Eureeca

Eureeca is a Dubai-based equity crowdfunding platform, launched in 2013, that connects small and medium-sized companies with individual and institutional investors under UK, Malaysian and DIFC regulatory status.

Industry: Equity crowdfunding | Location: Dubai, United Arab Emirates | Founded: 2013 | Total Funding: USD 400K

About Eureeca

Eureeca is an equity crowdfunding platform headquartered in Dubai that lets small and medium-sized businesses raise capital from a crowd of investors. It launched in 2013, and Wamda reported at the time that its two founders, former investment bankers Chris Thomas and Sam Quawasmi, set it up to help close the funding gap faced by smaller companies, with an initial focus on the Middle East. The company was named StartUp of the Year at the first Arabian Business StartUp Awards in Dubai in December 2013 and placed third on a Forbes Middle East list of UAE start-ups to watch in 2016. Eureeca built a multi-jurisdiction regulatory footprint. Gulf News reported that it received approval from the UK Financial Conduct Authority, and Crowdfund Insider reported that it later opened a European hub in Amsterdam. The company is also described as authorised by the Securities Commission Malaysia. Gulf Business and Crowdfund Insider reported that it obtained the first equity crowdfunding licence issued by the Dubai Financial Services Authority, and Gulf News reported that it opened operations in the Dubai International Financial Centre. The company has raised money from its own users. In 2016 Gulf Business and Arabian Business reported that Eureeca raised about US$400,000 in a 12-day self-crowdfunding campaign to fund growth in continental Europe and Southeast Asia and product development. A subsequent campaign reached its target in about six hours, as part of a planned Series A that aimed to raise US$5 million from institutional investors. Reports from 2016 cited more than 12,000 active investors from 42 countries with an average investment of about US$5,900. By 2024 the company reported an investor network of 45,000 people from 72 countries and an average investment of US$5,800. Companies that have raised money on the platform include Udrive, which Wamda reported raised US$1.3 million from 186 investors in December 2020 as part of an ongoing Series A round. Gulf News has also reported that Eureeca set out plans to build a digital investment bank offering secondary-market trading and pre-IPO access, and to expand through acquisitions.

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