Sharesight’s users pile in for funding round
Portfolio management start-up Sharesight has raised $1.8 million in a funding round led by the company's clients, although its chief executive said Sharesight could have raised more with increased government support.
More than 75 per cent of the $1.8 million capital raising was funded by Sharesight's users, with the remainder funded by existing clients.
Sharesight chief executive Doug Morris said the start-up was "overwhelmed" by the interest from its user base and "could have raised more money if Government-sanctioned crowd-funding had been legalised".
"The most important thing for us was to involve our customers in this raise, who after all, are investors themselves," Mr Morris said.
"We did that and raised more than enough to execute our growth plan, so we're thrilled with the result."
The minimum investment for the funding round was $50,000, to "control the number of new shareholders brought on board", Mr Morris added.
"Based on a survey we sent to our client base, I'd estimate that had it been possible from an administrative standpoint to handle a higher number of investors and accept smaller amounts, we could have raised twice what we did," he said.
Sharesight was founded in Wellington, New Zealand by father and son team Tony and Scott Ryburn. The start-up also has offices in Sydney and Canada.
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