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Updates earlier version with final amount raised

Nine days after launching its equity crowdfunding campaign on Crowdcube, British autos marketplace CarWow is planning to close the funding round this weekend having raised more than £5million ($6.2 million U.S.) in total.

The investment total  has come from 8,347 individual investors and represents 2.74% of total equity,valuing the company at £178,946,540. CarWow reached its initial crowdfunding target of £2 million in less than one hour and with one day left has exceeded that target by 252%.

Last week CarWow launched a crowdfunding campaign to encourage investors and customers to buy a stake in its business.

Using equity crowdfunding platform Crowdcube, the campaign went live at 11am on Thursday Sep. 26 and the £2 million target was reached by midday. The investment will be used to further develop its overseas expansion.

Over 50,000 CarWow customers registered in advance to get the link to the page and 3,000 investors contributed to meet the target. The investment was open to CarWow customers who pre-registered for the first 24 hours and is now open to all.

Investors and customers were able to invest a minimum of £10, with different options available to get access to exclusive shareholder rewards, including merchandise and track days

“The interest has been overwhelming so far and we could not be happier,” said James Hind, founder and CEO of CarWow.

“We are hugely proud of the unique proposition we have brought to market and are excited about the next phase in partnership with our investors, both existing and new on board.”

“With nearly 5,000 investors and counting, CarWow is already one of the most popular raises ever with Crowdcube,” said Luke Lang, co-founder and chief marketing officer of Crowdcube.

On Wednesday, CarWow published its latest financial results which showed a pre-tax loss of £15.9 million, following investment in its business in Spain, Germany and France. This is roughly double the loss of £7.8 million CarWow made the year before.

In August CarWow secured £25 million ($31 million U.S.) in an investment round led by Daimler.

Updates earlier version with final amount raised