Founder of Nashville Smart Lock Startup Haven Reveals How Failing on Kickstarter Didn’t Stop It From Finding Funds

Haven 1

Last September, Nashville-based Haven launched a crowdfunding campaign on Kickstarter to raise $150,000 for its smart lock system. The self-titled device is described as a new smart lock that is anchored at the strongest point of the entryway, inside at the base of the door, preventing break-ins where traditional lock systems fall short. It gives homeowners total control to access and manage the system through their mobile devices.

Features of Haven include the following:

  • Haven 2Forced Entry and Real Time Alerts: Smart Detect technology recognizes excessive force and automatically sends alerts to your mobile devices.
  • Home Automation: Syncs to other smart devices so that home activity, such as turning on lights, automatically triggers when suspicious activity arises.  As the Internet of Things space grows, so will HAVEN’s ability to trigger more events in your home.
  • Keyless Entry: Lock and unlock doors locally or remotely. Add a key fob and it will work in the event you don’t have your mobile device available.
  • Digital Key Sharing: Share digital keys and set permissions to activate and expire when you dictate.

The startup managed to receive all kinds of attention from different media outlets. Unfortunately, the project only raised $116,000, making it an official Kickstarter failure. Now, nearly four months later, the founder of Haven, Clay Banks, has announced that despite its failed crowdfunding attempt, the company has found success after all.

Nashville Business Journal reported that during the final hours of the Kickstarter campaign, Banks and his team launched a new website that focused on a pair pre-order sale, which the company converted 80% of its backers to pre-orders. Banks noted that by not fully funding, the company has accelerated more than it had.

Clay BanksHaven has now filed with the Securities and Exchanged Commission (SEC) to seek a traditional investment round of $900,000. Banks stated, “We just started our investment outreach, we’re having some conversations with investors that are looking to broaden their portfolio in the Internet of Things space.”

The company has also turned to Fundable. Banks shared, “We’re looking for angels through that platform.

Banks also credited Kickstarter for giving the Haven exposure and an opportunity for feedback from potential customers. Since their campaign on the crowdfunding giant came to an end, the company has made some changes such as weatherproofing the product and even teaming up with 3M.

Banks added, “There’s so much that goes into changing the product based on the feedback we got. Even though it technically failed, the campaign gave Haven the opportunity to really define our product’s market fit.”

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