Learning from Ooooby’s success

Ooooby closed off their campaign last week (29 Sep) raising $286k from their crowd.  To celebrate Barry and I, equipped with a couple of Yeastie Boys, headed over to Waiheke celebrate Ooooby’s success — success #12 for PledgeMe Equity!

Will and Barry on the way to Waiheke

It was great to sit down and informally to talk through the highs and lows of Ooooby’s campaign. Chats like this allow PledgeMe to evolve in how we help companies raise funds through their crowd.

Here were some of the success indicators Ooooby and PledgeMe reckon helped them run a successful campaign.

  1. Did it the Ooooby way: Things were authentic and genuinely Ooooby from start to finish. This was highlighted by putting the mission — helping to rebuild local food systems — before money. Working through this took (a lot of) time but its outcome ultimately resonated with the founders and their crowd (note: but required a lot of #2 & #3).
  2. Brought in professionals: Ooooby relied on professionals to help in spaces and places outside the team’s core capabilities. Their lawyer, accountants, PR agent, videographer and graphic designer all provided very valuable feedback and content in preparing their campaign.
  3. Prepped their crowd: Prior to launching, Ooooby had started telling people they were going to be running a campaign. By the time they were ready to launch they had more than 800 interested investors wanting to know more about their offer. This was done through effective communication and properly generating campaign awareness.
  4. IRL events: Although it was a pretty full on week one — Ooooby nailed it by setting up real life events with their crowd. Additionally, these events created new/shareable content along with an important understanding of the questions and feedback they received from their crowd given the uniqueness of the offer.
    Crack photographer Barry G takes a snap of James and Pete.

    Crack photographer Barry G takes a snap of James and Pete.

     

  5. Original content: As I alluded to above, Ooooby created original video content during their roadshow… but it didn’t stop there! The team properly planned and excellently delivered a range of communications — images, videos, blog posts, press releases etc — from the outset and throughout.
  6. Collaboration: Ooooby strategise in Google Apps and communicate or chat in Slack. Which is great, because so does PledgeMe. Open communication and collaborative tools can help get the most out of everybody.
  7. Knew there’s no such thing as a crowd in the cloud: As the campaign progressed Ooooby focused on the network their business and this campaign had generated to drive investment. It was a huge success.
  8. The Ooooby culture: Culture is a pretty big buzzword for startups and in many ways it has lost its true meaning. Sometimes media portray company culture as working in a hip(ster) office with table tennis/foosball tables and free drinks every Friday. To me, culture is the intangible how and why a team does what they do day in, day out. After the campaign closed at 8pm I’m pretty sure Ooooby single handedly almost brought down Auckland’s internet and mobile networks with phone calls and Skype as everyone was thanked and reminded for their roles in achieving this.

It’s been amazing to see a technology with global scalability help to make tangible local differences by exporting bytes not bites (as well as delivering delicious local food to Aucklanders doorsteps weekly).

Half a mill in half an hour

Yeastie Boys made it big yesterday. They equity crowdfunded half a million in half an hour. This is the fastest equity crowdfunding raise so far in New Zealand and one of the quickest in the world!

Down at Goldings Free Dive the atmosphere was electric. The venue was packed with people thirsty to become investors.

electric crowd

Just before 6 Stu got up and thanked their crowd for coming down and all those who were about to pledge. At the stroke of 6 Anna hit the publish button on the campaign, Stu rang the bell, and confetti exploded into the air.

Yeastie Stu

People dived onto their phones and laptops to get in. Within four minutes the campaign had hit $100k!

Pledges were flying in thick and fast. Not just from in the bar, but across New Zealand. There was a steady progression of pledges over the half hour. Could they have hit a million? We reckon so. Maybe something to consider next time Stu 😉

ybgraph

Between refreshing the laptop and updating the crowd Stu was quietly chuffed when, a mere 17 minutes in, they hit their minimum goal. pledgemepugThe crowd went wild at that point and Anna and I feared that the dreaded PledgeMe pug of unavailability might make an appearance. Luckily the team at Rabid had prepped the servers so they were ready for the onslaught of Yeastie Boys and Girls.

It was great to see Yeastie Boys bringing their campaign into the real world. Stu had travelled up and down New Zealand over the past week handing out business cards and talking about the equity raise. He also issued the financials and company documents over the weekend so people could read up and decide whether to invest over their Sunday brunch. Help was on hand with Stu answering questions and team PledgeMe helping people to pledge.

The buzz was great and it meant that on top of putting together a slick business plan and brewing great beer they activated their crowd and got a magnificent result.

IMG_5884

All good things must come to an end. Just before 6:30 the party was over with the maximum goal of $500,000 was hit. More huzzahs and hoorahs! The revellers went  home with a warm fuzzy feeling in their hearts and shares in their back pockets.

Yeastie Boys now has 212 new shareholders. We’ll they’re not just shareholders they’re champions. Stu has bought his crowd into the company and now they have an interest in seeing Yeastie Boys succeed. Big congrats to them for going out to their crowd and making it work.

KEY FACTS

  • $505,019 raised
  • Time: 30 minutes exactly
  • 212 new Yeastie Boy shareholders
  • Average pledge: $2382
  • Largest pledge: $50,000
  • Happy Yeastie Boys: 2

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