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Eureeca
Type of site
Equity crowdfunding
Founder(s)Chris Thomas and Sam Quawasmi
IndustryFinance
URLwww.eureeca.com
CommercialYes
Launched2013

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, who range from casual and angel investors to institutional firms, in exchange for equity.[1] Eureeca serves as an alternative financing option to more traditional financing sources such as banks and venture capital firms.[2]

Launched in Dubai in 2013 by Chris Thomas and Sam Quawasmi, it has since grown into a cross-continent platform globally, having received regulatory approval from the UK’s Financial Conduct Authority[3] (with a Branch Office in the Netherlands authorised by the Netherlands Authority for Financial Markets[4] and a Representative Office in Dubai authorised by the Dubai Financial Services Authority[5]) and the Malaysian Securities Commission.[6]

Eureeca has grown to an active investor base of 25,495 from 36 countries with an average investment size of US$5,800.[7]

37 early-stage businesses and SMEs have successfully raised capital through the platform.[6]

Model

Eureeca utilises 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.[1]

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 utilising this target will have it clearly marked on their proposals, and will be allowed to keep anything they raise beyond it.[1]

Funded campaigns

37 early-stage businesses and SMEs have been successfully funded on the Eureeca platform.

Campaign Industry Funds Raised # Investors Equity Release Date
Nabbesh.com Online Marketplace $100,000 23 6.67% Sept. 2013[8]
SearchinMENA.com B2B Marketplace $140,000 31 7.22% Jan. 2014[8]
Foodlve.com Social Media $139,979 28 10% Feb. 2014[9]
Harir e-commerce $101,688 34 4.479% Feb. 2014[10]
Abjjad Social Media $161,776 44 17.98% Feb. 2014[11]
Poupee Couture Fashion $112,833 18 10% April 2014[12]
Cary! Online Marketplace $103,400 31 6.86% May 2014[13]
Jobedu.com Fashion $119,942 29 5.35% May 2014[2]
ekeif.com Digital Content $83,760 38 6.25% July 2014[14]
Izil Cosmetics $159,675 29 6.6% Aug. 2014[15]
Yislamoo.com Greet Cards $86,550 43 7% Oct. 2014[16]
Weziwezi.com Social Media / Digital Content $242,957 35 6.25% March 2015[17]
CoreFit Health and Fitness $200,000 36 10% July 2015[18]
Artscoops Online Marketplace $130,528 49 15.00722% Dec. 2015[19]
Homes or Houses Real Estate $611,000 48 13.18552% Jan. 2016[20]
Eureeca - Round 1 Financial Technology $400,000 45 3.6% Aug. 2016[21]
Savortex Advertising Technology $558,505 29 10% Sep. 2016[22]
Cabture Media $268,648 54 3.91% Mar. 2017[23]
El Grocer - Round 1 Online Marketplace $572,645 87 1.5% July 2017[24]
Udenz Healthcare $203,521 33 14.05% Sept. 2017[25]
Eureeca - Round 2 Financial Services $445,270 87 1.5% Sept. 2017[26]
Arrow TV Online Marketplace $171,061 12 13.89% Nov. 2017[27]
Enerwhere - Round 1 Energy & Utilities $851,823 101 2.62% Dec. 2017[28]
Firnas Airways Leisure & Tourism $447,951 161 11.52% Mar. 2018[29]
Dinnertime Food & Beverage $101,714 21 29.72% Feb. 2018[30]
Chef Xchange Food & Beverage $425,007 20 4.76% Apr. 2018[31]
Gulf Meteor Media $520,219 28 10.43% May 2018[32]
Propnology Financial Services $180,144 62 13.18% June 2018[33]
Kora Online Marketplace $183,330 27 16.49% July 2018[34]
Sugarmoo Food & Beverage $191,488 35 5.97% Aug. 2018[35]
Peerwith Online Marketplace $135,615 44 7.7% Sept. 2018[36]
Switch DXB Health & Fitness $200,669 40 4.12% Oct. 2018[37]
Enerwhere - Round 2 Energy & Utilities $953,519 61 1.3% Dec. 2018[38]
Jobedu - Round 2 Consumer Products $116,444 41 5.41% Jan. 2019[39]
Dukkani Smart Shopping Online Marketplace $341,485 6 14.87% Feb. 2019[40]
El Grocer - Round 2 Food & Beverage $542,697 74 3.73% July 2019[41]
Pawame Energy & Utilities $909,215 66 9.94% Sept. 2019[42]

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.[43] In June 2015, Eureeca received regulatory approval from the Securities Commission Malaysia.[44] In September 2016, Eureeca received regulatory approval from the Netherlands Authority for the Financial Markets.[45] In November 2016, Eureeca received regulatory approval from the Dubai Financial Services Authority.[46]

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.[47] In December 2013, Eureeca was named "StartUp of the Year" at the first annual Arabian Business StartUp Awards in Dubai.[48] In October 2016, Eureeca was named in the "Forbes Top 50 UAE Start Ups To Watch”, placing 3rd in the list.[49]

