Australian Social Media App“LITT” raises $1.5m in 2 days on Birchal!
After Thrive’s success of raising $3 million in only 3 days, yet another record-breaking Birchal crowdfunding campaign has just closed with $1.5 million funding in 2 days, setting a new CSF record!
As well as this, It took them just 40 minutes to reach their minimum target of 500k, setting another new CSF record.
“Everyone in the office was cheering every time we hit refresh on our laptop — our team has worked so hard over the past few years and to have investors now share in our vision can only be described as pure joy!” Brent Thompson, LITT’s co-founder, told The Australian.
LITT is a Perth founded social media platform founded by Brent Thompson and Peter Salmon. The founders created LITT with the intention of connecting Australian people and local businesses, incorporating features such as a digital wallet, news, and ads.
Last month’s news-ban from social media platform, Facebook, positively impacted LITT, which has been growing its user sign-ups by an average of 80% every week since mid-February; now counting more than 400 small businesses and 18,000 members, it has been said to take on social media giants such as Facebook.
They have been planning to scale the business Australia-wide with the goal of expanding internationally soon.
After closing their Expression of Interest campaign, LITT obtained $1.5 million funding from 682 investors in only 2 days and we are proud to be celebrating this huge success with them!
This campaign is another clear statement on the growth in popularity among Australians’ interest in CSF investing and we‘re excited for what’s in store for the rest of the year.
In Matt Vitale’s words (Birchal’s co-founder) “In 2020, Birchal completed its biggest year ever, aided by a strong rebound in the last 6 months. With LITT’s amazing result, it looks like 2021 could be even bigger.”
You can read more about the crowdsourced funding (CSF) industry in Birchal’s 2020 CSF Yearbook.
Interested to know more about Birchal’s other campaigns? Check out live offers & EOIs.
If you’re a start-up looking for your next round of capital, please go ahead and start a company profile on Birchal.
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Relevant articles
Thrive raises $3 million in 3 days
https://www.smartcompany.com.au/startupsmart/news/litt-australian-social-media-platform/
