Saturday, 20 April 2024
UOB’s equity crowdfunding partner OurCrowd raises $72 Million in new Series C Funding round
United Overseas Bank’s (UOB) equity crowdfunding partner, OurCrowd, announced today that it has raised $72 million in Series C Funding. Participants in this latest round include financial institutions, family offices, and private investors from five continents.
Ms Janet Young, Head of Group Channels and Digitalisation at UOB said that the Bank’s investment in OurCrowd’s Series C funding round reinforces its commitment to supporting startups and small businesses.
“We understand the ambitions of startups and emerging enterprises and want to help them grow into sustainable businesses. We look forward to working closely with OurCrowd to further develop their platform to support the startup ecosystem both in Singapore and the broader Asian market,” Ms Young said.
Mr Denes Ban, OurCrowd’s Managing Director of Asia said, “The latest milestone in OurCrowd’s expansion speaks not only to our global growth, but specifically highlights the strength of our traction in Asia and the depth of our partnerships here in Singapore. We are proud of our achievements in 2016 but we also know that the best is yet to come as we work hard to create success across the ecosystem in this region.”
Mr Jon Medved, CEO, OurCrowd said, “One half of the Series C funding will be invested in the expansion of our seven global offices and to further develop our technology platform. The other half will be used for OurCrowd to invest our own capital alongside the crowd investors into the companies raising funds on the platform. We envision that this new capital will power the next $1 Billion to be invested on OurCrowd.
“OurCrowd has grown exponentially since our launch in 2013 to become the leading global platform for Equity Crowdfunding. This transformative Series C funding will allow us to take advantage of the growing investor interest in quality equity crowdfunding and further expand our global operations,” said Mr Medved.
OurCrowd has to date invested in 100 portfolio companies and funds on its platform. Total investment in companies and funds has now exceeded $300Million. OurCrowd has already had seven companies in their portfolio being acquired and another two companies being listed publicly. These include ReWalk (IPO: Nasdaq), Crosswise (bought by Oracle), Replay (bought by Intel), NextPeer (bought by Viber).
Re-disseminated by The Asian Banker
