After significant success in Denmark and Germany, ooono is ready to conquer more European markets. Crowd Equity Funding will accelerate the move onto the UK market and speed up the introduction of their products throughout the rest of Europe.
Following a bestseller status on Amazon and hundreds of thousands of units sold within the first year on the German market, ooono has proven that there’s an international demand for their traffic alarm. The company is already planning launches in Italy and Spain, and are now adding the UK market to the list, after an atypical investment round.
“Our growth in Germany has given us an appetite for more. Expanding to new markets requires liquidity, so that we can scale up our production, organisation and marketing activities. We have already had several requests from interested investors after the investment from Guerilla Capital this autumn, but we have chosen a different strategy for raising capital. With a community based product it’s a no-brainer to give our current and future users the opportunity to become shareholders of our business, and thereby becoming a bigger part of our journey” says CEO, Christian Walther Øyrabø.
Investment crowdfunding not common practice in Denmark
As the first Scandinavian startup, ooono has chosen to raise capital on the platform Crowdcube, which is amongst the biggest of its kind on the market, with over a million users. Private individuals can use the platform to invest in startups that are not yet stock exchange listed. Crowdcube has facilitated more than 800.000 investments in startups and raised capital for more than a billion pounds.
“It is unique for us to crowdfund in the sense that investment crowdfunding is not common practice in Denmark. But I have no question that we will see more companies follow in our footsteps in the future. It’s an exceptional opportunity for us to have a closer customer relation and to gain some engaged investors for our journey ahead” Christian Walhter Øyrabø continues.
In Denmark, the Danish Crowdfunding Association works towards making crowdfunding more widespread. Chairman, Michael Eis, is assisting ooono as an advisor in the process.
“ooono is on a very important mission. Partly to raise capital, in order to continue accelerating their growth, but in large part they are also showing other Danish startups, the investor community and the decision makers in government, that there are new ways to raise capital. ooono’s investment crowdfunding could become the start of a changed stock market culture, which we are seeing large demand for” says Michael Eis.
Current users and private networks will initially have exclusive access to make an investment, before it opens to the general public. With a minimum investment of €10, anyone can join the investor community. The goal is to raise a minimum of €500.000, but this amount can go up to €2.2M, if the campaign succeeds in selling the maximum of 7.4% percent of the company.
The investment round starts in the middle of November on Crowdcube.com.
Invest Aware. Capital at Risk.
Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Past performance is not a reliable indicator of future results. Balance risk with a diversified portfolio. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority (No 650205).