LOVESPACE raises £1.6m on Crowdcube with backing from DN Capital
The storage company secured backing from venture capital firm DN Capital alongside retail investors to fund expansion.
LOVESPACE operates a storage by the box service that collects items from customers and stores them in its own warehouses.
LOVESPACE has secured £1.6m in a funding round hosted on Crowdcube, surpassing its initial target after securing backing from major investors including DN Capital. The company plans to direct the capital towards expanding its warehouse capacity, growing its vehicle fleet, and increasing headcount across technical and operational roles.
The raise marks one of the largest equity crowdfunding campaigns on the Crowdcube platform to date. Institutional backing from firms such as DN Capital highlights the growing acceptance of crowdfunding as a viable financing route for high-profile entrepreneurs.
From the founder
"I am thrilled we have had such a successful round of funding using Crowdcube. We have been steadily growing customer numbers and developing our services since launch last November, and this additional funding will allow even further expansion of our customer offering and importantly storage space. We are very grateful to all the support shown in this round of funding and are delighted to welcome the new investors. We are excited about building LOVESPACE into a bigger business, one box at a time with all of our investors."
Steve Folwell
Managing Director at LOVESPACE
Investor perspective
"It shows that VCs as well as other institutional investors can invest alongside the crowd and reinforces the fact that crowdfunding is now a seriously credible and viable funding platform."
Luke Lang
co-founder and CMO, Crowdcube
Use of funds
- 01Build out infrastructure
- 02Invest in sales and marketing
- 03Grow the team
- 04Continue product development