Madaster achieved first financing goal
Private citizens are taking their financial responsibility in the circular economy
30 augustus 2018
Madaster, the ‘public online library for building materials, has managed to collect over €500.000 in convertible bonds, over the course of eight weeks. Thus, the first financing goal has been achieved, thanks to more than 150 investors; the public at large has indicated their support for Madaster as an independent public platform and its mission to eliminate waste from the construction sector. Madaster can be used for private citizens, businesses and government authorities. It is being developed by Madaster Services, under the supervision of the Madaster Foundation.
The registry of materials
Madaster functions as an online library that documents materials and buildings, similar to the registration of land parcellation and ownership in a land registry. In Madaster, users can generate material passports for their buildings. Such a passport contains detailed information about the quality and origins of the materials and their current location. Documenting, registering and archiving makes it easier for materials to be recovered and reused during renovation and construction, it encourages smart designs and eliminates waste.
Socially responsible investing (SRI)
It is Madaster’s ambition to become the standard registry, supported by the so-called Kennedys, which include Volker Wessels, OVG, Triodos, AKD, TBI, Amsterdam Airport Schiphol, Mitsubishi and ProRail. In addition, partners, customers and, recently, also private investors are all contributing to the development of the Madaster platform. From 21 June this year, both professional and private investors are able to become co-owners of Madaster by purchasing convertible bonds, starting at €20 per bond. Over 150, predominately private, investors have shown confidence in the circualr economy. Their combined investments to the sum of €535,240 has more than exceeded the minimum investment goal of €500,000.
‘It is great to see so many private investors contributing to the development of the Madaster platform, thus taking their financial responsibility in the circular economy. It is now up to the business community, including our Kennedys, to follow suit and show that they truly support our mission. To ensure Madaster will grow into a recognised authority, we need to enrich the platform with additional data sources, autonomous functionalities and integrate it with sollutions offered through our services and by our partners. We are thus striving for an ultimate investment amount of €2.5 million, in order to take this step.’ - Martijn Oostenrijk, Director of Madaster Services B.V.
6% convertible bond
The offer is for both private citizens and professional investors and, in principle, issuance closes on 1 March 2019. The co-funding project was designed by the AndersFinancieren financing platform and utilises the Symbid crowdfunding platform. It offers private and professional investors a simple interest of 6%, for 5 years. There will be no annual interest payments to the bondholders, over the course of the investment period. After the five-year period, bondholders are able to convert their invested amount plus interest into certified shares. In case investors do not wish to utilise their right to conversion, Madaster can extend the five-year period with a single additional period of two years. Because of the financing structure in the form of bonds, there is the option—in consultation with all parties involved—of the bonds becoming tradable on a trade platform, at a later point in time.
Access to the Madaster financing platform