Powered Now smashes target and raises £585k from the crowd
Investment will fund development of mobile app to help tradesmen with an admin headache
Teignmouth, Devon – 11 August 2014: Devon-based tech start-up, Powered Now announces the successful conclusion of its investment pitch on Crowdcube, the world’s largest equity crowdfunding platform. Initially aiming to raise £350,000 from the crowd, Powered Now smashed its original target, overfunding by 167% to secure £585,580 within five weeks of listing.
Powered Now will use the capital for marketing and further development of its award-winning mobile apps. These help small trade businesses such as builders, plumbers and electricians to streamline their administration and eliminate paperwork.
A total of 165 people have invested for 30.26% equity share of the company. Investments range from as little as £10 up to the largest single investment of £85,000.
Benjamin Dyer, Powered Now’s CEO comments: “We are thrilled with the success of our angel round and the number of investors who have chosen to get involved during our short listing on Crowdcube. With this funding we can grow the business substantially and help improve the lives and profits of field trade companies.”
Paul Adlam, the former president of the trade association for Ductwork Contractors (ADCAS) was one of the first investors to get involved with the Powered Now funding round. He says:
“I decided to invest in the pitch because the problem the team is solving affects such a wide range of businesses, both in the UK and abroad. Tradesmen and field-based companies have often been slow to adopt technology, but Powered Now is the first application I’ve seen that not only helps solve the fundamental problem of how to manage paperwork when you’re not office-based, but it’s also easy to use, and that’s a must.”
New board member
This investment round brings with it a new investment director, Bill Anthony, who will be joining the board. As a former portfolio director for venture capitalists 3i and Finance Wales, Bill brings his substantial experience of growing businesses to the Powered Now team.
Powered Now is a mobile admin application aimed at sole traders and small firms of plumbers, electricians, builders, and the like, who are mostly in the field at customers’ premises and working from vans rather than offices. They often struggle with paperwork and payment which wastes time, and therefore money.
The app runs on iPads and iPhones (with an Android version in beta) and computerises administrative tasks including customer communication, quoting, invoicing and taking payment by card or PayPal, as well as providing help with some of the complex regulation in this space. All information is held in one place and automatically backed up to the cloud whenever there is a connection, so even if you damage or lose your device, you can download the data to the replacement.
Soft-launched at The Next Web startup rally in 2013, it won best mobile app in the Microsoft Bizspark Startup Rally and has already attracted nearly 6,000 user registrations worldwide.
About Powered Now:
Established in 2011, Powered Now is a British company focused on developing software that makes life easier for business owners. The co-founders are serial entrepreneur and ecommerce trail blazer Chris Barling (who set up Actinic in 1996) and Benjamin Dyer, a software developer and former director at Actinic (and SellerDeck). The company has been on the Startups 100 list of innovative young businesses in 2013 and 2014.
Powered Now is an award-winning mobile business administration application for iPads and iPhones that takes the pain out of paperwork for field trades people such as plumbers, electricians and builders. It is designed to make life easier for those out on the road, on site or back in the office. The app provides a comprehensive admin toolkit for every step from preparing an estimate through to taking payment online. In 2013 it won The Next Web ‘Best Mobile App’ award at the Microsoft BizSpark startup rally.
What is equity crowdfunding?
Equity crowdfunding provides an alternative to banks and angels for start-ups and early-stage businesses seeking finance. Investors can put in anything from £10 upwards and they get shares in exchange for their investment. Last summer Kevin McCloud’s Hab Housing project was the first business in the construction sector to use equity crowdfunding and it hit the headlines by raising over £1.6 million on Crowdcube.
Established in 2011 and based in Exeter, Crowdcube is the first, and largest, equity crowdfunding platform; it is approved by the Financial Conduct Authority (FCA).
“We chose Crowdcube because it’s very accessible, being open to anyone who wants to get involved with innovative and disruptive businesses like ours,” says Chris Barling, Powered Now’s chairman and co-founder. “We think the public will be keen on investing as lots of them use tradesmen and know, for instance, how they struggle to get quotes out quickly. The campaign will also help Powered Now get the message out through a crowd of enthusiastic ambassadors, so it’s all very exciting for us.”