Crowdcube

Savvy Navvy raised equity from its own users through crowdfunding instead of VC. With 10,000 users, its first campaign was oversubscribed within 24 hours and closed in 6 days at triple the target. It now has about 2,500 investors, with rounds mostly around the million mark.

The campaign used a video, financials and a pitch deck, aimed at people already using the product. The valuation was agreed first with a few angels, then everyone else joined at the same terms. Most of the round came from a handful of angels, with a long tail of small investors filling the rest. Crowdcube and Seedrs (now Republic) were the named platforms. Jelte Liebrand: "within 6 days we shut it down because it was triple of what we what we needed".

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Crowdcube sells actual shares, unlike reward platforms such as Kickstarter. It is named alongside Seedrs as an equity platform where backers become shareholders, not customers receiving a perk.

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