Crowdfunding success stories: LOVESPACE
The storage start-up awarded the title of Crowdfunded Business of the Year for its £1.6m funding round…
Space is now increasingly at a premium which is why LOVESPACE, the fast growth start-up which collects and stores your storage by-the-box, successfully caught the attention of 259 investors on Crowdcube in June 2014.
Having secured its £600,000 funding target in just 24 hours, the Startups 100-listed business closed its whirlwind round with £1.6m financed in return for a 28.49% equity stake.
With single investments of up to £250,000, the business’ crowdfunding achievements impressed both investors and judges alike with the company crowned Crowdfunded Business of the Year at the Startups Awards 2014 against competition from Seedrs and F-Board.
Launched in 2012 by Streetcar co-founder Brett Akker, LOVESPACE has now stored over 10,000 boxes for 2,000 customers and claims to be growing by 50 customers each day. In recent months the company has agreed deals with Oxfam for free charity box collection and Mothercare for storage of parenting goods.
Steve Folwell, LOVESPACE’s managing director, said the funding would go towards “growing customer numbers and developing its services”. This ambition has since been achieved with the company having gone on to raise an additional £1.1m of private investment to “aggressively” drive growth as well as adding two new strategic directors; Kabbee’s former CTO Dave Walker and Explore Learning’s Heather Garrick.