Nabbesh.com appeals to the masses
"I am personally a big fan of crowd funding, and crowd investing is a variation of that," says Loulou Baz.
June 19, 2013 5:56 by kippreport
Virtual skills marketplace Nabbesh launched its quest for capital on Eureeca, a global crowd-investing platform for small and medium businesses to source funding from the masses.
Eureeca provides a platform to facilitate a funding round for Nabbesh, with an entry level for interested investors, starting at $100. As with all businesses listing their proposals on Eureeca, Nabbesh will be open to funding for a 90-day period and, so far, they’ve raised roughly 20 per cent of their target amount.
Registration for investors on the site is free.
Dubai-based Nabbesh currently has 17,000 members and more than 1,300 freelance and project-based jobs posted on the site. It had won the inaugural Middle East start-up reality TV show The Entrepreneur earlier in the year.
Speaking exclusively with Kipp Report, site founder Loulou Baz says while most investments normally happen behind closed doors, with only a number of participants (due to the large size of required funds), crowd investing enables anyone who believes in and wants to support a business such as Nabbesh to become a shareholder.
“We thought about our fans, the actual users of our service and people who would like to own a few shares in our company and we decided that we must allocate a portion of the funds to them,” says Baz. “The amounts invested are nominal, but as Nabbesh grows, these early investors will be heavily rewarded in the future.”
Since Eureeca.com is a relatively new platform, Baz says the success with Nabbesh will also reflect on the success of crowd investing in general, which she believes is “crucial” for the revival of entrepreneurship in the Middle East region.
“I am personally a big fan of crowd funding. And crowd investing is a variation of that, but the core remains the same; leveraging the power of the crowd to raise funds.
“We hope to raise US$100,000 in a relatively short period of time,” she adds.