After successfully raising €150,000 in 7 days Drupal Social is now overfunding on Symbid to reach the €200.000 for 10% of its equity goal. To date, the platform has raised over €182,000 toward its new goal. Drupal Social’s parent company GoalGorilla is a digital agency that designs, develops and markets websites and web applications. Funding will be used to rewrite software and bring it to market in 2016. Additionally investment money will be used for new staff and marketing. As of 2015 the agency not only witnessed a €1.25 million turnover with an expected profitability of 15%, but also won the Dutch Interactive Awards.
GoalGorilla’s community software seeks to empower people to collaborate and organize more effectively, encouraging efficiency and bottom-up organisational innovation.
“Drupal Social brings the best of open-source to social business software: the security and speed of innovation of a strong development community and the open nature to run it where and how you like it,” commented Co-Founder Taco Potze.
On a technical level Drupal runs on open-source code. In this campaign, investors invest in GoalGorilla, not in Drupal. The team of 23 web professionals working from two offices in Amsterdam and Enschede.
“We are taking the best of our award-winning software and making it better in 2016. We offer our customers tools to grow a healthy community; data ownership; and Saas and custom versions,” stated the campaign. “Our two software versions have distinct business models: Saas version a monthly fee per user and Enterprise version, a design, marketing and development services billed through (hourly) service contracts. This hybrid revenue model allows us to sustain cashflows during the development of our product in 2016, and therefore reduces financial risks throughout the lifetime of the investment.”
Investors receive shares in GoalGorilla N.V. through a corporation. The company’s first funding goal of € 150.000 for 7,5% equity was surpassed quickly. Now overfunding, GoalGorilla is closing in on its secondary €200,000 goal, in exchange for 10% equity and considering exit opportunities through further funding rounds and/or buy-back of shares.
“Seeing the strong business cases our community software creates I believe bringing this to many more organizations is a great win for the social software space and for Drupal in general,” observed Co-Founder Mieszko Czyzyk.
Projecting an €8 million valuation at the beginning of 2019 gives investors a 300% return in 3 years. In addition, when liquidity permits, the shares will entitle investors to a 5% dividend, according to GoalGorilla.
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