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1、Equity Crowdfunding in the UK: Evidence from the Equity TrackerResearch ReportContentsKey points 3 Introduction 41.Understanding equity crowdfunding 521.Overview of the market 2.Definitions and categories5 6 6 71.2.1 1.2.2Defining equity crowdfunding platforms and deals Different styles and focuses2
2、.Crowdfunding within the wider equity investment market 9 1.Totals and stage of evolution 2.Comparison with angel networks9 123.Recent trends in equity crowdfunding 15 1.Regional breakdown 2.Sector breakdown 3.Sub-sector breakdown 4.Investment sizes15 18 20 22Conclusions 23 Methodology 25 References
3、 26 Acknowledgements 26 Appendix: Investment stage classifications 27Research ReportKey pointsThe equity crowdfunding market is still small relative to other forms of investment, but is growing at a rapid pace.Crowdfunding is having a significant impact on seed-stage activity in the UK equity invest
4、ment marketThe majority of crowdfunded deals have been at the seed-stage, but there is increasing activity at the venture-stageEarly signs indicate that crowdfunding platforms pose a challenge for angel networks, in part because some angels are choosing to invest through such platformsTechnology was
5、 the sector with the highest number and value of investments, in line with its performance in the wider marketCompanies whose products or services are consumer-facing were particularly successful, such as mobile apps, food and drink and musical theatreLondon, the South East and the South West were t
6、he regions with the most deals and investmentThe emerging nature of crowdfunding was evident in both the regional and sector spread of deals:oThe location of the operations of crowdfunding platforms themselves impacted upon the regional spread of deals, meaning that some usually strong regions for e
7、quity investment had a surprisingly low volume of crowdfunding activityoThe crowdfunding success of companies that also make use of the crowd concept (such as Crowd Property) may be an indication of investors already being committed to the concept3Research ReportIntroductionNew equity crowdfunding p
8、latforms have been rapidly appearing on the UK funding scene since 2011, and have firmly captured the imagination of the public and the media. Crowdfunding has been credited by some with bringing equity investing into the mainstream and has been described as a catalyst for the creation of a new fund
9、ing landscape. In this report, we aim to provide some clarity on the scope and impact of crowdfunding in the UK using a data-driven approach. We make use of independently collected equity investment figures, enabling us to place equity crowdfunding within the context of wider UK equity investment ac
10、tivity.The data in this report is produced by Beauhurst, a provider of deep data on equity investment into UK companies1. Beauhurst have used their bespoke database to develop an Equity Tracker for the British Business Bank and the Department for Business Innovation and Skills (BIS), the full report
11、 of which was published recently. This report represents a separate strand of the Equity Tracker project, which utilises the detailed data for a deep dive into one aspect of the funding environment. It is envisaged as the first of many such analyses, with subsequent reports expected to accompany new
12、 editions of the Equity Tracker.The choice of equity crowdfunding for this study is a reflection of the growing interest and activity in this asset class amongst investors and firms, as demonstrated by the main Equity Tracker report. It should not be interpreted as either an endorsement or rejection
13、 of equity crowdfunding or individual platforms by the British Business Bank.Beauhursts equity deals data goes back to July 2010 and is comprehensive across all publicly announced equity investments into UK-based private companies. The deals reported here involve firms identified as being small or m
14、edium sized, according to the definition of SME set out by the European Commission2.Equity deals are categorised as either visible, which means that the deal has been publicly announced, or hidden, which means that the deal has not been publicly announced. All references in this paper to deal number
15、s, investment and activity refer to what is visible only. This caveat should be borne in mind when interpreting the data.1 For more information visit http:/ http:/ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/sme-definition/index_en.htm4Research Report1.Understanding equity crowdfundin
16、g1.1 Overview of the marketEquity crowdfunding as a concept first developed in the US in the mid 2000s, and took off in the UK in 2011 with the launch of Crowdcube. Since then, many other platforms have appeared, some of which are experimenting with different models and niches (discussed below). Seedrs became the first crowdfunding platform to be regulated by the Financial Conduct Authority (FCA); since then
