Terence Woodgate Lighting has successfully beat its crowdfunding target after agreeing to give away almost one-fifth of the company.

The new venture — which designs and produces lighting collections that are optimised for LEDs — was aiming to raise £150k in return for a 17 per cent stake in the company.

Yesterday it announced it had secured £158k from small investors after just 36 days of equity crowdfunding on Crowdcube.

Crowdfunding is a relatively new phenomenon that allows a project or venture to raise cash — typically via the Internet — from a large number of usually small investors.

Terence Woodgate Lighting is spearheaded by the eponymous industrial designer and already sells its products to retailers such as Heal’s, The Conran Shop and SCP. It wants to use the funding to expand overseas.