Kiwi startup launches crowdfunding campaign to fund next stage of growth
Auckland-based social enterprise The Module Project have made major inroads with their long-lasting and upgradeable mobile wireless speaker, Decibel.
The start-up has launched an equity crowdfunding campaign on PledgeMe to fund the next stage of its growth.
“Many consumer products are built with intentionally short life cycles. We believe that the future of product development needs to address the negative effect consumption has on our planet,” says Module COO Vince Lovrich.
Established in 2015 by Ketzal Sterling and his co-founder, Lovrich, the Decibel is just the first of many products Module plans to create and commercialise.
“We want to make the longest lasting mobile wireless speaker ever created. Decibel is just the beginning.” says Lovrich.
“Our next planned product is a smart kettle called Liquid, and in the future we hope to develop phones, motor vehicles, any product that our customers want to see replaced by an environmentally conscious alternative.”
Module reaches their minimum funding goal of $40,000 on the weekend and are now sailing towards their maximum target of $400,000, which represents up to 9.1 percent of the company.
Interested parties can invest a minimum of $990.90 and will receive non-voting shares.
The first week has been exciting, if a little tense. Letting a project into the world when you have been so deeply involved is always difficult. However, we have had great feedback and investment has been steady. We are pleased that Kiwis support the positive change we are trying to make” says Lovrich.
PledgeMe chief lending officer, Barry Grehan is pleased that the company’s latest equity crowdfunding campaign is for a social enterprise.
“We love seeing companies that care about our planet. Those who, from the very outset of their journey, have spent their time thinking about the wider impact they want to make on the world,” says Grehan.
“Module are challenging today’s manufacturing mentality of intentional obsolescence and we’re proud to support that mindset shift.”
PledgeMe has of course been at the centre of the rise of other social enterprises, including Eat My Lunch who raised over $800,000 through their Lunch Bonds last year.
Grehan asserts it’s campaigns like these that reveal investors are in fact motivated to support companies that are focused on creating sustainable business models that have a social impact.
“Social entrepreneurs like Ketzal and Vince believe that meaningful progress can be made through positive business practices. Their equity crowdfunding campaign enables them to involve their crowd who share that ideal to help bring their growth plans to life” concludes Grehan.