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Equity Crowdfunding Resource 2 Equity CrowdFunding Resource 2 Equity CrowdFunding has established itself as a real complement and alternative to traditional equity funding sources for High Growth Potential Start-Up and Growth Stage businesses in the UK and Ireland in recent years. Disclaimer: This Resource should not be considered in any way as a recommendation for companies to use/access Equity CrowdFunding platforms. Any companies considering taking such a route to raise capital do so at their own risk. While the promoters of the case studies profiled here have all said they would be prepared to undertake an Equity CrowdFunding campaign again, this assertion should not be considered an explicit recommendation by those companies or InterTradeIreland of Equity CrowdFunding per se, or the actual platform used by that company. This Resource should not be considered in any way as a recommendation to any investors considering investing via such a platform. Such investors do so at their own risk. This Resource does not deal with other CrowdFunding platform models used by start-up or growth stage companies – such as loan based (eg. FundingCircle, LinkedFinance etc) or donation/pre-sales platforms (eg. KickStarter etc). 3 Contents 1 Introduction 04 1.1 Equity CrowdFunding 04 1.2 Why The Resource? 05 2 Is Equity CrowdFunding very different than usual sources of Start-Up Funding? 08 3 Some things to consider 10 4 Case Studies 12 i. HouseMyDog 12 ii. See.Sense 14 iii. Flender 16 iv. Re-Vana Therapeutics 18 5 Current Active Players – Snapshot 20 4 Equity CrowdFunding Resource 1. Introduction 1.1 Equity CrowdFunding Equity CrowdFunding has established itself as a real SyndicateRoom defines Equity CrowdFunding complement and alternative to traditional equity funding on their website as follows: sources for High Growth Potential Start-Up and Growth Stage businesses in the UK and Ireland in recent years. “Equity CrowdFunding is the process whereby people (i.e. the ‘crowd’) invest in an early-stage unlisted company This document aims to describe the active players in the (a company that is not listed on a stock market) in market and provide a comparison to more established forms exchange for shares in that company. A shareholder of funding, helping start-ups in Northern Ireland and the has partial ownership of a company and stands to profit Republic of Ireland to make informed fundraising decisions. should the company do well. The opposite is also true, so if the company fails investors can lose some, or all, The following data is gleaned from the Beauhurst report of their investment. on 2017 UK Start-Up investment activity “The Deal”, reflecting the deal volume activity of the lead UK-based Previously only wealthy individuals, venture capitalists Equity CrowdFunding platforms. The lead private players and business angels could invest in startups. Equity in the UK are Seedrs, CrowdCube, SyndicateRoom and CrowdFunding platforms have helped democratise VentureFounders. the investment process by opening the door to a larger pool of potential investors dubbed “the crowd”. Equity CrowdFunding in UK Leading Private Platforms Activity 2017 Source “The Deal 2017”, Beauhurst Crowd Seedrs Syndicate Venture Total Platform Cube Room Founders Total Amount £87.3m £55.1m £39.5m £23.6m £206m Raised Deals # 133 144 58 17 352 Average £656k £383k £681k £1.39m £584k per Deal Inferred from data provided 5 1.2 Why The Resource? As part of its “Succeed in Raising Finance” initiative Per Beauhurst’s report, UK Start-Ups in 2017 raised InterTradeIreland advises several hundred High Growth more rounds of under £1m from CrowdFunding platforms Potential Start-Up and Early Stage businesses each year than from Angel Networks. on the island of Ireland who are planning to raise seed or growth equity capital. This Equity CrowdFunding Equity CrowdFunding may be considered an alternative Resource (the “Resource”) provides some initial indicative to raising investment via Angels or Venture Capital firms information to those businesses about what might be – it is often in practice a complement to raising investment involved in raising equity capital in this way. InterTradeIreland from such sources. have reached out to several companies who have The Resource is not meant to present an exhaustive list successfully completed Equity CrowdFunding campaigns of the issues related to Equity CrowdFunding. We aim to to share their experiences, which is the foundation of the highlight some issues which previous companies who have information for this Resource. raised Equity CrowdFunding pointed out to us as things they High Growth Potential Start-Up and Early stage companies learnt from their own experiences. typically capitalise their business by selling equity in their The Resource is intended for companies considering company. Most often it is via sale of shares (equity), or it raising capital through Equity CrowdFunding platforms. could be the issuance of convertible loan notes (convertible The Resource should complement the due diligence and into shares). planning