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VC invests in LOVESPACE via Crowdcube

posted Jun 27, 2014, 1:45 AM by Siamak Ebarhimi
LOVESPACE hits £1.6m on Crowdcube as the VC firm that’s backed the likes of Shazam, the mobile App phenomenon, DN Capital invests alongside the crowd to raise second largest amount on Crowdcube

LOVESPACE, a distinctive storage company founded by Streetcar co-founder and entrepreneur Brett Akker, has attracted major venture capital firm, DN Capital, alongside the crowd to help raise £1.6m on equity crowdfunding platform, Crowdcube – the second largest amount raised on the site behind Hab Housing.

LOVESPACE, which was named one of the UK’s top-50 most disruptive companies, is the first storage-by-the-box company in the UK, helping customers to ‘live a bigger life, one box at a time’.crowdfunding marketing

Raising an additional £1m over its original target of £600,000 in just 12 days, the company saw its largest single investment of £250K come from one of Europe’s leading venture capital firms and major Shazam investor, DN Capital.

“This is the clearest indication yet that VCs are helping fund companies looking for alternative finance via crowdfunding,” according to Luke Lang, co-founder of Crowdcube. “It shows that VCs as well as other institutional investors can invest alongside the crowd and reinforces the fact that crowdfunding is now a seriously credible and viable funding platform.”

Brett Akker joins a growing list of proven and high profile entrepreneurs using Crowdcube to raise money, including Steve Smith, founder of Poundland who raised half a million pounds last month for his latest venture, online estate agency Other high-calibre entrepreneurs include Mark Henderson of Gieves & Hawkes fame who also recently funded on Crowdcube with his latest venture, The New Craftsman, offering high quality handcrafted products made in Britain.crowdfunding advertising

Luke Lang added:

“When hugely successful and respected industry figures like the founders of Streetcar, Poundland and Gieves & Hawkes turn to crowdfunding, you know that this is not just a one-off – long may it continue,”

Tom Bradley, Partner at DN Capital, comments:

“LOVESPACE is a company we could not miss out on investing in. We have invested a total of £250,000 into the business because we believe it is a simple but brilliant idea, which is clearly providing an excellent alternative to traditional storage businesses. We look forward to being part of the company as it continues to go from strength to strength in the coming months.”indiegogo marketing

LOVESPACE, which has stored a total of 10,000 boxes for nearly 2,000 customers, raised additional funding to increase their warehouse space to over 20,000 square feet and invest in additional marketing activities and technology to increase the efficiency of the business. The company will be expanding its fleet and increasing the number of drivers, customer service experts and developers in its workforce

LOVESPACE Managing Director, Steve Folwell, who led the latest funding round adds:

“I am thrilled we have had such a successful round of funding using Crowdcube. We have been steadily growing customer numbers and developing our services since launch last November, and this additional funding will allow even further expansion of our customer offering and importantly storage space. We are very grateful to all the support shown in this round of funding and are delighted to welcome the new investors. We are excited about building LOVESPACE into a bigger business, one box at a time with all of our investors.”kickstarter marketing

More about LOVESPACE

LOVESPACE is the UK’s first storage by the box company. Launched in 2012 by Brett Akker, the business aims to help customers ‘live a bigger life, one box at a time’ and provide them with a convenient and cost-effective way to store their belongings.

LOVESPACE collects boxes, as well as larger items such as suitcases and bikes from your door, stores them for as long as you want, and returns them to any address in the UK. Prices start from £1.95 per item per month.kickstarter project

Their target market includes students, businesses, new parents and people moving house – as well as people living in small flats who need to make space or declutter

They hold strategic partnerships with the Business Centre Association (BCA), Mainstay, Oxfam and City Link and are backed by investors Smedvig Capital, First Risk Capital, and European storage heavyweights Carl August Ameln, Lasse Hoydal and Arnaud Ripert.

LOVESPACE has been named one of the UK’s top-50 most disruptive companies and features in the list of 100 of the most exciting innovative and disruptive business in the UK today.CrowdFunding advertizing

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By David Khorram