Achieved the goals of the funding round
Owing to a confident start, dropout's equity crowdfunding campaign on Mamacrowd, platform for equity crowdfunding, is coming to an anticipated conclusion after the extended target sum was reached only 6 days into the campaign.
The initiative, launched on the 7th of October, has seen the participation of 2 VC funds (including ALIcrowd, ELTIF of Azimut SPA) and more than 150 private investors, confirming the high level of trust of the streetwear and finance communities in the potential of dropout's team.
"I am happy with the progress of the campaign so far, but the time has not yet come to get complacent", stresses Kola Tytler, founder and CEO, "We have a vision, objectives and, key to this, a strategy and the foundation to make it all happen. The journey in front of us will not be easy, but we are ready to face the difficulties and unexpected situations that we will face. This campaign itself serves as evidence that we, as a team, know how to work hard in order to achieve goals and get things done. "
The minimum target (€300k) was reached in just over 9 hours, whilst the maximum target of €500k was reached after a lightning 4 days of campaigning. The board then approved the extension of the maximum target up to €750k, then reaching this figure on the sixth day.
The initiative saw a great response by the Italian youth: over a third of retail investors are 18-24 years old and over 2 thirds are under 35.
“The capital raised will allow us to further improve HypeAnalyzer, the system at the heart of dropout. We will allow customers to buy and sell products at their real market price, while maintaining the excellent standards that characterize us”, comments Stefano Zeppieri, co-founder and CTO of dropout.