Wednesday, November 20

PARK Scores In First Win For Birchal, While HashChing Fails To Raise Via Equity Crowd Funding

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PARK, a soccer brand with a social mission, has become the first startup to exceed 100% of their funding target on the Equity Crowdfunding Platform, Birchal.

Founded by Sam Davy and Tara Montoneri in 2015 the company is a for-profit, but purpose driven brand that aims to connect the global retail power of soccer with a social impact mission.

With just over 2 days remaining for the equity crowdfunding campaign the company has raised over 123% of their target or more than $246,000 from 104 investors. In reaching this milestone they become the first startup to successfully raise funds on the platform after Winery Lane and Next Address failed to hit their minimum threshold.

The money has been raised at a ~$2.25m pre-money valuation and the company plans to utilise the funds to expand their sales and marketing activities over the next 12 to 18 months.

In particular, PARK is looking to generate greater awareness for the “PARK” brand and the “Pass-A-Ball-Project” which aims to provide soccer balls to children in need. To date, the company as delivered more than 5,000 soccer balls to children in 13 countries.

Elsewhere in the equity crowdfunding space HashChing, an Australian Fintech startup, that bills itself as the countries largest online marketplace for borrowers to securing competitive home loan deals from verified mortgage brokers, has disappeared from the Equitise platform after failing to show progress with their campaign.

The company was looking to raise a minimum of $1 million, and up to $5 million, in funding at a $25 million pre-money valuation and until the other week was highlighted as one of the investment opportunities on the Equitise platform.

At the time the amount committed to the round hovered in the mid 20% range and after failing to progress further has now been removed from the platform. The company had recently secured a $700,000 loan from the NSW State Government, but there has been no further publicly available update on a new round of equity financing.

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Paul Towers is a passionate supporter of the Australian startup ecosystem and the Founder of Startup Soda. Originally, Startup Soda was solely a newsletter that helped curate the best content from the Australian startup community, more recently however it has turned into a media platform with the aim of improving coverage of Australian Startups, Founders and VC's.

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