Social Enterprises making the most of Equity Crowdfunding

Equity crowdfunding has been labelled the way of the future for social enterprise, with one community-owned renewable energy retailer raising over $300,000 to expand across Australia.

Enova Community Energy’s equity crowdfunding campaign on Crowd88 has raised $348,649 two days before it’s due to wrap up on 4 October.

While it has fallen short of its target of $600,000 to $3 million, Enova chair Alison Crook AO said this was not surprising, adding that the board would consider extending the campaign. “As with all campaigns it’s dependent on publicity and it’s taken us a while to ramp this up,” Crook told Pro Bono News.

“So this is actually par for the course for the first leg of any sort of fundraising campaign, and it was the same for our previous capital raise.

“The board will make a decision on the completion date. But we do have the right to extend it by 45 days.”

Crook said equity crowdfunding – which allowed businesses to raise funds from the public, in return for equity in the company ­– offered Enova the chance to reach more of the community and Australians the opportunity to own a part of their own retailer.

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Source: Social Enterprises Making the Most of Equity Crowdfunding | PBA