A new Australian equity crowdfunding record was set when the Australian social media alternative to Facebook, LITT, raised AUS$500,000 in 40 minutes, and went on to become the second fastest to raise AUS$1m, in just 11 hours.
AUS$1.5 million worth of shares are available at an issue price of AUS$1.06 per share, LITT’s founders are recommending investors considering participation to hurry before all shares have been allocated on the Birchal equity crowdfunding platform.
Prior to the investment offer going live on Tuesday 9 March 2021, LITT recorded significant recent increases in its userbase and busines base.
The LITT Platform now has approximately 18,000 members and 460 businesses, representing a 100% increase in two weeks up from approximately 9,000 members and 230 registered businesses prior to that time.
In that time, there was also a total of 1,182 expressions of interest (EOI) documents distributed to keen prospective investors in connection with the crowdfunding offer.
“Everyone in the office was cheering every time we hit refresh on our laptop – our team has worked so hard over the past few years and to have investors now share in our vision can only be described as pure joy!” said Brent Thompson.
The proudly Australian owned LITT platform is designed to bring communities together while also supporting local businesses and community organisations.
The hybrid social media app brings together social media, digital payments, e-commerce, and augmented reality advertising. It recently finished its testing phase in Perth and is in the process of rolling out across the country.
Matt Vitale, Birchal Co-founder said. “LITT has burst out of the gates in a stunning opening day, breaking the record for fastest CSF offer to raise $500k, and the second fastest to raise $1m, in just 11 hours!”
“LITT’s campaign is already the biggest for a social media app under the CSF regime yet, and seems to be well on the way to hitting its maximum target early.
“Equity crowdfunding has been a popular source of capital for Australian startups and SMEs, particularly in light of the COVID-19 pandemic.”
“In 2020, Birchal completed its biggest year ever, aided by a strong rebound in the second half. With LITT’s amazing result, it looks like 2021 could be even bigger.”
“The Australian CSF industry, which commenced in 2018, is nascent but accelerating with approximately 120 successful CSF offers completed, raising approximately $80m across the industry to date, the majority of which have been completed on Birchal.”
With an equity funding target of $1.5 million, LITT plans to use the funds to market the platform in Sydney and Queensland initially then Melbourne, Northern Territory and South Australia with a focus on member and business acquisition.