The UK Crowdfunding Association has said 18 projects have now raised £1million or more entirely from private investors through crowdfund platforms.
The trade body representing 40 loan-based and equity crowdfunding businesses said the biggest fundraising was by Triodos Renewables, part of Triodos Bank, which raised £3.5m from 1045 investors in a pitch which closed at the end of January.
Julia Groves, chair of the association, said: "What the figures also show is that crowdfunding is an attractive way for institutional money - whether that is venture capital firms or investment funds - to invest in businesses they like."
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