United Kingdom (UK) and Malta-based fintech company CityFALCON closed an equity fundraising campaign on Seedrs of £1.65 million (€1.92 million) on Thursday, with aims to produce even more insightful products.
On UK-based equity crowdfunding platform Seedrs, CityFALCON leveraged individual investors from their growing fanbase, while also bringing into play institutional investors.
Through the use of Artificial Intelligence (AI) and Big Data, CityFALCON personalises content feeds from thousands of financial sources by utilising a one-time payment subscription in the same manner Spotify does for music, which has led to it being referred to as the “Spotify of Financial Content”.
Serial entrepreneurs took part in this round, including one that recently sold a company for £500 million (€582.76 million).
Social trading network eToro, which features CityFALCON's content on its news tab, thereby supporting clients to make informed investment decisions, took a small position in the company.
Additionally, Canadian global early-stage venture capital firm and platform The Holt Xchange, and UK-based property investment company Terance Butler Holdings (TBH), have both taken stakes.
CityFALCON CEO Ruzbeh Bacha commented that: “We are grateful and very excited about this round, especially during these volatile and uncertain times,” before adding that users, clients and investors on Seedrs have been “amazingly supportive”.
“We are excited to invest in CityFALCON at what we believe is a pivotal time for the company,” TBH Investment Director Stephen Walker said.
“Having gained traction, we believe now is the right moment for the company to scale up its sales and marketing effort whilst continuing to develop the product,” he continued.
Seedrs Chief Investment Officer Kirsty Grant also highlighted CityFALCON’s success, as the funding “far outstripped” the company’s initial expectations, also indicating “the investor demand for opportunities even amidst the current economic climate”.
The Holt Xchange Managing Partner Elisabeth Laett emphasised the importance of the “democratisation of financial information” as it is the result of “a global demand to access better education and deeper financial insights” for a wider audience.
“We have been impressed with the team’s mission at CityFALCON and pleased to further support them in this seed round,” she concluded.
The company's Malta office was set up in 2019, through support from Malta Enterprise (ME), which were “instrumental in assisting CityFALCON’s expansion” to the country.
