Meet The Founders: GeoDB

GeoDB is a peer-to-peer marketplace for Big Data, where users are rewarded for the data they generate. To date, the company has raised over £2m through equity crowdfunding, using both Crowdcube and Seedrs. We caught up with Founder and Co-CEO, Luis Gelado to find out more about their equity crowdfunding success.   
 
What attracted you to equity crowdfunding?
 

We always love to onboard our community into our business. Giving our users the possibility to be part of the company is the best way to build a strong army of believers that will help you generate organic growth as you move forward as a company. Equity Crowdfunding allows even smaller investors to become a relevant piece of our puzzle. We enjoy engaging with the market and it becomes a very useful tool to better understand the best way to serve your environment.

Aside from capital, how has your company benefited from crowdfunding?

It’s definitely a wonderful marketing campaign. It puts you in front of thousands of people, it builds brand and it gives you the opportunity to understand the needs and the thoughts of many potential users and clients. If you know how to play it, crowdfunding becomes both a great raising tool but at the same time a powerful speaker to bring attention to the company.

Having successfully raised on both Crowdcube and Seedrs, what has been your experience of both platforms and how do they differ?

I would say they are both very similar. They both have engaged communities, good marketing tools, a great technology platform and great teams that help you manage your raise smoothly.

The main difference I may find is a small difference between investor types. I would say Crowdcube has more retail (smaller investments) investors, which means smaller investments in your raise. In Seedrs you may find fewer but bigger investments. So there’s a difference in the average size of the investments and that directly connects with the type of investors each platform has.

Were there any resources or external support services you used for any of your campaigns?

No, we didn’t. I’ve now been involved in four successful equity crowdfunding campaigns (three for GeoDB and one for a previous company)  and now know very well all the needed activities and steps for a successful raise. We did our own marketing plan, PR activities, and our team has directly managed the complete process. We even built our own video pitch. So in this fourth campaign, it was all in-house work.

What do you think has been the key to your crowdfunding success? 

You need to have a great project, an inspiring company with a vision that attracts the people. It’s not just about the numbers. Nowadays, people are not only looking to invest in pure industrial companies with clear revenue streams and big profitability. They like to invest in missions, in companies that are willing to change the world as we know it today… for the better. If you have that important click, then the tipping point for your campaign can be easily achieved.
 
Do you have any top tips to share with the community?
 

Care about your campaign. It’s not going to simply work. Dedicate time to engage, to share, to talk, to explain. That’s the best way to get the attention of the community. I’ve sent more than 2,000 emails since we launched the campaign, scheduled more than 100 calls and answered personally hundreds of messages in our forum.

Get close to the people and they will listen to you.

Be a Champion!

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