A crowdfunded campaign for reconstruction firm FrontOffice has propelled the company to become listed on stock exchange, becoming the fastest crowdfunded exit.
Swedish company reconstruction firm FrontOffice Nordic AB, raised almost €600,000 from crowdfunding investors on FundedByMe in February 2016.
As a result, it has been listed on the Nordic Growth Market (NGM) stock exchange.
This announcement makes FrontOffice the first successfully crowdfunded company in Scandinavia – and one of the first in Europe – to be listed on a stock exchange.
Crowdfunding investors into FrontOffice – who could buy shares for a minimum investment of €53 – are now able to trade those shares on this regulated stock exchange, licensed by the Financial Supervisory Authority.
“With the rate of market maturation, this is very exciting for FundedByMe – but also for equity crowdfunding globally,” says Daniel Daboczy, CEO and co-founder of FundedByMe. “I personally invested in FrontOffice and following this path to NGM has been thrilling. I firmly believe that this paves the way for other crowdfunding companies while reestablishing to investors the fact that equity crowdfunding is changing the finance and investment market for the better,” Daboczy continues.
FrontOffice launched its crowdfunding campaign on FundedByMe on 25 November 2015 and closed it in mid-February 2016 after overfunding up to 111% from 183 investors. Since the company was founded in 2013, the aim had been to list FrontOffice shares on the stock market.
“Both the company and the market was ready for a public listing and I believe that the visibility that comes with being listed on NGM will in turn enable us to help more customers,” says Johan Lund, Managing Director of FrontOffice Nordic AB (publ.).
This listing comes in the same week as FundedByMe has launched its own equity crowdfunding round, which confirmed more than 80% of its €800,000 since opening 7 days ago.