UOB equity crowdfunding partner OurCrowd raises US$72m

SINGAPORE - United Overseas Bank's (UOB) equity crowdfunding partner OurCrowd has raised US$72 million (S$98 million) in funding from financial institutions, family offices, and private investors from five continents.

UOB tied up with OurCrowd, an Israeli fintech, in March to allow its small and medium-sized enterprise (SME) clients to obtain funds through OurCrowd's equity crowdfunding platform.

Half of the funds will go towards expanding OurCrowd's seven global offices and to further develop its technology platform. OurCrowd will use the rest to invest its own capital in companies raising funds on its platform.

"The latest milestone in OurCrowd's expansion speaks not only to our global growth, but specifically highlights the strength of our traction in Asia and the depth of our partnerships here in Singapore," said Mr Denes Ban, OurCrowd's managing director of Asia.

OurCrowd, which was launched in 2013, has invested in 100 portfolio companies and funds on its platform to date.