In the 2021 financial year, Australian companies rose $46 million via equity crowdfunding, more than double the year prior. However, the nascent funding option has seen its fair share of failures, most recently female ridesharing service Shebah, which raised $3 million in 2019 but entered voluntary administration last week due to the pressures of COVID-19.
Ms Meldrum says despite the potential pitfalls, she is confident of crowdfunding being the right move for Whole Kids, pointing to the company’s 16-year history and market position.
“Our business has been around for some time and the opportunities we’re looking at are real opportunities,” she said. “I think it’s a great thing for us.”
Whole Kids will use the new funding primarily to expand into South-East Asia, with the company already appointing distributors in Malaysia, Singapore, Hong Kong and the UAE. The business, which is a certified B Corp, also plans to become carbon neutral in the next 12 months.
Whole Kids back for more crowdfunding after catching a Baby Shark
Source: Philippines Alive
