Supporting you to equity crowdfunding success on Europe's leading platforms
Local Vets are now overfunding on Crowdcube. We took the opportunity to talk to their founder, Matthew Dunne about the business and their crowdfunding success.
Great! I’ve been able to demonstrate that South West startups and early stage businesses have something to offer investors and I’m confident that this will benefit the other Crowd10 businesses which are seeking funding.
I’ve always been interested in crowdfunding and thought that it presented an opportunity to raise not just money but the profile of a business. What I didn’t realise was that my crowdfunding campaign would become almost a full time job alongside running my business! The amount of work needed to prepare and launch a funding campaign is immense and its shown me that crowdfunding is definitely not an easy option when it comes to raising business finance.
Having reached our £40,000 funding target, Local Vets has already started overfunding. We’ve decided to raise up to £75,000 and will be live on Crowdcube until midnight on 30 June 2016. Plenty of time for more investors to get on board!
We have ambitious plans to expand our network of independently owned vets practices across the South West and nationally. We’ll use the investment to create a structured sales and marketing campaign targeting vets practices, as well as being able to launch our pet insurance product. If we overfund significantly, we’ll also be able to bring our vets practices some exciting new services which we currently have in the pipeline, so watch this space…
The hard work doesn’t stop when your pitch launches – in fact its only just begun! I reckon my campaign was successful because I left no stone unturned within my own network and secured investment from people I knew were already supporters of Local Vets.
When it comes to the crowd of investors looking for investment opportunities on Crowdcube, I can only recommend being as swift to respond as you possibly can, and answer questions clearly and succinctly. From the feedback I’ve received, I believe I secured some significant investments from the crowd simply by acknowledging emails within a matter of minutes and making sure any detailed replies were directly answering the questions asked.
You mustn’t underestimate how important it is to get your own network on board with investing in your campaign. If you can’t write down the names and contact details of 100 people who might be interested in your funding pitch, you’ll probably struggle to get your campaign off the ground. It doesn’t matter that they won’t all invest in your business, and it doesn’t matter that some will only invest a tenner, but what does matter is that you bring your own crowd along with you to build early momentum for your campaign.
Crowd10 South West 2016 supported 8 startups in launching campaigns on Crowdcube this June. Applications for the next cohort of Crowd10 are opening soon (nationally). If like Matthew you feel you have what it takes to receive interest from the crowd, register your interest in applying here.