Crowdfunding platform Crowcube has used its own service to raise a £1.2 million investment from its followers, and managed to hit that total in 16 minutes.

The fundraising followed a £3.8 million investment by Balderton Capital last week. Just over 140 investors backed Crowcube in the Series B round with an average investment of £8,500.

Darren Westlake, CEO and co-founder, said: "This record-breaking fundraise from our crowd of registered investors at the same time as backing by an established VC firm is a huge thumbs up for our business, team and the growth path that we outlined.

“This is the first time that any sizeable fundraise has meshed traditional and alternative finance methods and we expect to see more of this in the future.”

Crowcube will use the £5 million total investment to expand its operations in the UK and globally. It will double its 25 employees, while opening new offices in London and Scotland.

The business successfully raised money on its platform in 2011 and 2013, raising £320,000 and £1.5 million respectively.