Posts Tagged ‘FundedByMe’

Live Crowdfunding
14Hermann Ørn Vidarsson

Hermann Ørn VidarssonDecember 8, 2014

Live Crowdfunding Experience: FAQ

Just like last year, the Live Crowdfunding Experience has sparked interest from startups the length and breadth of Norway.

We’re receiving many questions from curious entrepreneurs, so we took contact with Aleksander Langmyhr from FundedByMe, who in collaboration with Technoport, Innovation Norway, Kunnskapsparken Nord-Trøndelag and NTNU Accel, organises The Live Crowdfunding Experience.

Hello Aleksander. We have many exciting companies that have expressed interest in the event, while being a little unsure of the process. Can you explain how it works?

Hey, I can! The concept of equity crowdfunding is the still new so it’s understandable there are many questions. One can look at FundedByMe as a very good tool for companies considering raising capital to test interest in the market.

Let me take you through our process step by step.

Firstly, the company creates a presentation on the FundedByMe website. Those startups chosen for the Technoport event will be closely monitored by us to ensure they create the best possible presentation.

Do companies need this help?

Often they do. We have seen many good (and not so good) presentations on our site. I have personally worked with creating this type of presentation when I worked with the purchase and sale of large businesses, so the startups get a high level of help.

After companies have developed their presentation and are happy with it, they can publish it on the website. This is what we call “go live” on our site.

When your company is live on our site, anyone can view the presentation. If they think it’s interesting enough that they will consider investing, they can indicate their interest. This is done by pressing “invest” and indicating the sum they wish to invest.

So money is not transferred straight away?

Correct, there is no money transferred. It is only an indication that you are interested if the company chooses to fetch money at a later date. We see that almost all investors who express their interest do join the share issue, if and when the company implements it.

This leads me on to the next phase. When the company is “finished” on our platform, we have 45 days by default, so they see how many people have expressed an interest in investing.

And for how much …?

Yes that’s right, how many are interested in investing, and how much they have collectively indicated that they want to invest.

Sometimes the interest is very high and sometimes the interest is lower than we hoped for. Either way, the use of FundedByMe gives the company a good basis for deciding whether they choose to raise money or not.

After this process we come to the last step. When companies are finished on the platform (after about 45 days) they will decide whether to accept the investment offers or not.

So the startups can pick and choose?

Yes. If the company chooses to follow through with a share issue, they invite only the people they want to have as investors. If they are not experiencing enough interest and choose not to pick up the money, this of course is entirely up to them.

One last question, would you recommend companies to apply as a participant to Technoport 2015 in March?

Hehe, leading questions, but of course, yes! Normally, FundedByMe takes a percentages of money that companies choose to retrieve. For companies that are selected to participate in the Technoport event there is no charge at all, it’s completely free!

Everything is free?

Yes, everything is free, from our assistance to prepare a good presentation to the use of the platform itself. There are no direct costs for the startups, because our event partners Innovation Norway, Kunnskapsparken Nord-Trøndelag and NTNU Accel cover the cost.

In addition, participants will get a lot of attention through pitching on stage at Technoport 2015, in front of hundreds of people, just look how it went with Assistep Last year. Their participation did they subsequently received investment from a seed fund, in addition to over half a million kroner from investors who had expressed interest via the platform.

The deadline for applications is 15th December. See full details of the event and how to apply here.

Assistep Live Crowdfunding
60David Nikel

David NikelJuly 8, 2014

Catching up with Equity Crowdfunders AssiStep

It’s been some weeks now since AssiStep stole the show at our Live Crowdfunding Experiment. I caught up with CMO and co-founder Eirik Gjelsvik Medbø to find out his thoughts about the whole crowdfunding process now the dust has settled.

It’s been a hectic time for AssiStep since Technoport 2014. I sit in the same co-working space as them (DIGS here in Trondheim) and have seen first-hand how much effort they are putting into product development.

“We have worked a lot with product development since Technoport. We are trying to put things into production, there are still some small issues that come up once in a while that we need to solve and it takes time solving problems, ordering new parts. Our technology is now able to turn corners. This worked in theory before the crowdfunding event, but now we’ve been able to check it actually works in practice, which is a big milestone for us as it makes us unique in the market.”

It may surprise some of you new to equity crowdfunding that AssiStep hasn’t yet received a single kroner of the investment pledged at the Live Crowdfunding Experiement. In fact, the funding round hasn’t even closed yet.

The funding round was over-subscribed, and the Assistep team is busy working out which investors to take on board.

“Since the Technoport event we’ve had an offer from a seed fund who wanted to join in the funding round. This has been a bit more work and things are taking a bit more time than we expected, so we haven’t been able to close the round yet.”

“It is a case of probably accepting the larger investments, because this makes it easier to have good communication with all our investors, but it’s also the result of a thought process. Do we want friends and family to invest? After some thought we decided it’s probably wise not to have friends and family on board, so we don’t feel like we are always working when we spend time with them.”

“FundedByMe enables the communication really, the process beyond that is more governed by us and how we want to act. We’ve had some hints and tips from FundedByMe on what to do next and how to run the process with our potential investors, which has been really helpful.”

AssiStep hopes to close the funding round very soon, take the investment and put their product into production. With some deals already made in Norway and interest from potential partners in Sweden and Denmark, the future looks bright for AssiStep, thanks to equity crowdfunding!

