Successful crowdfunding initiative for Lingos.
Lingos has just run a successful crowdfunding initiative during September 2015 on the Crowdcube platform. By the beginning of October we successfully raised £187,000 via Crowdcube members and private investors.
Lingos chose to raise this round on Crowdcube as we wanted to provide an opportunity for a number of our existing 7000 strong and growing community of teachers & learners to become shareholders in the business. Lingos is at heart a social network connecting people who want to learn a language with people who can teach them.
We felt the fundamental principle of Crowdfunding fits very well with our product ethos and enabling members of our community to benefit from the growth in the business was the right thing.
This is the 1st round of investment that Lingos has raised on a crowdfunding platform. We have raised a number of private angel rounds prior to this. We wanted to raise investment for Lingos as Lingos is rapidly growing and as such we’re quickly learning what features our community members would like to see and use. We raised the capital to invest in product & platform development and to enable us to start our international outreach to help connect learners & teachers across the world.
During the crowdfundiing process we learnt that to complete a successful crowdfunding campaign takes a significant effort and a specific focus on ensuring that you very clearly communicate the benefits of your product or service and the target markets that will use it. We’re very happy with the success of our campaign. And we will definitely consider a further crowdfunding round as part of our expansion plans in early 2016.