Dr. Nasser Saidi, Former Chief Economist of DIFC, appointed as Deputy Chairman at Eureeca; cites platform as a contributor to economic growth
Dubai (UAE): Eureeca, the first global crowdinvesting platform for growth companies and small & medium businesses to source funding from the crowd, announced its official launch today with funding proposals from a number of UAE and regional businesses now live on its website. Operating as a marketplace for both businesses looking for funding and crowd investors seeking new investment prospects, Eureeca offers growing businesses access to investment from the ‘crowd' for as little as US$100. The crowd is typically made up of a business' followers and fans, clients, friends and other members of www.eureeca.com
While growth companies and SMEs contribute to more than 50 per cent of the jobs created worldwide and are crucial to global economic recovery , access to capital still remains one of the biggest challenges for small business growth.
Founded by experienced entrepreneurs and former investment bankers, Chris Thomas and Sam Quawasmi, Eureeca provides entrepreneurs and SMEs with a game-changing alternative to traditional methods of funding. By allowing investors to earn equity in a business listed on the website for as little as US$100, Eureeca lowers the investment barrier to entry, thereby opening up the pool of potential investors.
Commenting on the launch of the platform, Dr. Nasser Saidi, Deputy Chairman of Eureeca said, “The growth of SMEs is critical for innovation, job creation and overall economic recovery following the financial turbulence that has impacted world markets. Eureeca provides an alternative solution that addresses the persistent needs of entrepreneurs and SMEs for growth capital and, has the potential to become a significant catalyst in developing the SME sector in the region and globally. Development of the sector will continue to remain slow and marginal unless there is a revolutionary change in the flow of capital from investors to business owners and entrepreneurs.”
Chris Thomas, Co-Founder and CEO of Eureeca added, “Eureeca not only benefits SMEs around the world by providing them with easier and faster access to capital but for the first time, enables the ‘crowd' as well as professional investors to make small investments in real businesses they love, in exchange for equity. By taking the search for capital online, Eureeca empowers a larger number of people to invest in and facilitate the growth of promising businesses they believe in.”
The business case for crowdinvesting and Eureeca as an effective financing solution for SMEs is re-affirmed by the company's Board and investors such as Juan Jose Daboub, Former Managing Director of the World Bank. The Board includes:
• Dr. Nasser Saidi, Former Chief Economist of the Dubai International Financial Centre (DIFC)
• Bruce Armstrong, Former CFO at NYMEX
• Pierre Azzam, Former COO of Impact BBDO & Founder & CEO of Belong Interactive
The appointment of Dr. Nasser Saidi as Deputy Chairman of Eureeca signals the importance of crowdinvesting for improving access to finance and promoting overall regional economic growth. Dr. Saidi, who has held ministerial roles at the Government of Lebanon and also served as the Vice Governor of the Lebanese Central Bank, is eminent for his achievements in introducing major reforms in economic policy and corporate governance, across the Middle East. At Eureeca, Dr. Saidi will oversee company strategy and corporate governance while managing the company's regional expansion.
Sam Quawasmi, Co-Founder and Managing Director of Eureeca said: “Beyond facilitating access to funding, Eureeca serves as a powerful marketing tool for businesses by connecting them to a crowd they would have never had access to. The crowd of investors will naturally share, promote and raise awareness of businesses in which they invest. We are confident that Eureeca will play an instrumental part in fuelling growth and success of SME's both in the region and around the world.”
While registration for entrepreneurs and investors on www.eureeca.com is free, the company performs strict compliance checks and due diligence before publishing funding proposals online. Businesses are required to set a funding target and are provided a standard 90-day period to raise funds from investors on the website. Should the funding target not be reached by the end of the 90-day period, any funds raised are returned to investors.
For more information, visit www.eureeca.com