“Collection of cool crafters” The New Craftsmen secures £171,580 from the crowd
70 investors back pitch on equity crowdfunding platform Crowdcube
Craft specialist The New Craftsmen has closed £171,580 in an oversubscribed pitch on crowdfunding platform Crowdcube, with backing from 70 investors.
Its new shareholders will receive an equity share of 6.18% but the share stake will differ from most crowdfunding campaigns as the craft start-up offered ordinary shares and B shares.
This share split means that any investor who backed £5,000 or more was entitled to an ordinary share and those who invested less than £5,000 received a B share.
Founded in 2013 by former CEO of Gieves and Hawkes, Mark Henderson, London-based The New Craftsmen works with a range of British craft makers to showcase “high-quality” hand-crafted products and materials including textiles, furniture, jewellery, silverware and ceramics.
It is focused on “placing craft in the luxury sector” and intends to use the finance to target a market which it estimates is worth in excess of £883m in England alone.
Crowdcube discussed the investment in The New Craftsmen on its Facebook page:
“A big congratulations to The New Craftsmen for reaching their target.
“They raised 14% over their target and are now focusing on getting their Mayfair shop ready for opening in May.”