Equity crowdfunding is a way of raising money from everyday investors instead of institutional investment sources. CrowdCube funders can invest as little as £10 to own a piece of Miso.
This is the second equity crowdfunding campaign for Miso, which opened one on SeedInvest here in the U.S. back in April with the goal of raising $30 million. That $30 million seems to be a global fundraising goal (yesterday’s press release states Miso is looking to raise £24 million worldwide, which is roughly $30 million USD). We’ve reached out to Miso to clarify.
According to the CrowdCube campaign page, it looks like Miso has already surpassed its UK-specific goal of £1,201,904 and has raised £2,544,720 (~$ 3.2 million USD) from 292 investors with 20 days still left to go. Coincidentally, $3.2 million is what Miso has raised in the U.S. via SeedInvest so far.
Miso’s UK crowdfunding campaign comes just one day after the company announced that U.S. fast food chain, White Castle, was using Flippy to operate the fry station in a pilot program at one of its Chicago locations. This was the first non-investor customer for Flippy, which has also gone to work at CaliBurger as well as the Dodger and Diamondback baseball stadiums.
Miso has raised $13.1 million in traditional funding, with its last round being a Series B back in February of 2018. There are actually a number of startups that have turned to equity crowdfunding in recent years including Small Robot Company (also on CrowdCube), as well as Winc, Mellow and GoSun. Equity crowdfunding helps alleviate some of the scaling pressures that come with institutional money, but also removes some of the institutional knowledge and connections that come with VCs.
Miso appears to be catching on so far with UK investors, now we need to see how many paying customers Flippy can rack up across the pond as well.