Friends and family are often the biggest supporters of seed-stage businesses. But, offline investing often requires investors to invest rather large sums (£10,000 to £25,000 minimum) to make the legal paperwork worthwhile. Unless an entrepreneur has wealthy friends and family, this can be very difficult to raise.
One of the main benefits of equity crowdfunding is that it makes it possible to raise smaller amounts of investment from friends and family – allowing them to more easily experience the rewards that come from investing in these startup companies.
One of the most passionate testimonials we’ve received yet, which epitomises the power of friends and family crowdfunding, is from an investor in Mikes Fancy Cheese – who also happens to be a friend of the founder. We couldn’t keep this to ourselves and wanted to share it with you – her enthusiasm and support for her friend’s business are contagious.
Mikes Fancy Cheese raised £80,000 from 100 investors on Seedrs to produce a raw milk, artisanal, blue cheese company based in Northern Ireland…
“I have known Michael for almost 7 years. He has quite a few hobbies, things he enjoys and things he likes to do, but the one thing you will discover when you meet him is his absolute passion for the cheese industry. The guy just loves cheese!! The other thing you will notice quickly when you meet him is that his heart is firmly dedicated to Northern Ireland where his family, friends, his home, his culture and his heritage are. He has an enormous sense of pride in his country and is someone who is fully aware that Northern Ireland is a platform for fine produce that needs exposure. With these 2 passions combined, there is no way Michael will not succeed. I believe that there are many factors to success and passion in the magic ingredient, without it, things are just a little less special.
Michael has dedicated the past 5 years, putting everything into the foundations of his cheese empire! He has never had a contingency plan as he knows this dream will become a reality.
I fully believe that Michael will make Northern Ireland proud with Mikes Fancy Cheese. Not only will his cheeses be made with local produce in a sustainable and an environmentally cautious way, be absolutely delicious, inventive and inspiring, but they will be made from the heart. I know I am not the only person that believes this, because I am not the only investor.”
