Pavegen launched their first ever crowdfunding round in May, and in hitting their £750k target for 4.48% equity within 59 hours, they became the fastest-grossing CleanTech company on Crowdcube. PR Officer Sanaa Siddiqui shares her experiences of the journey
The choice to reach out for investment followed a busy start to 2015, with Pavegen needing to scale due to customer demand. In order to meet this expansion, we decided to take on crowdfunding as a means of empowering the crowd i.e. using the community to reach a specific goal. We wanted the investment raised to contribute towards R&D, recruitment, and scaling the business to deliver permanent, large-scale projects.
Pavegen‘s proposition is focused on the manufacturing of flooring technology that converts energy from people’s footsteps into renewable electricity. This electricity can be stored or used to power lighting, advertisement, and signage. To function in the urban environment, the tiles require footfall from the community; demonstrating that even a simple action (such as a footstep) can make a significant impact.
Working with Crowdcube resulted in an array of positive results; Crowdcube themselves were extremely supportive in promoting our investment campaign round through OOH advertisements. Pavegen were featured in adverts on the Underground, which boosted coverage across media including Daily Telegraph, TechCrunch and Evening Standard. This helped us win a broader scope of clients, with projects alongside Formula E, Sunglass Hut, Roland Garros and Canary Wharf Group.
Some people might consider the number of investors to be another disadvantage if at too high a quantity. However our goal with Pavegen as we now have 1400 investors, is to also create new connections and to invite them to be our brand ambassadors across the globe.
Now, the campaign is coming to an end, with a deadline of July 5th. Pavegen are now at £1.72m.
“Our vision is to become part of the fabric of urban infrastructure; powering smart cities of the future and equating the cost of our tiles to standard flooring,” CEO Laurence Kemball-Cook explained. “So every time you step on a Pavegen tile, you’re not only getting renewable electricity, but data on demand; with a granular insight into how people move in cities.”