What made your campaign successful ?
The propagation of contracts through SparkUp’s tool was very efficient and helped us to have as many conversations as possible with people who were potentially interested in investing. It really did accelerate the communication. SparkUp shakes the apple tree, makes things move and leads to lots of new opportunities.
What would you say to other entrepreneurs who hesitate to use Sparkup?
I would encourage them to use SparkUp in order to reinforce and accelerate their crowdfunding. It’s very positive to go public with your search for financing, it shakes the apple tree!
Why did you decide to try crowdfunding with SparkUp?
In the beginning, it was just one solution that I was considering amongst others for my financing. I could have worked with other professionals, but I liked SparkUp’s mindset. SparkUp and crowdfunding were a discovery for me. I don’t have a very rational explanation: I just thought that this solution was attractive, interesting and I trusted them.
At what stage of your company’s development did you decide to try crowdfunding?
At the beginning of Lucien et la Cocotte, we had collected a few hundred thousand Euros in “love money” from our friends and first clients.
For this second campaign, we wanted to wait until our project was complete in order to move even faster. Our economic model had also changed and we needed more funds to increase our market share.
How much did you raise with this method? What were the conditions?
We raised more than 300 k€ from a restaurant chain who had become principal shareholders in Lucien et la Cocotte. With this crowdfunding campaign, I had three leads: start a new campaign for “love money”, a larger crowdfunding attempt to reach bigger investors or to allow an existing company or group to take shares in the capital.
In the end, the decision to connect with professional in the same sector was a strategic decision in order to move faster, gain a greater market share and open as many doors as possible.
What amounts were invested and who are your investors?
A company who specialize in franchise restaurants contributed the entire sum we needed.
Who did you contact ?
I contacted everyone with no exceptions. All the files that I could import into SparkUp’s tool: LinkedIn, Excel, Gmail etc.
Did your investors provide more than financial support?
Yes, and it’s the aim of the operation: the idea of working with this type of partner is to no longer be alone at the helm of the company and accelerate the business.
Would you recommend crowdfunding?
Yes, and I have already mentioned SparkUp to six new businesses who are looking for financing. I would also like to suggest this type of financing to candidates for franchises as it’s a very good way to fund the capital injection that is required to launch a franchise.