Earlier this week, London startup Cornerstone took to equity crowdfunding platform Crowdcube with a mission to raise £500,000 so that it can start expanding its monthly men’s shaving subscription services. Within just days of its launch, the campaign successfully raised well over its initial goal and is currently sitting at £618,000 thanks to 88 investors.
Much like other subscription services, Cornerstone sends out products to its online community members on a flexible personalize schedule. It stands out by delivering high-quality razors and shaving supplies.
Sharing details about its already impressive progress, Cornerstone shared:
“The first thing we’ve done is develop a range of seriously good quality products that give a really smooth, comfortable shave. Of course, we would say they’re great, but the industry experts agree – that’s why we were just named Best Razor in the 2015 Shortlist Grooming Awards, beating all the big brands into second place (not bad considering we only launched in June 2014).
“The second thing we’ve done is set up a free, personalized delivery service, where we’ll automatically re-stock your bathroom cupboard for you. Just go onto our website – tell us which products you’d like, how often you shave, and we’ll make sure you never run out – sending a box in the post whenever you’re getting low on shaving supplies. The result? You’ll never have to remember (or forget) to buy razors again. It’s like a subscription, just a lot more flexible.”
Also noting other shaving subscription competitors (or lack there of), Cornerstone explained:
“In the US, Dollar Shave Club and Harry’s have both been phenomenally successful, but we don’t envisage them coming to the UK & Europe for quite some time. They have a huge market in the US (where there is one language, one currency and one postal system) so we don’t believe the prospect of coming across the Atlantic (where there are 20 languages, 27 countries and 27 postal systems) is top of their list of priorities. When they do eventually arrive, it will be Harry’s with its more upmarket positioning that is the greater threat – our best defence in the meantime is to continue building a great brand and spreading the word about Cornerstone.”
Since its launch, the company had already raised over £360,000 in start-up capital. Funds from the Crowdcude initiative will go towards marketing, hiring additional team members, purchasing stock and giving the business working capital.
Cornerstone’s crowdfunding campaign is set to close at the end of July.
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