Bitvore recently raised over $1,000,000 from 10 investors through Crowdfunder.
Bitvore collects vast amounts of data from the Internet and turns it into clean, organized intelligence that’s ready for use.
We we’re able to catch up with Jeff Currie, CEO of Bitvore, to hear about their success on Crowdfunder. Here’s what he had to say.
What problem are you solving at Bitvore?
The amount of information available on the internet is vast and growing on a daily basis. And more is not necessarily better, as the challenge for any company is keeping up with information that’s relevant to their business. How does a business leader get concise and material intelligence on what can impact their business?
Our patented technology masters the exponentially growing volume of data, far beyond traditional archaic searches and the drudgery of manual reporting. Our material intelligence platform gives decision makers an up-to-date, 360-degree view of the market dynamics impacting the company. We liken it to The Presidential Daily Brief which tells the US President what to watch out for every day. Bitvore will bring that same information advantage to every business leader in the world.
How much did you end up raising through Crowdfunder?
Bitvore raised over $1,000,000 through Crowdfunder.
From how many investors?
A total of 10 investors.
This is the second time using Crowdfunder, why?
We did an A round and an A+ round. We found that Crowdfunder was a very efficient way to reach Angel investors, much more so than the traditional face-to-face angel networking events. As an entrepreneur, it’s just a better use of your time We see it as ‘hand-to-hand’ combat online because we can meet potential investors directly and one on one.
How did Crowdfunder help you achieve your fundraising goals?
We didn’t have a specific goal for Crowdfunder, but of course, we had a goal for the Angel round overall of $2.5M. Crowdfunder allowed us to connect with angel investors across the country, not just in our area. It also increased our visibility and enabled networking. People are able to see who’s investing with you and who’s watching you. This doesn’t happen in a traditional funding environment.
What do you credit your success to?
We have an experienced and reputable team. We were well prepared with a completed term sheet and proof of market. We have real paying customers, using a real product, from an experienced team.
In your opinion, how has equity crowdfunding changed the fundraising landscape?
It’s been revolutionary. A good analogy: LinkedIn versus getting business cards. The online model gives a much larger reach with more automated tools. You’re not limited to a specific geography. It’s much more efficient, so the ROI of the entrepreneur is much greater now.
What do you plan on using the funds raised for?
We are focused on scaling up sales and marketing to help us expand the market footprint and grow the revenue stream.
What would you tell entrepreneurs looking to use Crowdfunder?
If you have a term sheet and you have proof of market, then Crowdfunder is an ideal option. The biggest mistake is not being prepared. And if you are just at the idea stage, you may be too early unless you have some very potent secret sauce.