Auckland-based social enterprise The Module Project Limited has launched its second equity crowdfunding campaign on PledgeMe to fund the next stage of commercializing its long-lasting and upgradeable mobile wireless speaker, Decibel. The company was founded in 2015 by co-founders Vince Lovrich and Ketzal Sterling. It was revealed:
“Our first product is a mobile wireless speaker, it’s called Decibel. Decibel’s unique modular design allows it to match or exceed competitors in conventional metrics, but far exceed them in overall longevity. Conventional metrics include size, weight, volume and battery life. We include metrics such as longevity, repairability and recyclability when quantifying the overall quality of a product. When taking these metrics into account we believe Decibel will be the benchmark in its category. Every major part of Decibel is modular and user replaceable. A supplied, standard size Allen key is all that is needed to disassemble and upgrade your Decibel.”
Lovrich stated:
“Many consumer products are built with intentionally short life cycles. We believe that the future of product development needs to address the negative effect consumption has on our planet. We want to make the longest lasting mobile wireless speaker ever created. Decibel is just the beginning. Our next planned product is a smart kettle called Liquid, and in the future we hope to develop phones, motor vehicles, any product that our customers want to see replaced by an environmentally conscious alternative.”
On Sunday, Module notably reached its minimum funding goal of $40,000 and is now heading towards its maximum target of $400,000, which represents up to 9.1% of the company. The minimum investment is $990.90 and investors will receive non-voting shares. Lovrich noted:
“The first week has been exciting, if a little tense. Letting a project into the world when you have been so deeply involved is always difficult. However, we have had great feedback and investment has been steady. We are pleased that Kiwis support the positive change we are trying to make.”
PledgeMe’s Chief Lending Officer Barry Grehan also shared:
“We love seeing companies that care about our planet. Those who, from the very outset of their journey, have spent their time thinking about the wider impact they want to make on the world. Module are challenging today’s manufacturing mentality of intentional obsolescence and we’re proud to support that mindset shift.”
Grehan added:
“Social entrepreneurs like Ketzal and Vince believe that meaningful progress can be made through positive business practices. Their equity crowdfunding campaign enables them to involve their crowd who share that ideal to help bring their growth plans to life” says Grehan.
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