Why did you decide to try fundraising with SparkUp?
We needed funds but our concept was not entirely completed, thus we couldn’t call on traditional funding. SparkUp ended up being the most adequate solution. They enabled us to find very quickly the necessary funds required to get us started.
At what stage of your company’s development did you decide to try raise funds?
We were at the inception phase with initial tractions. The first Airline companies were with us and all the first advertisers had ordered their promotion to our support. It was however, the most difficult stage to raise funds : crossing of the desert, to the extent that we did not fulfill the traditional seed stage criterions, or for the growth phase.
How much did you raise with this method? What were the conditions?
Thanks to the SparkUp Campaign we managed to raise €550K with our investment conditions in a month and a half. Our conditions were simple, we had fixed a minimum entry ticket of approximately €5000 and established a rule of common stocks with voting rights.
What amounts were invested and who are your investors?
Around 35 Business Angels took part in our Capital Increase who were part of our network or our network’s network. For the investment size, a vast majority injected between €5K and €20K. However, there were some big ticket sizes too, including four investors who invested between €50K and €70K and one investor who put in €150K.
Who did you contact ?
The 2000 persons we contacted came from LinkedIn. Our network worked very well, enabling us to multiply the contacts and thus raise funds.
Did your investors provide more than financial support?
Yes, of course, it was the second objective of this operation. We were expecting them to take up the role of mentors, especially in everything related to the management of the company. This fundraising and the expertise of our new shareholders will enable us to speed up the deployment of our offers and establish market leadership. That testimony of trust strengthens our convictions and determination to carry out a diligent but ambitious project.
What made your campaign successful?
It is mainly the SparkUp multiplier effect! We got in touch with only 2000 people from our network, but with all the sharing systems, sponsorships set in the SparkUp tool, we succeeded in creating a snowball effect and gathering more investors than we could have hoped for.
What would you say to entrepreneurs who hesitate to call on SparkUp?
To be totally transparent, I haven’t done many fundraisings, which doesn’t allow any comparison . However, the fact of not having to put €6000 from the beginning, when other fundraising platforms do, really comforted me in my choices. If I could just add another word: I was pleasantly surprised and the campaign was really fruitful..The mechanism of SparkUp works great !
["Friends and family","Network of network","Professional network","Previous Investors"]