Crowdcube: Turnover falls by half as losses continue

Turnover at funding platform Crowdcube fell by half during its latest financial year as it continued to lose money, it has been revealed.

The London-headquartered business has reported a turnover of £7.5m for 2023, according to newly-filed accounts with Companies House.

The new figure comes after Crowdcube posted a turnover of £14.4m for the 15 months to the end of 2022.

The results have been revealed in accounts filed with Companies House long after the 30 September deadline.

The accounts also show that Crowdcube also made a pre-tax loss of £6.6m in the year, after having lost £8.9m in 2022.

Crowdcube UK turnover fell from £12.9m to £5.9m in 2023 while its earnings from the rest of Europe nudged up from £1.4m to £1.5m.

During the year Crowdcube put its Swedish operations in liquidation “in order to focus on other parts of the European market”.

The business also acquired Semper SAS, which is based in France, for £2.9m.

A statement signed off by the board said: “The company and its subsidiaries remains focused on capturing market share in the equity funding market in the UK and EU and is expecting revenue growth in the financial period ended 31 December, 2024.

The Crowdcube accounts come after rival Seedrs suffered a 10 per cent fall in its revenue after fewer deals and less investment were made through its crowdfunding platform in 2023.

The business reported a revenue of £6.1m for the 12 months, down from the £6.8m it posted in 2022. Seedrs also saw its pre-tax loss widen from £9.6m to £9.9m in 2023.

Seedrs was acquired by US-based equity crowdfunding platform Republic in 2021 in a $100m (£76.6m) deal.

In July, Seedrs announced it would start trading under a new name – Republic Europe.