 early-stage businesses and SMEs have successfully raised through the platform.
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. 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.
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.
Funded campaigns
17 early-stage businesses and SMEs have been successfully funded on the Eureeca platform.
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. In June 2015, Eureeca received regulatory approval from the Securities Commission Malaysia. In September 2016, Eureeca received regulatory approval from the Netherlands Authority for the Financial Markets. In November 2016, Eureeca received regulatory approval from the Dubai Financial Services Authority.
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. In December 2013, Eureeca was named "StartUp of the Year" at the first annual Arabian Business StartUp Awards in Dubai. In October 2016, Eureeca was named in the "Forbes Top 50 UAE Start Ups To Watch”, placing 3rd in the list.