Lovestruck Partner with InvestingZone To Raise Money For Asia Expansion
Lovestruck is using equity crowdfunding platform InvestingZone to raise money to further their Asia expansion.
The London-based online dating site is looking to raise around £800,000, from both current and new investors.
With their initial £285,000 investment in 2010, Lovestruck have achieved 23.5m visits, 344m page impressions and 155,000 subscriptions totalling £6.3m in revenue.
Last November, the company was ranked 5th fastest-growing UK tech company in the Deloitte Technology Fast 50, having grown by 2,658% over the last five years.
Lovestruck already has a presence in Asia – with offices in Hong Kong and Singapore – and this market accounts for a third of their revenue.
With this InvestingZone partnership, they hope to further expand in the UK, and open up in new cities across Asia.
MD of Lovestruck, Brett Harding, said:
“We have a strong relationship with InvestingZone’s parent company E-Synergy, whose East Midlands Early Growth Fund has already invested in the company alongside angel investors.
“The plan is to augment additional investment from incumbent investors with new funds via InvestingZone, and then use the innovative platform to keep shareholders abreast of our progress in a highly efficient professional manner.”
Lovestruck plan to use the crowdsourcing platform to help investors keep up to date with the company’s performance, by sharing their quarterly summaries and financial statements using their reporting tools.
Jean Miller, CEO of InvestingZone, said: “We applaud Lovestruck’s senior executive team for recognizing the importance of good corporate governance practices as it looks to expand in new regions.
“Good investors relations are the sign of a professional company and will ensure shareholders can track the performance of Lovestruck.
“This sort of due diligence will also help lay the groundwork for governance structures that can help form the basis of a durable business model in the long-term.”
See their pitch here.
