Now we can say: we did it!
The crowdfunding campaign that has kept us busy for the past four months has just ended, and although it’s been some of the most challenging days (and nights!) that we’ve had for a long time, the results have more than repaid us for our hard work!
More than the financial results - which will allow us to keep developing the Oval project, making it better than ever - it’s the number of new subscribers that puts the biggest smile on our faces. More than 2,000 people have signed up to become full Oval users and fellow companions on this journey towards a better financial world that promotes simplicity, immediate access, and total inclusion.
"The campaign has been a great success,” says Oval Founder, Claudio Bedino, “because not only have we reached and exceeded the expected collection target, but because more than 2,000 people have invested in Oval, giving us confidence and supporting our belief in the project. Considering that successful campaigns usually achieve an average of 200 to 300 investors, what we have achieved is a fantastic result, and such an incredible reward for all our hard work. We have demonstrated, once again, that with technology it is possible to break down barriers and bring a complex tool such as equity crowdfunding to as many people as possible, with whom we will build our future."
In addition to the new subscribers and the £1.25 million raised in 3 weeks, we are particularly proud to report that 70% of the total investment came from the Ovalers themselves. It's a fantastic result because it not only shows us how much our community believes in Oval and its values, but also that the integration of the campaign within the app has been a success.
This integration was the first of its kind - globally! - and today we can step back and say that everything worked perfectly. It allowed us to take yet another step towards simplifying the world of fiance.
Benedetta Arese Lucini, Oval founder, stated that “for us, the success of this campaign means many things, but above all that the model in which we believe is working. The average in-app investment was 460 euros, and this represents the true spirit of crowdfunding; that is, people who invest not so much to get an economic return, but to support a project in which they believe. It is a great responsibility and, at the same time, an important stimulus, but above all it is a wonderful feeling to know that we are helping people in life".
Campaign closed and looking to the future: what will happen tomorrow?
The funds are certainly needed for growth. They are important to further structure the team, to think about new products, and to improve existing services designed to bring us closer to the vision of a simple and inclusive financial world.
In 2020 we will distribute new financial products created specifically for Ovalers, as well as improving and refining those that we already have, like Oval Pay. We will invest to spread as much as possible the fundamental concepts of financial education, and we will begin our expansion into new external markets. But above all, in 2020 we will have 2,000 more members with whom we want to engage, assist, and begin a new dialogue. This ambition is not rhetoric, because Oval would never have reached this point if it had not been for the focus on its core community, and the powerful role that it plays.
The final goal we will set for ourselves, thanks to the outcome of the crowdfunding campaign, will be to ensure that those who believe in us will remain an integral and active part of the project.
We will implement this principle in a thousand different ways: improving dialogue, organising opportunities for meetings and dedicated activities, and insisting on the value of feedback. But, above all, we will focus on the advice, ideas, and information, that could make the Oval project even richer, better, - and most of all - more tailored to the needs of those who use it.
Who knows what ideas are waiting just around the corner…. The best is yet to come!