London-based leather bag company, Beara Beara, announced over the weekend that it is extending its latest equity crowdfunding round on Crowdcube. The company launched the initiative less than three years after securing £203,000 through its first Crowdcube initiative. It is currently seeking £380,000 to open its new location, along with increasing its inventory by £50,000.
As previously reported, Beara Beara currently has shops in both London and Shanghai. It also has expanded its manufacturing to more than 70 employees and reports that it is on track revenue of £1.2 million in 2017. The company also revealed:
“We have seen great demand for our products. Our factory is a frenzied hive of motivated workers desperate for space amongst mountains of bags. The team has exceeded expectations and we now need a second factory.”
Founder of Beara Beara, Jake Bullough, shared details about the Crowdcube extended:
“I thank the 101 investors who have pledged their money thus far and today I have made two important decisions. The first is to extend the campaign by 14 days. My priority as always is to do what’s best for the company and with UK events, shipment deliveries, Bolivia research, Shanghai visit and now in Taiwan to discuss the new store here, I simply haven’t been able to commit enough time to the campaign. This additional 14 days will give me the opportunity to focus and drive the campaign to the finish line. The second decision is that I have decided to increase the equity on offer from 10% to 12% thus reducing the companies valuation. I have taken some investors opinions onboard and adjusted the campaign accordingly. I am determined as ever to make Beara Beara a huge success and continue the success that we have seen over the past five years. I have unwavering faith in the product and the team and I am quite happy to own less of a bigger company that has the opportunity to fulfill its true potential.”
Since its launch, the campaign has raised
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