Eureeca
Eureeca is an equity crowdfunding platform with offices in Dubai, London, Amsterdam and Kuala Lumpur that allows early-stage businesses and small and medium-sized enterprises to raise capital from a group of investors, who range from casual and angel investors to institutional firms, in exchange for equity. Eureeca serves as an alternative financing option to more traditional financing sources such as banks and venture capital firms.
Launched in Dubai in 2013 by Chris Thomas and Sam Quawasmi, it has since grown into a cross-continent platform globally, having received regulatory approval from the UK’s Financial Conduct Authority and the Malaysian Securities Commission.
Eureeca has grown to an active investor base of 25,495 from 36 countries with an average investment size of US$5,800.
37 early-stage businesses and SMEs have successfully raised capital through the platform.
Model
Eureeca utilises an "all or nothing" fundraising model, which requires campaigners to hit their targeted fundraising amount during a 90-day campaign period in order to collect the funds. In the event that the target amount is not reached, members of the crowd who have already invested in the business will have their funds credited back to their Eureeca account for future use.Eureeca has implemented a "Minimum Target" policy, which allows campaigners to specify a minimum target lower than their total one. This is based on milestones specified in the offering. Companies utilising this target will have it clearly marked on their proposals, and will be allowed to keep anything they raise beyond it.
Funded campaigns
37 early-stage businesses and SMEs have been successfully funded on the Eureeca platform.| Campaign | Industry | Funds Raised | # Investors | Equity Release | Date |
| Nabbesh.com | Online Marketplace | $100,000 | 23 | 6.67% | Sept. 2013 |
| SearchinMENA.com | B2B Marketplace | $140,000 | 31 | 7.22% | Jan. 2014 |
| Foodlve.com | Social Media | $139,979 | 28 | 10% | Feb. 2014 |
| Harir | e-commerce | $101,688 | 34 | 4.479% | Feb. 2014 |
| Abjjad | Social Media | $161,776 | 44 | 17.98% | Feb. 2014 |
| Poupee Couture | Fashion | $112,833 | 18 | 10% | April 2014 |
| Cary! | Online Marketplace | $103,400 | 31 | 6.86% | May 2014 |
| Jobedu.com | Fashion | $119,942 | 29 | 5.35% | May 2014 |
| ekeif.com | Digital Content | $83,760 | 38 | 6.25% | July 2014 |
| Izil | Cosmetics | $159,675 | 29 | 6.6% | Aug. 2014 |
| Yislamoo.com | Greet Cards | $86,550 | 43 | 7% | Oct. 2014 |
| Weziwezi.com | Social Media / Digital Content | $242,957 | 35 | 6.25% | March 2015 |
| CoreFit | Health and Fitness | $200,000 | 36 | 10% | July 2015 |
| Artscoops | Online Marketplace | $130,528 | 49 | 15.00722% | Dec. 2015 |
| Homes or Houses | Real Estate | $611,000 | 48 | 13.18552% | Jan. 2016 |
| Eureeca - Round 1 | Financial Technology | $400,000 | 45 | 3.6% | Aug. 2016 |
| Savortex | Advertising Technology | $558,505 | 29 | 10% | Sep. 2016 |
| Cabture | Media | $268,648 | 54 | 3.91% | Mar. 2017 |
| El Grocer - Round 1 | Online Marketplace | $572,645 | 87 | 1.5% | July 2017 |
| Udenz | Healthcare | $203,521 | 33 | 14.05% | Sept. 2017 |
| Eureeca - Round 2 | Financial Services | $445,270 | 87 | 1.5% | Sept. 2017 |
| Arrow TV | Online Marketplace | $171,061 | 12 | 13.89% | Nov. 2017 |
| Enerwhere - Round 1 | Energy & Utilities | $851,823 | 101 | 2.62% | Dec. 2017 |
| Firnas Airways | Leisure & Tourism | $447,951 | 161 | 11.52% | Mar. 2018 |
| Dinnertime | Food & Beverage | $101,714 | 21 | 29.72% | Feb. 2018 |
| Chef Xchange | Food & Beverage | $425,007 | 20 | 4.76% | Apr. 2018 |
| Gulf Meteor | Media | $520,219 | 28 | 10.43% | May 2018 |
| Propnology | Financial Services | $180,144 | 62 | 13.18% | June 2018 |
| Kora | Online Marketplace | $183,330 | 27 | 16.49% | July 2018 |
| Sugarmoo | Food & Beverage | $191,488 | 35 | 5.97% | Aug. 2018 |
| Peerwith | Online Marketplace | $135,615 | 44 | 7.7% | Sept. 2018 |
| Switch DXB | Health & Fitness | $200,669 | 40 | 4.12% | Oct. 2018 |
| Enerwhere - Round 2 | Energy & Utilities | $953,519 | 61 | 1.3% | Dec. 2018 |
| Jobedu - Round 2 | Consumer Products | $116,444 | 41 | 5.41% | Jan. 2019 |
| Dukkani Smart Shopping | Online Marketplace | $341,485 | 6 | 14.87% | Feb. 2019 |
| El Grocer - Round 2 | Food & Beverage | $542,697 | 74 | 3.73% | July 2019 |
| Energy & Utilities | $909,215 | 66 | 9.94% | Sept. 2019 |
Regulation
In March 2015, Eureeca received regulatory approval from the United Kingdom's Financial Conduct Authority, which allowed it to begin actively listing British early-stage businesses and SMEs on its platform.In June 2015, Eureeca received regulatory approval from the Securities Commission Malaysia.
In September 2016, Eureeca received regulatory approval from the Netherlands Authority for the Financial Markets.
In November 2016, Eureeca received regulatory approval from the Dubai Financial Services Authority.
Recognition
In September 2013 Eureeca co-founders Chris Thomas and Sam Quawasmi were presented with the "Innovator of the Year" award Gulf Business Industry Awards in the United Arab Emirates.In December 2013, Eureeca was named "StartUp of the Year" at the first annual Arabian Business StartUp Awards in Dubai.
In October 2016, Eureeca was named in the "Forbes Top 50 UAE Start Ups To Watch”, placing 3rd in the list.