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Funding Felt

Funding Felt

Christchurch-based online marketplace for cottage industries, Felt.co.nz is launching an equity crowdfunding campaign on PledgeMe next week.

“Felt is super excited to be taking the site to the next level with the help of our crowd,” Felt founder Lucy Arnold said today.

“Rather than follow a more traditional investment route, Felt wants to involve its strong community of makers, creators, and buyers.

“We want our shareholders to be the people who use Felt and support what it stands for.”

Felt is seeking to raise between $250,000 and $350,000 which represents 17%–22% of the company. Shares are $1 each with a minimum buy of 500 shares. The campaign will go live on PledgeMe at 5:30PM on Wednesday 12 August.

Ms Arnold said this funding would allow Felt to grow its services.

“Our first priority is mobile optimisation. We’ve seen a massive growth in people purchasing on their mobile devices.

“We want to make sure it is easy for buyers and sellers to navigate the site even if they’re knitting in front of the TV.

“Felt’s team will also grow so we can offer more features and support. This means more opportunities for sellers and an improved experience for buyers.

Ms Arnold said the investment will work toward increasing sales for those using our platform for their cottage industries, nurture creative talent in New Zealand, and ensure people are in touch with where the things they’re buying come from.

“It’s important that people think about where the things they buy come from for environmental, social, ethical, and economic reasons,” Ms Arnold said.

“Felt helps people take responsibility for their decisions as consumers and ensures people keep money circulating around their own communities.

“Felt provides a foundation for New Zealand makers, designers, artists and craftspeople to reach a wide audience. We provide help and support to ensure they get to those audiences. Through felt’s collection of individual makers.

“Our sellers and makers, because it’s part of the ecosystem. If felt is successful then that success spreads out to our crowd. Anybody who supports local makers and entrepreneurship and crafts.”

PledgeMe CEO Anna Guenther said it was awesome to see so many Christchurch-based entrepreneurs, especially female founders, taking up crowdfunding.

“Crowdfunding, for project and equity campaigns, has been taken up by Cantabrians wanting to fund things a bit differently, with their community,” Ms Guenther said.

“We’re so excited to have another fabulous female founder going to her crowd for support.

From Jenny (Christchurch Art Gallery) to Brianne (Sorbet) we’re amazed at what Christchurch-based campaigns can achieve.”

Felt’s business plan and financials will be released on Monday 10 August to interested investors and journalists. To receive a copy of the documents sign up here.

Felt’s campaign will be live at 5:30PM on Wednesday 12 August on PledgeMe at http://pldg.me/felt.

Felt at a glance

• Founded in 2006

• +1700 makers

• +63,000 users

• Almost $3 million in sales

• Three staff

• Pre¬-money valuation of $1.2million

About Felt

Felt provides a platform for New Zealand makers to sell directly to customers worldwide.

Items on Felt are listed by individual makers. When a buyer orders an item, Felt provides them with the payment details so they can make payment directly to the seller. Felt sends the delivery address to the seller, so they can dispatch the purchase as soon as they receive payment from the buyer.

Anyone in New Zealand can sell their work on Felt. Setting up a shop creates a Felt address which sellers can use to bring customers directly to their listings on Felt.

ENDS


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