MORE than £1 million has been raised by Scottish businesses on Crowdcube since the crowdfunding platform launched its first office north of the Border in October.

Crowdcube opened its office in Edinburgh in response to the growing number of start-ups in Scotland and increasing demand from businesses for alternative finance.

Since then its platform has hosted five successful investment offers from Scottish firms, which between them have brought in a seven-figure sum.

Flavourly, the food and drink discovery set up by Scottish entrepreneur Ryan O'Rorke, has generated the highest sum. It raised £515,000 from 339 Crowdcube members after Mr O'Rorke turned down a £75,000 investment from backers on the BBC's Dragons' Den earlier this year.

Growler Beers, the Edinburgh craft beer and cider firm, and The Bellfield Brewery, bidding to become the UK's first gluten-free beer producer, both closed their offers after successfully reaching their respective £100,000 and £150,000 targets.

Crowdcube, which has offices in London and Exeter, has raised more than £1.5m for a total of seven Scottish businesses on its platform to date.

Plan Bee, which manages beehives for companies as a form of corporate social responsibility, was the first Scottish business to raise funds on the platform, raising more than £105,000 from 177 investors. CHOC+, the innovative chocolate brand, drummed up £168,000 from about 180 backers.

Other Scottish firms which have successfully raised finance on Crowdcube include fruit jam producer SuperJam (£308,000 from 367 investors) and legal process outsourcing company NewGalexy (more than £212,000 from 122).

Craig McKenna, head of Crowdcube's Edinburgh office, said: "We're delighted with these figures, which show that the appetite for crowdfunding in Scotland is huge.

"We've been overwhelmed by the interest shown by both businesses and investors, and our success so far is only the tip of the iceberg."