Crowdcube, the funding platform, has seen its turnover halve during its most recent financial year as it continues to operate at a loss. The London-based firm reported a turnover of £7.5m for 2023, according to accounts recently filed with Companies House.
This is a significant drop from the £14.4m turnover posted for the 15 months ending in 2022. These figures were revealed in accounts submitted to Companies House well past the 30 September deadline, as reported by .
The accounts also indicate that Crowdcube made a pre-tax loss of £6.6m this year, compared to a loss of £8.9m in 2022. In the º£½ÇÊÓƵ, Crowdcube's turnover fell from £12.9m to £5.9m in 2023, while earnings from the rest of Europe slightly increased from £1.4m to £1.5m.
During the year, Crowdcube liquidated its Swedish operations "in order to focus on other parts of the European market". The company also acquired France-based Semper SAS for £2.9m.
A statement approved by the board read: "The company and its subsidiaries remains focused on capturing market share in the equity funding market in the º£½ÇÊÓƵ and EU and is expecting revenue growth in the financial period ended 31 December, 2024."
This news follows rival Seedrs experiencing a 10 per cent fall in its revenue after fewer deals and less investment were made through its crowdfunding platform in 2023.
The company reported a revenue of £6.1m for the 12 months, a decrease from the £6.8m it posted in 2022. Seedrs also experienced an increase in its pre-tax loss from £9.6m to £9.9m in 2023.
The firm was acquired by US-based equity crowdfunding platform Republic in a $100m (£76.6m) deal in 2021. In July, Seedrs announced it would begin trading under a new name – Republic Europe.
