Campaign Success: LUX Rewards
LUX Rewards is a premium rewards app that gives its users points to spend on luxury experiences, gifts and charity donations. To date, the company has raised over £300k across two campaigns on Crowdcube. We caught up with Founder and CEO, James Courtney to hear his Crowdcube success story.
What attracted you to equity crowdfunding?
The ability to bring all of our prospective investors (large and small tickets) into one place and to set a deadline to speed up the process. We also wanted to double the amount that we could bring to the platform via Angels, through our own network and the Crowdcube investors.
Aside from capital, how has LUX Rewards benefited from crowdfunding?
We regularly receive feedback and support from our investor community. The most valuable aspect has been introductions to restaurants – there is real value in building a community.
Did you notice any differences from your first campaign to your most recent?
We have made significant progress since our first round and the crowd have recognised that. We only just reached our target in our first round but we surpassed our target on the first day of our most recent Crowdcube campaign.
Were there any resources or external support services you used for either of your campaigns?
Oversubscribed is an excellent book to help with pre-launch campaigns. We used IdeaSquares for our first round and used our notes from this in our most recent round. I must say that Crowdcube has been excellent in supporting this time and I would advise other startups to book in regular check-ins with their account managers so that they make the most of the experienced team.
What do you think has been the key to your Crowdcube success?
We were able to close significant angel investment whilst in private mode, which enabled us to go live with 100%! This momentum has continued throughout our raise and relieves some of the pressure – the mindset changes from asking for money to offering investors a chance to join an oversubscribed campaign.
What would be your top crowdfunding tips?
- Prime your crowd with information up to 3 months in advance
- Explain the benefits to your Angel Investors and make sure they invest ahead of launch
- Prepare valuable content (including short-form video) for both social media and email campaigns