Peterborough-based TV shopping channel breaks £1.9 million crowdfunding target

Val Kaye and Paul Wright

Val Kaye and Paul Wright

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A new national TV channel based in Peterborough has secured more than £1.9 million of crowdfunding in less than two weeks.

The amount has soared passed its fund raising target and bosses say it provides a strong foundation for growth.

Newly-launched Hochanda, which stands for Home Of Crafts Hobbies And Arts, set aside £1,900,000 of shares to allow viewers and investors to buy into the company.

The channel, based in studios in Mancetter Square, off Lincoln Road, went live with its first programme on August 27 with a pitch going live on crowdfunding site Crowdcube on the same day.

Its £1.9 million funding target was surpassed within less than two weeks.

The company expects to eventually create up to 150 jobs.

Jamie Martin

Jamie Martin

The team behind the new channel includes Paul Wright and Val Kaye, who founded and sold Ideal Shopping Direct incorporating Ideal World and Create and Craft TV shopping channels.

They are joined by Jamie Martin, managing director of Bidmedia, a company that brokers deals with ITV, C4, Channel 5, Universal and Viacom.

Mr Wright, founder of Hochanda, said: “We launched Hochanda with heavy investment and commitment from the partners and other investors but we wanted to ring-fence a proportion of the shares to be made available to the core target audience.

“Hochanda was created based on research of what crafters and hobbyists want from a TV channel and the opportunity to buy shares in the company was another way to allow viewers to get involved.”

The project has continued to attract fresh investment since, taking it into a state of overfunding.

The fundraising will enable viewers to share the success of the channel, whilst providing Hochanda with additional resources to fuel ongoing development.

Hochanda launched on Freeview channel 39, Sky channel 663, Freesat channel 822 and IPTV.

Despite the target having been achieved Crowdcube is still accepting investments in the channel.

There are various incentives for different levels of investment with the minimum incentive-led investment starting at £50.

Related:

Millionaire duo to create up to 150 jobs in Peterborough with new TV shopping venture