Virtuous Vodka needed 8 weeks to raise 1 Million SEK in equity through the crowd.

A phone call made by Claes Stenmark, Co-Founder and CEO at Virtuous Spirits AB, last summer to FundedByMe’s office in Stockholm was the beginning of an adventure which would eventually lead the company to a fully financed round of equity crowdfunding while simultaneously becoming the first ever company in the tech savvy nation to accomplish this.

At the moment of the phone call FundedByMe, Sweden’s largest crowdfunding platform, had just announced their plans for a pivot towards equity crowdfunding and was starting a period of extensive testing in stealth. Virtuous Vodka was the first company on the platform when it went in pre-round on the 1st of September 2012. A company in pre-round has access to a set of powerful tools in order to validate ideas, market value and connect with potential investors. In the same pre-round potential investors are able to report their interest in investing in the company, the entrepreneur however always remains to keep control over who can ultimately invest in the company. 

Not more than 8 weeks ago the company opened their round, allowing the crowd to invest in the ambitious vodka brand. And the crowd did. FundedByMe has found in Virtuous Vodka a perfect ambitious company to pave the way for many other ventures interested in using equity crowdfunding for financing their businesses. Claes Stenmark and his team have worked out a bullet-proof campaign with a personal touch, and succeeded in closing their round by being dedicated and able to engage a large number of (potential) investors. By hosting monthly tasting sessions, inviting their investors to spread the word and taking the time to speak with every investor they have quickly gathered a crowd of engaged investors which the company is proud of.

Last Friday, on the 11th of January, the goal of 1 million SEK was reached and Claes Stenmark closed the round on FundedByMe’s platform. In a first response Claes Stenmark states.

“We are extremely happy and proud to be the first ever company in the Nordics that closes a fully funded equity crowdfunding-round!

The capital raised, 1 million SEK, will come in handy, but the key is that we have more than one hundred members who will be good ambassadors, contributing with their skills and their networks.

 These brand ambassadors, along with the enhanced cash, will help make a greater impact with our first product launch. This spring, the naturally flavored series of Virtuous Vodka will take the Swedish market by storm. We are confident that the market, just like us, crave the authentic taste!”

Running a successful campaign isn’t simple, there is a lot to it. Virtuous Vodka however has set a good example and will serve as inspiration for many other fellow entrepreneurs throughout the Nordics. FundedByMe is excited about the traction on the platform which shows a conversion rate of 62% and an average investment of SEK 9710:- per investor. A large number of investors have invested in more than just one startup, which provides promising conditions for future startups which will be featured on the company’s platform.

For more information please contact Wouter Veenstra at +46763390119 or at wouter@fundedbyme, Twitter handles @fundedbyme and @eddieveenstra