Launched by current Harvard Business School students Broderick McClinton and Eric Soonier, Equity Endeavor is a cost-effective way for business owners to raise funds outside of the traditional equity and lending types of financing.
Out of the seven companies chosen to launch crowdfunding campaigns in Austin and New Orleans through Equity Endeavor, four were successful. Two of the successes came were New Orleans-based businesses: Birthmark Doula Collective and Hollygrove Market & Farm.
New Orleans will be getting its first independent birthing center. Birthmark Doula Collective raised over $25,000 from 76 crowdfunders.
Hollygrove Market & Farm raised almost $15,000 from 143 crowdfunders in order to purchase a new dairy cooler, acquire a Point of Sale system and install a bike rack to better serve clients. The organization was aiming for $12,000 and surpassed their goal.
“We are very excited as we believe these successes show the power of our platform and its ability to be a real tool for business owners,” said McClinton.
Equity Endeavor is looking forward to getting back into the recruiting phase. The city-specific, rewards-based crowdfunding platform is currently spreading the word because in the next two to three weeks, the company will be launching another series of campaigns in the New Orleans area. From there, the pilot will have finished and there will be continuous campaigns on the site.
Equity Endeavor targets businesses seeking $5,000 to $40,000 for strategic growth. The basic idea is that business owners often want to expand into new neighborhoods, offer enhanced products or services, create a better experience for customers, and raise brand awareness.
The crowdfunding platform itself is also seeking funding. The founders want to expand upon the site, continue spreading the word and eventually teach others about the crowdfunding process.
For more information, visit equityendeavor.com.