has turned to crowdfunding to raise money for expansion.
The ecommerce network, which gives high streets around Britain a collective online presence, is offering a stake in the business to investors of all sizes. Minimum investment starts at £10, and so far the company says it has already raised £65,000 towards its target of £270,000, which it aims to achieve in two months. Together investors will take a 10% share of the business.
MyHigh.St is working with equity crowdfunding site Crowd Cube
on the fundraising
, which will see those who invest £100 or more rewarded with points and products. The company’s ambitions include taking 200 high streets online.
Loaye Agabani, co-founder of MyHigh.St, said: “Like MyHigh.St, crowdfunding is community-drive, allowing everyone from individual shoppers to large investors to share in the future of the High Street.”
He added: “Online is the biggest opportunity independent retailers have ever had. £91 billion
was spent online last year and a 17% growth in online spending is expected in 2014. We envisage a network of digital high streets, showcasing all that Britain’s shopkeepers have on offer, with MyHigh.St as part of the online future of retail. As of today, our research suggests just one in three independent retailers is currently able to sell online. With everyone on board and working as a team we can transform this market.”
The MyHigh.St marketplace and network of town sites was launched in 2012 by founders including Agabani, who runs a high street toy shop in Wells, Somerset. Now it provides an online home to nearly 400 shops from 155 towns across the UK and is working with a cross-industry coalition target200, which aims to bring 200 digital high streets online as part of the MyHigh network.