A startup making dissolvable caffeine hits just closed Australia's first finished equity crowdfunding campaign

Revvies Energy Strips Limited just closed Australia’s first completed equity crowdfunding campaign.

The company behind a fast dissolving mouth strip that delivers 40mg of caffeine raised nearly $300,000 from 239 investors via equity crowdfunding platform OnMarket.

Xinja, a digital bank startup, was the first to launch, via Equitise, an equity crowdfunding offer. Its campaign is expected to close in the next few days.

Seven companies were issued Australian Financial Services authorisations to provide crowd-sourced funding. Equity crowdfunding enables Australian retail investors to invest as little as $50 or as much as $10,000 in a business.

New legislation enabled by the Crowd-sourced Funding Act 2017, allows companies with less than $25 million in gross assets to raise up to $5 million a year.

Retail investors are able to invest up to $10,000 per company a year.

“Equity crowdfunding brings entrepreneurs and consumer investors together for the first time, and that is what we have been able to achieve with Revvies,” says OnMarket founder Ben Bucknell. Read more

Chris Pash -  Business Insider Australia - 27 Mar 2018