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Jul 08 2013

Equity crowdfunding platform, Crowdcube, to launch in MENA

Dubai, 08 July 2013

The world's leading regulated crowdfunding platform, Crowdcube has announced that they are planning to expand in the MENA region. Crowdcube has formed a JV partnership known as Crowdcube MENA.

Co-founder of Crowdcube MENA, Omar Rana commented: "We are currently examining various regions to assess the best way of leveraging Crowdcube's platform to provide world-class crowdfunding in the MENA region".

Mr Rana continued: "60% of the GCC is less than 30 years old, and 66.8% of MENA + Africa is less than 30 years old. All these young people are bursting with ideas and passion, and they don't want to wait for governments and companies to use old fashioned ways to create jobs and support businesses. Crowdcube MENA is a catalyst for harnessing the financial and human capital in the region to promote social and economic development at an accelerated pace." He added, "The GCC clearly represents a core part of the MENA region, and over recent years various regimes allowing for sole foreign ownership and a combination of local/foreign ownership have been established, and these will be comprehensively analysed for the most effective way to successfully establish and grow Crowdcube MENA".

Entrepreneurs in the region continue to be challenged by the lack of finance options available to them and are frustrated regarding the regulations surrounding the issuing of shares/securities to potential crowd investors, which remain outdated. Mr Rana explained that "Crowdcube MENA believes the region presents unique challenges. However, given the success of Crowdcube, which is authorised and regulated by the Financial Conduct Authority (FCA) (previously FSA) in the UK, we believe we can leverage this experience of working under a Tier 1 global regulator to implement a successful business model to service the MENA region". Apart from entrepreneurs and investors, Crowdcube MENA will also seek to work closely with governments in their drive to promote local economic development. Crowdcube MENA's due diligence has highlighted a regional focus on working with a platform that has established global credentials.

Crowdcube MENA has engaged the services of leading global law firm Taylor Wessing, to assist with assessing jurisdictions within the MENA region.

Crowdcube MENA believes that the successful implementation of a crowdfunding platform in the region requires the following:

1. The core crowdfunding business model is based on strong compliance and oversight by a regulatory regime similar to Crowdcube's current regime with the Financial Conduct Authority (FCA) in the UK.

2. A tested technology infrastructure which has been operational for a long time and which has successfully delivered value to both investors & entrepreneurs.

3. The experience of successfully raising funding as evidenced by the over 10 million pounds of transactions completed through the Crowdcube platform in the UK.

Crowdcube MENA is led by a group of experienced Bankers, Entrepreneurs and Asset Managers with experience in USA/Canada, Europe and the Middle East.

Crowdcube MENA can be contacted at info@crowdcube.me or visit www.crowdcube.me to register for updates.

-Ends-

Who is Crowdcube?
Crowdcube is the global leader in Crowdfunding and have expanded to markets in Europe, North America and Latin America. Crowdcube was established by Mr Darren Westlake and Mr Luke Lang in the UK. To date Crowdcube has funded 55 deals and has over 38,000 registered users. Crowdcube is authorised and regulated by the FCA in the UK and is the number 1 platform for equity crowd funding globally. Crowdcube has assisted entrepreneurs to secure funding across various sectors which include technology, professional services, food & beverage, manufacturing, oil & gas, retail and several other sectors.

© Press Release 2013


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