Miigen, the social platform for senior life, aims to raise £500,000 in seed funding round
A Scottish start-up with global potential is embarking on a £500,000 seed round fundraising exercise, which aims to significantly widen its investor base and take it to the next stage of its rapid development.
Miigen, the social platform for senior life, aims to now give investors the chance to share in the company’s success by helping raise the six-figure sum in a 90-day crowdfunding project.
Investors are being invited to contribute a minimum of £100 for one share via Miigen’s crowdfunding page hosted by the Edinburgh-based ShareIn at Miigen. Ownership of 10% of Miigen will be available and investments will be EIS eligible.
A first-round investment exercise in July last year aimed at raising £150,000 actually secured £250,000. This was on top of earlier bootstrapping to the tune of £200,000.
And, following a recent successful investor roadshow in San Francisco by Miigen co-founder Craig J Lemmon, another major funding round will be held in the US in December next year with the aim of raising $10 million USD (approximately £7,500,000 at time of writing).
The pace of funding activity reflects the rapid growth of Miigen, which is making headlines as an online platform targeting millions of social media consumers over the age of 50. It intends to build a global company by signing up 10 million users by 2023.
It already has 40,000 users in 102 countries and currently is running a global digital marketing campaign in five languages in 25 countries which is expected to raise user numbers to 100,000 by the end of the summer.
Stirling-based Craig, an entrepreneur with 30 years’ experience of running global ventures in the leisure and technology sectors, established Miigen with Campbell Ferrier. Both men were motivated by the emotional effects of parental loss.
Craig said: “The appetite for investment in Miigen has already been amply demonstrated in our pre-seed funding. We expect this next funding round to be equally successful and to facilitate our continued expansion.”
Proceeds from the latest round are planned to fund a major expansion in high quality employment at Miigen across a range of skills types, as well as developing a tool for customer acquisition and investing in PR and marketing.
The company lets older adults create a digital record of their lives, in their own words and voice, which they can securely share with friends, relatives and children. It is targeting a demographic of more than 600 million later life social media consumers and is supported by Scottish Enterprise.
Please note that investing in Miigen puts your capital at risk and returns are not guaranteed. Please read the full risk warning on the Miigen fundraising website before deciding to invest.