Campaign Success: monva

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monva is an intelligent consumer comparison platform for financial products. The team launched their equity crowdfunding campaign on Crowdcube earlier this month and raised over £500k from nearly 800 investors. We spoke with Co-founder & CEO, Steve Wiley, to hear his Crowdcube success story.
 

What attracted you to equity crowdfunding?

 

Given the early stage of monva, and being a new consumer brand, we wanted to build an audience of investors and advocates who believed in our mission to re-imagine comparison for today’s consumer, and could genuinely say they were part of what got us to launch and beyond.  As a result, Crowdfunding became an important part of our investment structure alongside private and institutional investors.

Were there any resources (blogs, books, guides, podcasts etc.) or external support services you used for your Crowdcube campaign?

 

I think we can safely say all of the above! And even then, we didn’t know enough. We started by exploring the key UK crowdfunding platforms, shortlisting them for suitability and holding initial discussions to understand if they would be a good fit for us. While this was happening, we continued reading around the subject and reached out to a couple of companies we had been monitoring to ask for their advice and insights. Those early calls were hugely helpful in making us aware of how much work was involved in getting ready for the Crowdfunding campaign itself. We eventually chose Crowdcube as our crowdfunding partner as they seemed to be the best fit for us and worked super hard to win our business.

In terms of support services, we hired Raising Partners who have been fantastic in helping us prepare for and manage the campaign. Their main role for us was ensuring we were structured and ready for the campaign, including reviewing and validating our financial model and valuation, and assisting through the due diligence phase with Crowdcube. They have then worked with us on a daily basis to support our activity on Crowdcube. Our video was produced by Visaura after a recommendation from Alan Small at Paperclip. The team did an awesome job of producing our investor video that you can see on Crowdcube. We already had a marketing agency, Rowan Creative, who had helped us with creating the monva brand.

What has been the most challenging part of the process?

 

You have to give Crowdfunding the time it deserves. At monva, we’re a small team with a big story to tell and deliver. Crowdcube informed us we had been one of the most active campaigns in terms of user engagement and it has certainly felt that way. Before launching on Crowdcube we needed to ensure we met their due diligence and get the investment structure aligned with our existing investors. This was pretty time-consuming. We are lucky to be able to run our operations remotely, and one of the main challenges has been ensuring our team communication, focus, awareness of performance, and enthusiasm are maintained, and consistency has been a key to this. We have a great team with a will to succeed, so it has been more a case of who picks up what, rather than picking up any slack.

If you could go back, what would you do differently? 

 
I think we would have done this sooner. Not because we launched just as the Coronavirus was taking hold in the UK, but the process has given us great visibility and awareness of people’s perception and enthusiasm for what we are trying to achieve here. 
 

How has the Covid-19 crisis affected your Crowdcube campaign?

 
You can read Steve’s response, along with others in our dedicated Coronavirus post here.
 

What do you think has been the key to your Crowdcube success and what would be your top crowdfunding tips?

 
Communication, presence, visibility, action. As a team, we said we would be relentless in our efforts to succeed in our campaign, and I would stand by this. Crowdfunding is not a process to put something live and sit back and watch the investment roll in. You have to be involved in the detail, explore every opportunity and discussion, welcome good and bad feedback, and most importantly have a campaign plan. We prepared an outline plan with Raising Partners for activity on the platform, but so much happens outside of this and culminates with activity on Crowdcube. Use of webinars, podcasts, consumer and trade PR, social media, LinkedIn has been particularly productive in growing our message. Reach out to individual and institutional investors and make them aware of your campaign before going live.
We hope you find our content useful. If you have any feedback or suggestions for what you’d like to see, please get in touch
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