Ethical beauty firm on solid cash footing
A social enterprise wanting to rid the world of plastic crowdfunded $500,000 within two hours of its Pledge Me campaign going live.
Ethique, a hair and beauty products company, was looking to raise $1 million via crowdfunding and private investors to expand its business overseas.
Founder Brianne West said the campaign had nearly 1300 pledges from supporters, many of whom pre-registered 21 hours before the campaign went live.
Once it was live, Ethique raised the capital within two hours.
West said although the plan was to raise the other half through private investment, the success of the campaign showed Ethique could have raised $1m had it run for the full month.
The campaign was launched at the Social Enterprise World Forum, an international event hosted this year in Christchurch, where 1500 social enterprises and supporters gathered to discuss the future of enterprise.
West said the idea for her business came to her in the shower while she was in her second year at university. She decided to formulate a solid shampoo that would lather in the shower.
Kiwis throw out a combined 50 million shampoo and conditioner bottles every year, she said.
West has developed another 31 solid beauty bars including cleansers, scrubs, moisturisers and household cleaners.
‘‘Our mission is to rid the world of plastic bottles, and we need all the support we can get to scale to make that happen,’’ West said.
The business grew over 330 per cent last year. Its goal was to hit revenue of at least $2m this year.
This was Ethique’s second crowdfunding campaign. The first attempt raised $200,000 in 10 days.
Pledge Me founder Anna Guenther said the defending champion for raising the most money in the shortest period of time was ParrotDog. The Kiwi beer company raised $2m in two days.
She said the average amount pledged to campaigns over four weeks was $300,000.