Awesome Merchandise’s crowdfunding campaign has resulted in the business raising nearly twice as much money as its initial target.
The Leeds merchandising print specialist has expanded its offering into the US via a new production site in Austin, Texas, and launched a £350,000 crowdfunder via the Crowdcube platform at the beginning of August to help propel its growth plans.
The firm smashed its original target just over four weeks ago, with the campaign then entering a period of overfunding that concluded last week. It reached a grand total of £690,290 and gained the support of 1,126 investors. The largest single investment was £40,000.
The level of investment represents a 10.89% stake in the company.
Awesome Merchandise co-founder Luke Hodson said it had been an exciting process and the team was grateful for all the interest and support that had been received.
“It has been a great experience for us getting to talk with hundreds of interested people about Awesome, where we've been and our plans to try and make the business the best it possibly can be over the next few years,” he said.
“It's exciting and humbling to have what will be more than 1,000 people invested in a company that started out as just Charlotte and I and a badge machine we bought from eBay!”
Hodson said the firm had booked more than $30,000 (£23,000) of direct US sales last month and had now received its Certificate of Occupancy from the city of Austin, allowing it to officially open for business.
He also said that the firm’s UK sales had increased by £1m in the year to date.
Sales last year were £5.5m, up 50% on the prior year. The company employs around 80 staff and its product range spans a wide range of merchandise, including t-shirts, badges, stickers, tea towels and a host of other items.
As well as the new US facility, the firm also plans to expand the amount of business it does for continental Europe through the availability of euro pricing on its website.