Just over a fortnight after launching their new digital equity scheme, Watford have raised more than £3.7m.

However, that figure may come as a surprise to supporters, given that a far higher sum is displayed on the website of the club’s official partner Republic.

But the amount in dollars shown on republic.com/watfordfc (which was $6,573,239 at 9am today, Friday, a sum that equates to £5,198,906), reflects not only the money actually invested but also adds in commitments/pledges that have not yet come to fruition.

Meanwhile, on the website of Seedrs (seedrs.com/watford-fc), which is the English arm of the American company, only fully paid-up investments from across both platforms are shown.

And the total on Seedrs was £3,733,518 at 9am today (Friday).

This suggests that around £1.5m of money committed to the new digital equity offering has not yet actually been invested and remains as a pledge.

The £3.7m raised so far is 21% of the club’s £17.5m target, and has come from 2,382 different investors.

That means the average amount spent per investor is around £1,600.

A week ago, the figure of actual (realised) investment was £3,664,600, so only £68,918 has been added in the last seven days.

As things stand, investors and supporters can sign up and commit to purchase any amount of shares.

It is not a binding commitment though, so those who express an interest and commit a potential amount to invest can honour the amount they have pledged, reduce it or step away from the share purchase altogether.

There is also a difference in the number of days the offer appears to be open for: Republic show 101 days left, while Seedrs say 49.

This is down to slightly different regulatory rules around how you can show the duration of an offering.

The US campaign shows the maximum number of days the campaign ‘could’ be live for, whereas in the UK the figure shows what the club expect it to be live for.

So, that means there is likely to be another seven weeks from today (Friday) for anyone to invest.

It is also noticeable that on Republic, there is an ‘allocation’ of $81m which is described as ‘the total investment amount in Watford FC being offered to investors’.

This has been explained as the absolute maximum allocation possible in the round which is referenced in US regulatory documentation - however the club still only intends to raise up to £17.5m in this campaign.

When they announced the digital equity plan, the Hornets pledged that a portion of the money raised will go towards funding player recruitment for new head coach Tom Cleverley.

The summer transfer window officially opened on June 14 and will close at 11pm on August 30.

However, the summer transfer window in Spain, Germany, Italy and France doesn’t open until July 1, although all close on August 30.

“Part of the funding will be channelled into recruitment to strengthen Tom Cleverley’s playing squad as we seek a return to the Premier League,” the club said.

“We believe this project can form a key strand of football’s future finance, where investors and supporters alike can enjoy the fruits of the club’s future success.”

Earlier in the week The Watford Observer reported that transfer business in the Championship has been slow so far this summer - not unusual when there are major tournaments taking place around the world.

The price per share is £12.44 and the minimum investment is four shares totalling £49.76 for investors purchasing their shares through the Seedrs platform, and eight shares totalling £99.52 for investors purchasing their shares through the Republic platform.

Once the shares have been purchased, there is a lock-up period of 12 months before trading is allowed.

There are a number of pre-priced packages of perks, ranging from around £250 right up to some £800,000 worth of shares.

The perks go from an exclusive scarf and a stadium tour, right up to dinner with head coach and club captain, and matchday hospitality in the boardroom.