Fintech startup, Thrive, raises $3 million in 3 days on Birchal

2021 has started with a bang! We are extremely excited to celebrate Thrive’s success after they raised $3 million in 3 days on the Birchal platform…

This incredible result has joined the top spot as one of the most successful equity crowdfunding campaigns in the Australian industry to date — joining the all-female rideshare platform Shebah, who also raised $3 million in 2019 through Birchal.

Thrive co-founders Ben Winford (centre) and Michael Nuciforo (right) with CTO Warren More, Source: Supplied.

As a cutting edge product that makes it easy and accessible for Australian SMEs to manage their finances using AI components and smart business accounts, Thrive says the needs of everyday entrepreneurs are the core of their business

“The technology we’ve developed puts the financial affairs of a small business on autopilot, winning back time for busy business owners and making it easy for them to stay in control of their financial destiny,” Michael Nuciforo, Thrive’s co-founder says.

Developed in mid-2018, Thrive founders Micahel Nuciforo and Ben Winford have been able to rapidly develop the Thrive concept in just 36 months thanks to over a decade of experience in banking, tech, retail & startups.

Steadily growing a waitlist of over 6000 SMEs, the Thrive team was able to leverage this network of value-aligned stakeholders to receive more than 850 EOIs before the launch of their offer.

To use Nuciforo’s words: “Our ‘coming out’ party as a new brand in the Aussie fintech space has been this equity crowdfunding raise”.

Thrive’s successful campaign also represents a new milestone in the Australian crowdfunding regime, welcoming increased VC engagement alongside private investors in the recent round. This comes on top of industry growth seen since the start of the COVID-19 pandemic, as larger businesses turn to equity crowdfunding as an increasingly viable way to raise capital.

You can read more about our recap of the crowdsourced funding (CSF) industry in Birchal’s 2020 CSF Yearbook.

On Friday the 19th of February, Thrive closed almost a full month ahead of schedule, with $3 million and 547 investors. If you feel you’ve missed out, check out Birchal’s other campaigns and EOIs that are currently open here.

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