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Micro-ID keeps tabs on crowdfunding concept


Micro-ID is a firm believer in keeping tabs on things: animals, products and, most importantly, crowdfunding. That’s why the SME business made an intuitive decision to engage with LendingCrowd, a growing UK peer-to-business crowdfunding website, to secure essential capital needed to take new products to market.

Micro-ID rapidly caught the eyes of investors eager to invest in a fledging small to medium size business through peer-to-business crowdlending, raising £100,000.

The West Sussex company offers a complete microchip package for pets, including a lifetime registration onto a Petlog database, full traceability of chips at all times and one of the smallest microchips available on the market.

Small business crowdfunding was the way to go for Micro-ID

Proving that small business crowdfunding was the way to go for Micro-ID, Managing Director, Richard Fry explains: “We looked at securing capital in other ways – for example through banks – yet this option proved to be a great deal of ‘sweat and tears’  with so much security to go through. Borrowing money by crowdfunding through LendingCrowd offered a simple, fast and accessible way to secure finance.”

Securing finance via crowdlending to develop a new product

Number one on Micro-ID’s borrowing wishlist when securing finance via crowdlending was to develop a new product that would build on its existing and successful Microchip scanner – and bring this and other new products to market.

Richard found out about LendingCrowd through an online search and it was fate meant to be – setting his sights on an ‘approachable’ platform. He adds: “The site was easy to use and offered a simple application process so we could then secure funds from a variety of sources across the loan market. We will invest the funds into our business over the next three to four months.”

Guess what Micro-ID is looking for now? Watch this short video…

 

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Andy Moore

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If you invest through LendingCrowd you should understand that your capital is at risk.

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

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The company's registered office is 23 Manor Place, Edinburgh, EH3 7DX.

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