CrowdCube: Closed & Funded!
On 12 March, our equity crowdfunding campaign on CrowdCube closed. We reached 201% of our £265,000 target, having raised £533,000 in pledges from the CrowdCube community. Over the following weeks, once we had gathered all the funds from our investors, these pledges translated into £496,000 in committed equity investment, 187% of our campaign target.
This is a huge milestone for everyone at BuffaloGrid.
When the company was started in late-2011, the plan was to design and manufacture a simple, purchasable product to help provide power to off-grid communities in Uganda. Since then, so much has changed: how we generate electricity - from kinetic energy (bicycle) to solar energy; what we "sell" - from a power-generating product to a managed, community utility service; and even where we provide our service - from villages that are strictly off-grid in Uganda, to grid-edge and also fully on-grid towns in India.
What has not changed is why BuffaloGrid exists. We exist now, as we did four years ago, to help more people gain access to the transformative powers of their mobile phones and a greater connection to the wider world.
Now we have a service that's in high-demand, a technology platform uniquely designed to address the mobile power challenge and a brilliant team working hard on scaling our service. With the success of our CrowdCube campaign, we also now have the financial backing to take our service to the next level.
We will be using the investment gained through CrowdCube to take our Generation-III Hub into mass production. We will be deploying these new hubs with our partners in clusters across India, and aim to be present in over 500 villages by the end of the year, allowing us to reach over 100,000 customers.
So thanks to all our amazing CrowdCube investors for supporting our business during this exciting period. We've got a busy, exciting year ahead.