We had the opportunity to speak with Sohin Shah, COO and Co-Founder of iFunding, about how they were able to raise $2,000,000 through their Crowdfunder crowdfunding campaign. Here’s what Sohin had to say about closing out their crowdfunding campaign on Crowdfunder.
How much were you able to eventually raise on Crowdfunder?
We eventually raised around 40% of our 2,000,000 round directly on Crowdfunder with a significant portion of that coming in the first 48 hours of launching our deal.
Was crowdfunding a game-changer for your fundraising efforts?
Crowdfunding definitely opened up the floodgates in terms of scaling our fundraising efforts. Crowdfunder was an excellent platform with a huge investor base. The fact that we were a public deal also moved the needle for us significantly as it allowed us to do a full fledged marketing campaign around our deal.
Can you elaborate on all the marketing methods you used to drive investors to your deal and which ones were the most effective?
Being that we were a public fundraise, this allowed us to leverage multiple different mediums to market our deal. We used TV, the iFunding website, industry publications, blog posts and PR. What ultimately brought the most funding was emailing all the accredited investors in our network, which drove a big portion of the investment activity.
Did you use multiple crowdfunding portals?
We chose to only use Crowdfunder and direct all of our marketing efforts to one centralized location.
How has crowdfunding changed the landscape for entrepreneurs?
Crowdfunding has brought investing online allowing for much more investors to get involved in early-stage investments. For entrepreneurs, this allows access to a lot more capital in a streamlined manner.
Was was your secret sauce for crowdfunding success?
For us it came down to thinking outside of the box and then executing on our marketing plan. We realized that in order to successfully crowdfund our deal, we needed to constantly be filling the funnel with new interested accredited investors through various different marketing touchpoints. After we drove significant investment activity, what ultimately closed our round was trending on Crowdfunder and becoming a featured deal.