Case study: A successful Voyage(r) on SeedrsApr 07, 2021
With the UK’s CBD market expected to be £1 billion by 2025, it’s no surprise that Voyager CBD, founded just last year by Nick Tulloch, overfunded to 426% on Seedrs in their recent crowdfunding campaign. CBD is the best-known cannabinoid in hemp, part of the cannabis family, and used for a wide range of health & wellness applications, and is growing in popularity. We sat down with Nick to talk through their wildly successful crowdfunding campaign.
1. Why Did You Decide To Raise Investment Via Crowdfunding, Rather Than Other Methods Of Raising Funds?
As a consumer product company, building brand awareness is important to us as is developing an overlap between investors and customers. Crowdfunding was a means of providing that exposure (in addition to raising funds of course).
2. What Made You Decide To Use A Support Partner To Help You Prepare Your Campaign?
I have raised money in the past but never through crowdfunding. As a small team, we also knew we would benefit from some assistance and guidance through the process. ISQ was recommended to us by Seedrs. We arranged an initial call and within 10 minutes of speaking, I was convinced ISQ were the right team to assist us. This is based partly on ISQ's obvious experience but also on their enthusiasm for our business - it is important to us that our advisers believe in us.
3. What Were The Key Challenges You Encountered Whilst Crowdfunding?
Finding the time to prepare for it whilst running and developing our business was the biggest single challenge. Also keeping track of differing, and sometimes competing, requirements of prospective investors. The module-based programme that ISQ provides was ideal in taking us through the process in a logical fashion and being able to work through the programme in a timeframe that suited us (rather than having to commit to fixed sessions) was a valuable added flexibility. The numerous worksheets and precedent documents supplied were also hugely time-saving.
4. Please Tell Us What You Believe Are Our Three Key Areas Of Strength
Regular contact/availability for questions
ISQ's programme leads you through the process efficiently and logically
Excellent base of precedent documents.
5. Please Let Us Know If You Would Recommend ISQ To Other Businesses, And Why.
We certainly would. They provide invaluable support during crowdfunding that helps with every step of the process, structured enough to provide a clear procedure but flexible enough to allow for inevitable changes and unusual events.
6. What Did You Learn From This Experience?
We would definitely use crowdfunding as a way of raising funds again. The breadth of the audience for a popular campaign can be very significant. Furthermore, it proved our expectation that the enhanced profile we got from our campaign would itself boost our business.