Campaign Success: GIBIE™
GIBIE™ aims to disrupt the current fabric dyeing industry by replacing synthetic chemical dyes with sustainable plant-based dyeing processes. The company recently raised over £150k from nearly 400 investors on Crowdcube. We spoke with Founder & CEO, Hitesh Anand to hear their Crowdcube success story.
Could you tell us more about GIBIE™?
GIBIE™ was founded in early 2019 to provide the finest bed and bath linen through an amalgamation of innovative weaving technology and 5000-year-old Ayurvedic dyeing techniques. At GIBIE™ we believe that there are sufficient resources available in our nature that can be used to develop superior fabrics through innovative methodologies that can make today’s chemical-intensive textiles less relevant. Our objective is to tap into the amazing benefits and utilities that come with natural fibres and dyes and implement them through the latest technologies. Thus, today we believe we have developed the world’s finest utility-based bed and bath linen. Our current product offerings include a range of bath linen products like bath, face and hand towels.
How has GIBIE™ been funded to date?
GIBIE™ has been funded by personal funds and investment from close friends and family.
What attracted GIBIE™ to equity crowdfunding?
Crowdfunding relies on a large pool of investors who invest at lower levels, minimising overall risk. It provided an opportunity to showcase our projects to a larger number of potential investors than conventional forms of capital raising. Unlike the traditional forms of financing, such as venture capital, it does not dilute power within a company. Our investors are likely to become a group of people dedicated to making our venture successful. We can rely on their crowd of investors for feedback, comments and ideas, which often helps during the early stages of a venture.
What did you do to prepare for your Crowdcube campaign?
It took us almost 3 months of preparation before we went public live on Crowdcube. During our preparation phase, a lot of time was spent in identifying and engaging with our lead investors and took us almost a month to get them aboard after many interactive sessions. We also spent time defining our realistic financials through market understanding and arrived at our proposed forecast for our potential investors’ reference both in terms of what we intend to achieve through the raised funds and as a business at large in the coming years. We also went through a detailed compliance process run by Crowdcube to prove our claims and authenticity.
Did you use any external support services?
Yes, we hired IdeaSqaure as our consultant. They helped us in managing the entire process smoothly being an expert. We won’t shy away from strongly recommending them as one of the best in this space.
What would be your top equity crowdfunding tips?
Pre-secure at least 30% of their minimum funding target before going live on the platform. A good start is a must, to build-up some momentum and drive tractions. Be truthful. sincere and transparent. Don’t avoid spending an extra month in preparing yourself before you go live.