Boyle says crowd funding set to Bloom

Serial entrepreneur Amanda Boyle yesterday launched a project to raise £1 million to fund new businesses.

Bloom VC will provide the mechanism for people to raise money using a "crowd sourcing" model, where people with a business idea pitch to potential investors through social networking.

Boyle said: "Bloom will enable ordinary people with a good idea to raise the money they need to start their own businesses, community or social enterprises, and then will support and mentor them as they grow.

"Crowd funding is not only a worldwide phenomenon, it is the latest evolution in the way new businesses raise their start-up funds," she added.

Boyle, formerly the chief executive of Caledonia Contracts and networking venture Business9am, aims to raise 1m funds this year and 7.5m next year.