efforts that companies need to undertake when The “traditional” source of funding for such companies they decide on their own methods to raise capital, which is as follows: might suit their own business model, amount being raised, stage of development and availability of alternative sources – Founders. Amount raised here is usually low, of capital etc. of the order of €1-€100k. Equity CrowdFunding has been a positive endeavour – Friends and Family of founders – their own for a number of companies as described in their case network. Amounts raised here could be of studies later in this Resource. The long term impact of this the order of €1-€250k. alternative source of financing has yet to be seen, but it is clear that an increasing amount of funding is becoming – Angel Investors – High Net Worth investors available through these platforms. Equity CrowdFunding may who have capital and sometimes expertise, well be an excellent source of funding for some companies, which is of value to the founding team. Relatively but they should place close attention to the details of the professional approach and investment terms. offering and the level of work required to recruit investors Amounts invested by individual Angels here might onto the platform. range from €25k-€250k. (greater amounts can be involved if a business angel syndicate is investing). – Venture Capital Investors – Professional fund managers who invest in very high growth potential businesses. Amounts here could be from €250k – €10+m. Equity CrowdFunding is usually used to raise amounts in the range between €100k-€5m. It overlaps primarily with the stage of investment where Angels and Venture Capital investors would get involved in a High Growth Potential Start-Up or Early Stage business. Equity CrowdFunding Resource 6 2. Is Equity CrowdFunding very different than usual sources of Start-Up Funding? 2.1 What is the Same? Raising Equity CrowdFunding is not very different • Still need to hustle a network to raising equity capital from Angels and VCs of investors in the real world in the following ways: The work of “building the book” (actual commitments or expressions of interest from investors) still has to • Still need a strong investment proposition happen in the real world, before any online campaign The business still has to have an attractive investible is launched. The management team usually needs proposition. The business will still have to communicate to create and stimulate a network of investors in the that they are smartly addressing a large market with physical world. Businesses still need to source the a differentiated product or service which has some initial/lead investors offline, and plan to generate defensible USP and that it has a plan that can be some/much of the “Crowd” that will be investing off the delivered by an exceptional team. The better the ability platform. Management will gather investor commitments, to communicate that proposition, and to demonstrate which are ready at the starting line of the campaign and traction (some early evidence of strong team execution will be aiming to convert previously interested/qualified and probably market adoption), then the better the odds investors to participate after the campaign has gone live. that the company can raise the investment. Hustle will be required both before and during campaign. • Still need to have a business plan Some companies come to the platform with >30-50% of funds committed before campaign launch and then An investible Business Plan might be summarised as a convert some of their warm leads during campaign live. combination of an investible proposition and a clear plan Some of the platforms require a minimum percentage (eg with timeline and targets showing how the investment >25%) of the round to be committed by a lead investor funds raised (with other company resources) will achieve or investor group (Syndicate Room and VentureFounders the success milestones of revenue, profits, customers, have this requirement). users, product, etc. Whether formatted as a document, or a pitch deck/video combined with a financial forecast • Still need to consider class of shares, or laid out on the Equity CrowdFunding platform use of nominee structure website – investors will expect any business launching a fundraising campaign to have a plan on which they can The Company issues/sells shares, which means interrogate the management team. Promoters are diluted – just like a investments from other sources. Equity is usually issued as ordinary shares • Still need to have a fundraising campaign (though preference shares may be permitted on some Raising equity for High Potential Start-Up and Growth platforms) – which hopefully means an economic upside businesses still requires a campaign management for the investor on a sale or listing of the business. The approach. Fundraising is a sales campaign where the rights which attach to ordinary shares are sometimes company is “selling” equity/shares/convertible loans adjusted, depending on the level of investment being in the business.
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