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Ooooby raises $285k of impact investment

Ooooby raises $285k of impact investment

Ooooby, a New Zealand-based local food delivery tech platform, closed their equity crowdfunding campaign today on PledgeMe raising $285,256 of impact investment.

Ooooby founder Pete Russell said the campaign was a great experience that created a solid base of support for the social enterprise.

“The exposure and interest generated by the PledgeMe campaign has contributed to our growth,” Mr Russell said.

“We now have a solid base of over 156 shareholders who have joined us on our mission to make local food convenient, affordable and fair, everywhere.

“Also, the process of developing the necessary documentation to articulate our plan has galvanised our team.”

Ooooby’s campaign set out to raise a minimum of $200,000 and a maximum $800,000 or between 2.4-9.1% of the company. With $285,256 sold it means just over 3.4% of the company is now in the hands of impact investors.

Mr Russell said that with the funding secured, Ooooby would start delivering on the promises in its business plan.

“We will start executing the bronze plan immediately and will look to other funding options for the gold plan. Christchurch is next on the starting blocks with Ooooby deliveries due to go live on the 28th of October.Kāpiti Coast is warming up for a launch early in the new year."

PledgeMe Equity Champion Will Stewart said Ooooby’s successful campaign was a big win for New Zealand’s social enterprises.

“The success of Ooooby’s unusual share offer, where potential dividends are invested back into local food systems or projects, shows social enterprises looking to make an impact can go out to their crowd for support”, Mr Stewart said.

“We have seen a range of pledgers — from individuals, to trusts, to other organisations — looking to invest for impact over return”.

Mr Stewart said given New Zealand’s heavy reliance on more traditional forms of export it’s always interesting to work with companies who export bytes not bites. “Especially so, given Ooooby’s primary mission is rebuilding local food systems compared to a more traditional model of growth and returns".

This is the power of crowdfunding — Ooooby along with their crowd have demonstrated Kiwis will make impact investment decisions in spaces and places where traditional funders may not.

“PledgeMe is stoked to be the home for social enterprises looking to connect to their crowd so they can bring a positive impact to their area.”

Ooooby’s campaign at a glance

• Launched: 1 September 2015

• Raised $285,256

• 156 new shareholders

• 3.44% of the company sold

Campaign and Business Plan can be accessed at pldg.me/ooooby

Ooooby at a glance

• Ooooby stands for “Out Of Our Own Back Yards"

• Founded in 2010

• 70,000 boxes delivered to 5,000 customers

• Operational hubs in three countries (NZ, Australia, USA)

• 2012 Deloitte Rising Stars Finalist

ooooby.com

Facebook

Twitter @ooooby


ENDS

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