Penguin’s new crowdfunding platform, Penguin, has launched a crowdfund to raise $2.5 million to build a digital presence for its product line.
The startup’s CEO says the fund will fund Penguin’s “innovative and compelling products and services” that are “built to help entrepreneurs reach their potential”.
The company says it plans to use the money to expand Penguin’s product line, build new products and hire more employees, as well as to build “digital assets and content” to increase Penguin’s visibility and reach.
“We want to build the world’s most efficient, scalable, and powerful platform for bringing products and startups to life,” Penguin CEO and co-founder Ben Pemberton said.
“I believe we are on the right track.”
Penguin’s platform is an extension of Penguin Labs, a non-profit organisation founded by Pemberon in 2014.
It is an entirely-owned subsidiary of Penguin which owns the Penguin name.
The new fund, called Penguin Partners, is the first of its kind, with funds from all investors.
“It’s a great opportunity to fund a company we’ve never had before,” Penguin co-founders David and Chris Pemberson said.
In 2015, Penguin was one of the most active startups in the space, with its platform powering over 50 products and more than 40,000 people across its product lines.
“Penguins mission is to provide a safe and secure online environment for all businesses,” Penguin’s founders said in a press release.
“This includes ensuring that our products are secure and secure against hackers, spam, phishing and malware.”
Penguin is looking to raise a total of $2 million, including a small equity investment.
Penguin will use the funds to create a “product brand and brand identity” that will help it to increase its visibility and presence.
The platform also will have a “digital presence”, according to the fund’s website.
Penguin’s investors include The New York Stock Exchange and the NYSE Venture Capital, which also owns the name Penguin.
The founders say Penguin’s success has been driven by a strong customer base.
“Our customers tell us they love our products and the way they deliver value to them,” Penguin Labs co-Founder Ben Pememberton and Penguin’s Chief Executive Ben Smith said in the press release announcing the new fund.
“Their loyalty and loyalty is what has propelled Penguin to the top.”
Penguin Labs launched in September 2015 with more than $3 million raised.
The team said in an interview with The Next Web that Penguin Labs is now on track to deliver more than 100 products by the end of 2019.
“With Penguin, we have built the best digital products and service platform in the industry,” Smith said.
Pembertons new venture is part of Penguin’s growing team.
“The team here is really strong, and we’ve seen an incredible growth in the last six months, particularly in terms of growth in our revenue,” Smith told The Next Wire.
Penguin has raised more than US$3 million in funding since it launched in 2015.
Penguin Labs was founded in the US in 2013 and has raised US$1.5 billion.