IU Charging
Age of company:
2 years
Sector:
Electrical vehicle charging
Annual Revenue:
$0 (at time of raise)
Campaign link:
Total Raised:
$1.3 million
Number of Investments
245
Country:
New Zealand
Invisible Urban Charging aims to provide electric vehicle charging infrastructure which blends in beautifully with the urban environment.
Background
IU Charging (Invisible Urban Charging) founders Jake Bezzant and Nigel Broomhall came together to found the company in late 2019. Both Nigel and Jake had extensive experience and contacts in the industry and quickly got underway with developing IU Charging. Soon, they were ready to take the next step in the growth of their business through capital raising.
At first, they considered the venture capitalist funding route. However, they found that many of them seemed to want to take more control of the business once IU Charging had gained some success, and their values werenβt always aligned. Additionally, many friends and family members had expressed interest in investing in their company, because they believed in them and what they were trying to do.
The combination of these two factors, and the added complication of a global pandemic, led the founders of IU Charging to conclude that equity crowdfunding was the best route for them.
βWeβve had discussions with many VCs but found that our values werenβt aligned in many cases. We also both have a strong desire to give Kiwis the chance to invest in tech, which weβre passionate about.β
Timeline
βWe believe in you guys, now go make it happen!β
What worked well?
Investor confidence - The IU Charging team already had a signed agreement that guaranteed significant future income in place when the campaign launched. This, combined with their solid experience and a timely nomination for a global award, all contributed significantly to investor confidence.
Campaign updates and questions - Nigel and Jake sent out a total of 14 heartfelt and informative campaign updates while the campaign was live. They also answered all investor questions in a timely and detailed manner.
Design investment - The equity crowdfunding campaign page, video and information memorandum all looked very professional, clean and well designed.
Receptive to PledgeMe feedback - They were very receptive to PledgeMe feedback and used it to shape and run their campaign for the better.
What could be improved?
They undervalued the PR/Comms aspect - Although theyβd put out press releases with their intent to raise capital, they did so 6-12 months ahead of the campaign. If theyβd whipped up some media interest around the launch date or during the campaign instead, it may have had more of an impact on the total amount raised.
Conclusion
IU Charging raised $1.3mil and has over 200 shareholders.
Your action plan
Putting it into practice
Give them a reason to invest
Before you go out to your crowd, make sure your business is ready. You need to be clear about your growth plans, why you need the investment and why youβre crowdfunding. Your crowd needs to feel valued and also confident that you can deliver.
Be willing to invest in your campaign
An equity crowdfunding round requires a lot of work, time, effort and heart. Be willing to allocate some budget to make the most of this short but potentially highly rewarding campaign period.
Communicate, communicate, communicate
As the third βCβ for a successful crowdfunding campaign, the necessity of a clear communication plan ahead of time is often underestimated. Donβt fall for that trap.
How can PledgeMe help?
If youβre considering an equity crowdfunding campaign, weβre ready to help. Contact us for a chat.
You can also learn more about creating an equity crowdfunding campaign in New Zealand or Australia on our website.
