OurCrowd sets Australian record for equity crowdfunding

Raises $1.5 million for medical device company

Equity crowdfunding platform OurCrowd has broken an Australian record, the company said this morning.

The company said it had closed out a $1.5 million round of funding for mobile health company Global Kinetics Corporation.

GKC produces a wrist-mounted medical device that records an individual's movements for use by doctors to track movement disorders such as Parkinson's disease. The money will be used to fund the company's expansion in the US.

OurCrowd expanded into Australia in early 2014. Since then it has raised more than $25 million from Australia-based investors, the company said.

"Since opening OurCrowd’s Australian office we have quickly connected local sophisticated investors with high quality early stage investment opportunities, which is enabling them to invest alongside some of the world’s most prominent angels and venture capitalists such as [Google executive chairman] Eric Schmidt and [PayPal founder] Peter Theil," the crowdfunding company's local managing director, Dan Bennett, said in a statement.

The recent federal budget included funding for the Australian Securities and Investments Commission to implement a crowd-sourced equity funding (CSEF) regulatory framework.

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