Hitmarker, the largest jobs platform in esports, launched its equity crowdfunding campaign on Crowdcube on Friday 1st November and had raised 250% of its target by the following Thursday. The company will now seek to double its full-time headcount in order to expand quickly into the wider video game industry.
Hitmarker’s initial equity crowdfunding target was £80,000, which was offered in exchange for 4% equity, and the company set a cap of £200,000, which was offered in exchange for 9.43%. The campaign had a runway of 30 days to raise just the minimum amount but ended up being concluded after just six when Hitmarker hit their upper target well ahead of schedule.
This amount was pledged by a total of 405 investors from 37 different countries and the average amount invested was £500. Over the six-day period, Hitmarker averaged one investment every 20 minutes.
Hitmarker’s Founder, Phil Huggan, said: “Before we launched our crowdfunding campaign, we created cash flow forecasts based on the different amounts we thought we could raise, and £200,000 was accounted for in these. We’ll use the extra £120,000 wisely, by increasing our marketing spend and paying more competitive
salaries with the view of dominating the video game industry’s hiring landscape, just as we’ve done in esports. We expect this to increase the number of jobs on our platform five-fold and lead to a similar surge in the number of users we have.”