Lovely, a Polish-American startup, just broke the equity crowdfunding record in Poland, collecting PLN 1,640,000 on CrowdWay.pl. Investors purchased 11.25% stock in Lovely Inc., valuing the company at $4,000,000 in the first such collection for a startup in Poland. For further info regarding the startup, also check out our interview with the Lovely founder from summer 2016 is here.
Lovely Inc. develops a device with a mobile app for couples that enriches and diversifies their sex life. Since January 2017, the company has sold its product worldwide to nearly 50 countries. 65% of customers are from the United States.
Lovely’s mission is to improve the health and sexual satisfaction of couples around the world through the use of the latest technology.
The funds will be used to enter new markets, expand cooperation with sexologists and therapists, and develop a team that has so far only two full-time employees.
“Working in such a small team with such ambitious goals requires great sacrifices, great organization and maximum focus. We thank all the investors of CrowdWay.com for their trust and appreciation for our achievements, expressed in this record cruwdfunding,” says Jakub Konik, CEO of Lovely. He continued: “The funds collected will enable us to achieve our goals even faster, more efficiently and on a larger scale. It’s still a big challenge, but we can’t wait to do it.”
The company plans to officially enter at least 11 new markets in the coming year, significantly broaden the capabilities of their mobile application (eg having direct contact with the sexologist 24 hours a day). The plans also include a new product and working on a Lovely medical version for doctors who will support their research into the health and sexual wellbeing of couples around the world.
“This equity crowdfunding campaign was a great challenge, especially because of legal challenges, because Lovely Inc. is officially an American company. This type of campaign was possible thanks to cooperation with the Capital Partners Brokerage House. That makes the end result, equity crowdfunded 1,640,000 PLN the new Polish crowdfunding record.” – says Łukasz Zgiep, Operations Director CrowdWay.pl. He continued: “This is the second such record-breaking on our site. Previous amount raised was 1 600 000 PLN.”
To a large group of businessmen investing in the company joined, among others, Tomasz Kraus, angel investor and co-founder of Brainly and CEO Joymile. In the third quarter of next year, the company will seek support from an international VC or private equity firm to further accelerate growth and fulfill its mission.”