Kiwi social marketplace app SellShed has hit its funding target of $250,000 in just four weeks via equity crowdfunding platform PledgeMe.
This follows news last month that the company was well on track to meet the target two weeks in.
Investment opportunities in SellShed, a free mobile app that matches buyers and sellers in their local communities for online trading, went live on Monday 9 March.
SellShed CEO Peter Howell says the team is thrilled to have attracted a large number of investors who wanted to be involved in the start-up company’s expansion.
“It’s a rare opportunity to get involved at this early stage, and one that Kiwis have obviously seen the benefits of,” says Howell. “We are now on track to start expanding the company and demonstrating the innovative ways this technology can be used.”
Investors include a San Francisco tech company that assists Kiwi start-ups to break into the US market, and local Tauranga business owners.
Since listing the opportunity on PledgeMe, the Mount Maunganui-based company has also been chosen to pilot a database application of SellShed with one of the country’s leading retail chains.
SellShed, which is based on a geo-advertising business model, has seen more than 13,000 users sign up since it launched last October.
PledgeMe CEO Anna Guenther says she is pleased SellShed have run a successful campaign with the support of their crowd.
“SellShed have really mobilised their crowd to meet their minimum funding goal and it’s good their hard work is paying off,” she says.
“The SellShed team held events to explain their product to potential investors and got their supporters to back this growing company.
“We’re expecting pledges to come in fast with only two days left to get in on SellShed’s offer.”
Guenther says SellShed’s success was good for other new tech companies looking for capital.
“Equity crowdfunding offers a new option for startup tech companies to raise funds so they can grow,” she says.
“SellShed have shown companies with big prospects can use PledgeMe’s platform to raise serious amounts of money.”