Ethique raises half a million dollars in less than a day
Christchurch-based social enterprise Ethique launched their second equity crowdfunding campaign on PledgeMe, and raised their maximum goal of $500,000 in less than a day. “It’s amazing. I knew it would go quickly after 1,300 of our customers registered their interest, but I’m blown away that it went that quick,” says Ethique founder and CEO Brianne West. West started the business in 2012 in her home kitchen, creating solid haircare and beauty bars in an attempt to reduce plastic waste.
Since launching they have stopped over 200,000 plastic bottles from going to landfill. “We’ve gone from our home kitchen, into a small factory, into a new 780 square metre premise in June 2017 whose warehouse we are struggling to keep full”. The business grew over 330% last financial year, and their goal is to hit revenue of over $2.2 million this financial year. Ethique raised their first round of equity funding in 2015 in two weeks, on a pre-money valuation of just over $1 million.
In their latest round, they raised $500,000 in less than a day on a pre-money valuation of just over $10 million. Ethique was published for only 90 minutes to the public before it hit the maximum goal, after giving their original shareholders 21 hours to pre-register their pledges.
The campaign was launched at Social Enterprise World Forum, an international event hosted this year in Christchurch, where 1,500 social enterprises and supporters gathered to discuss the future of the enterprise. “The money raised will be spent on our marketing and expansion in New Zealand, Australia and the United States, as well as working capital to keep up with demand.” says West. “Our mission is to rid the world of plastic bottles, and we need all the support we can get to scale to make that happen.”