See also

References

  1. ^ a b c "How it works !". Eureeca.com. Retrieved 2015-08-29.
  2. ^ a b "Crowdfunding Comes of Age". Venturemagazine.me. 2015-01-28. Retrieved 2015-08-29.
  3. ^ Pupic, Tamara. "Eureeca.com receives formal UK approval". ArabianBusiness.com. Retrieved 2019-09-17.
  4. ^ Alois, J. D. (2016-09-28). "Eureeca Opens European Hub in Amsterdam". Crowdfund Insider. Retrieved 2019-09-17.
  5. ^ "Eureeca obtains DIFC's first equity crowdfunding licence". Gulf Business. 2016-11-06. Retrieved 2019-09-17.
  6. ^ a b "Eureeca Receives Securities Commission Approval in Malaysia. Will Launch Southeast Asia Equity Crowdfunding Hub - Crowdfund Insider". Crowdfundinsider.com. 2015-06-11. Retrieved 2015-08-29.
  7. ^ "A global equity crowdfunding is changing the way people invest and businesses raise capital".
  8. ^ a b "The secret sauce for running a successful crowd investment campaign". Wamda.com. 2014-01-16. Retrieved 2015-08-29.
  9. ^ "Another quick win on Eureeca: Oasis500 startup Foodlve hits its target". Wamda.com. 2014-01-20. Retrieved 2015-08-29.
  10. ^ Shak, Rima. "Harir proves Eureeca's international appeal - Retail". ArabianBusiness.com. Retrieved 2015-08-29.
  11. ^ "Award Winning Startup Abjjad Successfully Raises Equity on Eureeca - Crowdfund Insider". Crowdfundinsider.com. 2014-03-04. Retrieved 2015-08-29.
  12. ^ "Dubai designer uses crowdfunding to go global". GulfNews.com. 2015-03-22. Retrieved 2015-08-29.
  13. ^ "News | Banking and Financial News,Islamic Business and Finance, Commercial Banking | Cary!, Eureeca's first mobile app to meet its crowdinvesting goal". CPI Financial. Retrieved 2015-08-29.
  14. ^ "Ekeif is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. 2014-07-21. Retrieved 2015-08-29.
  15. ^ "Raise startup capital through crowdfunding | BusinessPulse". Businesspulse.ae. 2015-02-16. Retrieved 2015-08-29.
  16. ^ "Sometimes going offline makes sense: the Yislamoo story". Wamda.com. 2014-07-21. Retrieved 2015-08-29.
  17. ^ "weziwezi is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. Retrieved 2015-08-29.
  18. ^ "Core Fit is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. Retrieved 2015-08-29.
  19. ^ De Leon, Pamella. "MENA Art Platform Artscoops Gets Funded Through Equity Crowdinvesting On Eureeca". Entrepreneur Middle East.
  20. ^ Anderson, Robert. "Crowdfunding takes a step up as SMEs struggle for backing". Gulf Business. Retrieved 5 March 2016.
  21. ^ "'Eureeca on Eureeca' campaign raises $400,000 in 12 days". Arabian Business. Retrieved 2016-11-17.
  22. ^ "Savortex is crowdinvesting on Eureeca – review their funding proposal here". Eureeca.com. Retrieved 2016-11-17.
  23. ^ "Cabture successfully secures 2nd investment round with € 200K crowdfunding campaign". Silicon Canals. 2016-12-08. Retrieved 2019-10-14.
  24. ^ "el Grocer is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  25. ^ "UDENZ is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  26. ^ "Eureeca raises over $400k self-funding target in six hours". ArabianBusiness.com. Retrieved 2019-10-14.
  27. ^ "ARROW.TV is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  28. ^ "Enerwhere Round 1 is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  29. ^ "Firnas Airways is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  30. ^ "Dinnertime is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  31. ^ "ChefXchange is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  32. ^ "Gulf Meteor is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  33. ^ "Propnology is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  34. ^ "kora.com is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  35. ^ "SugarMoo is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  36. ^ "Peerwith is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  37. ^ "Switch DXB is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  38. ^ "Enerwhere is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  39. ^ "Jobedu is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  40. ^ "Dukkaani: This app will change the way you buy online grocery". gulfnews.com. Retrieved 2019-10-14.
  41. ^ "elGrocer is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  42. ^ "Enerwhere is crowdinvesting on Eureeca – review their funding proposal here". eureeca.com. Retrieved 2019-10-14.
  43. ^ "Crowd funder Eureeca to expand following UK regulation". GulfNews.com. 2015-03-23. Retrieved 2015-08-29.
  44. ^ Zainul, Intan. "Financial respite for 'too-small' businesses". The Star. Retrieved 5 March 2016.
  45. ^ "Eureeca launches in the Netherlands". Holland Fintech. Retrieved 2016-11-17.
  46. ^ "Eureeca obtains DIFC first equity crowdfunding license". Gulf News. Retrieved 2016-11-17.
  47. ^ "REVEALED: The Gulf Business Industry Awards Winners 2013". Gulf Business. Retrieved 2015-08-29.
  48. ^ "Revealed: Winners of first Arabian Business - StartUp - Awards - StartUp". ArabianBusiness.com. 2013-12-04. Retrieved 2015-08-29.
  49. ^ "50 UAE Startups to Watch". Forbes Middle East. Archived from the original on 2016-11-17. Retrieved 2016-11-17.
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