Easygoband, a Spanish incorporated company that has created an RFID smartband that allows personal identification and cashless payments, has successfully secured its initial £300,000 funding target on Crowdcube thanks to more than 350 investors. Easygoband raised £176,300 prior to launching its equity crowdfunding campaign on Crowdcube from a number of existing investors.
As previously reported, Easygoband describes itself as a company that gathers the advantages of RFID and cashless technology in a wristband and brings it to businesses in the tourism industry in order to maximize and increase their revenues and offer their audiences a unique experience.
“In addition to Spain, our two main products – which are B2B – are also currently being used by a luxury resort group in Mexico and for different events in Argentina and Uruguay. We are now about to launch our new B2C product by the end of February 2018, aimed at final users.”
Easygoband also reported it has sold more than 300,000 wristbands so far and has signed sales agreements of over €400,000 during the first quarter of 2018. Its main revenue streams are composed of:
- set up fees per client
- daily fixed fee per user
- a fixed fee for every new wristband issued
The company went on to add:
“Our outlook for new recurring B2B clients is positive, with 14 contracts currently under negotiation to be implemented during 2018. These agreements would represent a minimum of €500,000 in additional revenue on top of the €400,000 from already signed contracts.”
Funds from the campaign will be used to continue Easygoband’s expansion.
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