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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