Audio transfer app Chirp has smashed its £400,000 crowdfund on Crowdcube to raise a total £752,530.
More than 350 people backed the campaign, which is the first successfully crowdfunded project to come out of University College London and the largest round ever raised by a UK university.
The round included a £215,000 investment from London’s GuanQun Investment UK.
Chirp can be used to transfer any kind of data, from sounds to payments, and can be integrated into other apps.
“We’re delighted with the outcome of the campaign and pleased that the company can now really move forward with growing a sustainable, revenue-focused business based on a robust technology platform,” said Cengiz A. Tarhan, MD of ULCB, which commercialises innovations coming out of UCL.
“This also gives us real evidence that the crowd is now a significant player in the funding of early stage businesses and an option that we will seriously consider for more of our spinouts in the future.”