UK-based Crypto App Ziglu Hits £1M Crowdfund Target in Under 90 Minutes

London-registered startup, Ziglu offers a platform that allows investors to invest in cryptocurrencies. On Monday, the company’s new campaign on crowdfunding platform Seedrs was oversubscribed, raising £1 million in less than ninety minutes. At time of writing, the crowdfund has raised £1.12 million from 396 investors. 

The latest figures set a new milestone for the crypto startup, having taken three hours to reach the same figure in a similar campaign that closed in late November 2020. Then, Bitcourier reported that Ziglu raised over £6m from over 1250 investors, bringing the company’s total raise to £12m. 

As with the previous round, new investors into Ziglu will also enjoy tax relief. This is because Ziglu is being categorised as a Knowledge Intensive Company (KIC) by Her Majesty’s Revenue and Customs (HMRC). Investors in KICs are reckoned as investing in research and development (R&D) and enjoy tax relief up to £2 million.

The current fundraising effort by Ziglu is being held in conjunction with a major Series A round, and will see Ziglu’s valuation greatly surpassed the current £85M valuation. 

Ziglu was created by Starling Bank founder Mark Hipperson and offers investors access to ten cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, Cardano, Tezos, Litecoin, Polkadot, Chainlink, Solana and Dogecoin. 

Sharing his thoughts on the fundraising milestone, Hipperson reportedly said:

The speed at which our latest crowdfund has been oversubscribed underlines the progress Ziglu has made in the last year [...[. We would also like individual investors to benefit from our success, as well as institutional investors, which is why crowdfunding is important to us.

One of Ziglu’s major selling points is that the company is among the few crypto companies licensed by the United Kingdom Financial Conduct Authority (FCA). The startup is also registered with the Financial Supervisory Authority (FSA) in Denmark, where it boasts a handful of users. 

While the current fundraise is a milestone for Ziglu, it also highlights sustained investor appetite for investing in cryptocurrencies and companies operating within the industry. The number of crypto investors in the UK is estimated by the FCA to be around 2.3 million adults, with the space still having a large amount of room for growth.