Tuesday 21 August 2018

Crowdfunding firm's startup Spark

Maurice Sheedy, CEO of Fleet, is seeking to raise €275k on the Spark platform. Photo: Shane O'Neill Photography.
Maurice Sheedy, CEO of Fleet, is seeking to raise €275k on the Spark platform. Photo: Shane O'Neill Photography.

Murray Kerchavel

Ireland's first equity crowdfunding provider has been launched as an "online Dragons' Den".

Spark, set up by Chris Burge, is aimed at those looking to invest in startups with small amounts of money. The minimum investment is €25.

The service is focused on companies that are considered to be at "too early a stage" for venture capital or bank loans, according to its founders.

Less than a year old, the platform has already been used by three companies to raise funding of €130,000.

The three firms are Snap Mail, Give it Direct and Serenity & Grace.

Fleet, an Irish person-to-person car sharing app set up by Maurice Sheehy, has announced that it is seeking to raise €275k on the Spark platform.

The sharing app allows car owners and enterprise clients to earn extra income by renting cars to the public from both driveways and forecourts.

Sheehy says that the €275k funding sought will be used for planned online expansion, with the company having already been approved by Enterprise Ireland for 'matched funding' as part of its High Potential Start-up Programme.

The startup is raising the €275,000 to value the firm at €1.1m.

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