Latest update: 25.03.21
Following the below update, which we shared yesterday (24.03.21), we have jointly agreed with Seedrs, in line with the terms of the proposed acquisition, that both parties will withdraw from the transaction following the CMA’s findings.
We wanted to share an update on our proposed acquisition of Seedrs, following our announcement at the end of last year.
As you know, before the transaction could be formally completed, we needed to go through a standard approval process with the Competition & Markets Authority (CMA).
The CMA has now shared its provisional findings and disappointingly raised concerns about competition and concluded that blocking the transaction may be the only way of addressing these concerns.
We're obviously disappointed with the CMA's findings but we have taken the decision to terminate the proposed acquisition. However, I'd like to reassure you that it's business as usual at Crowdcube, and we continue to focus on delivering a great experience for businesses and investors alike.
Crowdcube recorded outstanding levels of growth in the last 12 months and remains in a very strong financial position following record revenue in 2020 and two consecutive quarters of profitability. We continue to invest in our people and products, and we expect to be profitable again in the first half of 2021, with an unprecedented level of high profile European businesses set to fundraise with us in the coming weeks.
We are excited by the growing market opportunity in the UK and across Europe and we will share further updates on our plans for the future in due course.