Kiwi social marketplace app SellShed are on track to exceed their fund target after two weeks of raising money via equity crowdfunding platform PledgeMe.
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 on PledgeMe.
The response has been impressive, says SellShed CEO Peter Howell. “We are more than halfway towards our goal after just 16 days, which demonstrates an enthusiasm from the public to get behind SellShed and help us expand even further,” he says.
“In fact, one of the first investors on PledgeMe was a San Francisco tech company that assists Kiwi start-ups to break into the US market, which will enable our global expansion to get off to an extremely positive start.”
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.
“We are starting a pilot with one of New Zealand's leading high-end fashion chains to roll out the SellShed app to their database,” explains Howell.
“The benefits for the retail chain are that they will be able to send push notifications to their customers with promotions and updates, specifically updates to customers of each individual store, due to the geo-targeting functionality of the app.”
Howell says a large range of people have chosen to invest in the company via PledgeMe, particularly those with a keen interest in online technology and its applications. “We know this is an attractive opportunity for small to medium business owners too, and offer a variety of packages to accommodate their budgets and give them the chance to advertise within the app,” he explains.
“As expected, a lot of younger investors in the 30- to 40-year-old age bracket have come on board,” says Howell. “Being able to get involved in a local tech start-up that has global potential is an incredibly rare opportunity.”
Opportunities to invest close on 9 April, 2015, and Howell says the team is excited to reach their goal and continue expanding throughout the country and the world. “Once we reach our goal and the revenue starts, the value of shares in SellShed are projected to skyrocket,” says Howell.
SellShed, which is based on a geo-advertising business model, has seen more than 13,000 users sign up since it launched last October.
The SellShed app is locally relevant, integrated with all key social networks, free on mobile phones, and easily customised to user needs - “all of which has made it popular with the thousands of Kiwis who have signed up already,” the company says.
Its revenue model includes two streams - geo-advertising, which is based on the location of the user; and subscriptions, which will see businesses pay a monthly fee to cover listings.