“It would have been more difficult without the crowdfunding process. We’re sure we would have used more time finding the investors if it wasn’t for the Live Crowdfunding Experiment, and not even sure we’d have found the investment by now. It was a great opportunity for us and saved so much time by not having to sit through all the potential meetings with investors, one at a time.”

Wired_FoodieDice
15Megan Jones

Megan JonesFebruary 27, 2014

10 Exciting Crowdfunded… Foods

Cows, crickets or coconut ice cream? With food at the heart of many global challenges, from climate change to soil loss, this week we bring you 10 crowdfunding innovations you can actually eat.

1. Goodio Cools

Image: FundedByMe

The Finnish food company Goodio already makes chocolate, but they know that even in cold countries people want ice cream. With a successful equity campaign on FundedByMe, they are now getting ready to launch a dairy-free, organic ice cream made from coconuts. They promise it in four flavours – vanilla, chocolate, strawberry and mint – so stay tuned on their Facebook page for future delectation.

2. Beer52

Image: Beer52

What could be more popular than a crowdfunding campaign where the supporters get rewarded in beer? With this Scottish craft beer club, Beer52, beer-lovers can subscribe to receive monthly boxes of craft beers from around the UK. Small, local breweries get national distribution and word-of-mouth advertising, consumers get to try new products, innovators collaborate, and the world becomes merrier and slightly more intoxicated.

3. Flavourly

Image: DollyBakes

Monthly food sampling must be the next big thing, because another new start-up, Flavourly, reached its crowdfunding target within 24 hours. The equity campaign only launched on Angels Den two weeks ago, and the founders have already had to introduce a stretch goal.

Like Beer52, Flavourly is a subscription service in the UK that allows customers to discover new craft beers every month – but this time packages also include fine foods and snacks.

4. Exo

Image: edible startups

If you’ve ever been grossed out by a bug-eating contest, you might not be so excited about the UN’s recent recommendation that we should all be eating insects. On the other hand, innovators like the guys from Exo think insect protein might be more palatable without the “ick factor” of crunchy legs.

Exo protein bars are made from ground up cricket flour and other, tastier ingredients like chocolate. Eating crickets could help overcome the global food crisis, since they need much less food and water than, say, cows, have much lower GHG emissions, and reproduce faster. They also have more iron and high calcium content.

Thanks to a successful Kickstarter campaign, you can now pre-order your very own Exo bars. And let’s be honest – they’ve got to taste better than stink bugs.

5. Koopeenkoe

Image: New Scientist

Cut to the chase and get straight to the heart of things with the Dutch scheme Koopeenkoe, where customers buy beef directly from the source. The best part? A cow isn’t slaughtered until every part of it has been sold, minimising waste and maximising freshness. The cows are raised on a mostly organic diet and outside most of the time, and customers get to eat locally. The website is in Dutch, but this article explains the process in English.

6. Foodie Dice

Image: WIRED

Finally, a legitimate excuse to “play with your food”. This Kickstarter project spices up an ordinary cooking experience with an element of chance. To play, role six Foodie Dice, see what ingredients land face-up, and use all or some of them to make your meal more creative. The basic pack includes nine dice: protein, cooking method, grain/carb, herb, bonus ingredient, plus spring, summer, autumn, and winter vegetables. The bonus pack includes a wild card, spices, dessert and vegetarian protein. This campaign only finished in November, but you can already order your own Foodie Dice on the website.

7. Pizza Rossa

Image: Wikipedia

The award for best start-up of 2013 – at least on Crowdcube – goes to Pizza Rossa, a new fast-food restaurant hitting the streets of London later this year. Their campaign also beat records for largest amount of equity funding raised in the UK. Unlike Italy or New York, good pizza by the slice has apparently been hard to find in Britain – but not for much longer.

8. inSpiral Kale Chips

Image: inSpiral

Bye-bye fatty potato crisps, hello guilt-free kale chips. Wildly popular in US health food circles, this superfood is becoming increasingly mainstream in Europe. The start-up inSpiral markets their kale chips as a raw food, vegan, gluten-free, additive free, organic snack – salty, flavourful, and still good for you.

Thanks to their Crowdcube campaign, these Inspiral kale chips are now cheaper, more widely available, and sold in a 100% compostable packaging. Check out their inspir(al)ing crowdfunding pitch on Youtube.

9. Soylent

Image: Soylent

If you see cooking as a hassle you may find new happiness in Soylent, a food replacement that claims to “free your body” from food. Whether Soylent makes eating pleasurable is debatable, and some nutritionists are dubious about its health benefits. Still in its experimental phase, if more widely accepted Soylent may also help ease global hunger and malnutrition. In the meantime, its new nutrition label sheds some light on its many health-giving ingredients.

One thing is certain: Soylent’s crowdfunding campaign has been a massive success, raising around $2 million. The product should be available for wider consumption in spring 2014.

10. FundaFeast

Image: GoFundMe

Like 4D printing, crowdfunding perpetuates itself. Through GoFundMe, individuals can raise cash for their own personal projects – in this case, FundaFeast. One of the first dedicated food crowdfunding sites, FundaFeast went live on February 1st and may mark the beginning of a increase in more specialised crowdfunding platforms than the Kickstarter and Indiegogo giants.

Other food crowdfunding (foodfunding?) platforms – mostly US-based – include Credibles, where customers support local food business in exchange for credit, and Foodstart, raising money for restaurants and food trucks.

 

All of these projects sound delicious, but where are the Norwegians? If you know of a Norwegian crowdfunded food scheme, we want to hear about it!