Juked.gg Launches Crowd Equity Fundraising Project
Online esports content portal Juked.gg on Thursday released a crowd equity fundraising project via Republic.co to raise capital directly from the neighborhood. The minimum investment amount on Republic.co is $100 USD, and as of this writing, the project has already created more than $27K with 232 days to go. Juked is wanting to create $25K – $1.07 M by May 1, 2021. The maximum evaluation of the business at which the investments can transform is $8.5 M.
Juked CEO Benjamin Goldhaber described why the company chose to turn to crowd equity funding:
” We dealt with significant challenges raising through VCs due to COVID-19 that made us far more bullish on the potential of crowd equity – the circulation of capital almost dried up for a few months, and in general, VCs were trying to find surer bets (i.e. post-revenue business). So this felt like a better alternative provided the scenario.”
Goldhaber included that Juked.GG is “not foregoing VC completely” and that the company is “in the diligence phase with a couple of standard financiers today and if the best chance presents itself, we will not deny a warm intro.”
The crowdfunding project uses a so-called “SAFE” security adjusted for crowdfunding, which is an idea produced by seed accelerator Y Combinator called easy agreement of future equity (SAFE). Financiers will not be granted ballot, info, or assessment rights.
The business will use this funding to execute its service plan, which includes a month-to-month membership strategy that provides access to exclusive material and in-app products; constructing out and executing dream esports combination and gamification straight into Juked; and securing more collaborations and advertisers.
Financiers will receive “early access to upcoming functions and internal roadmaps, along with direct channels to work hand in hand with the Juked team to give feedback and enhance the item,” according to the company.
In a talk about the financing page at Republic.co, Goldhaber said that a person of the objectives for the business is to “implement money making over the next 2 quarters” by converting 2.5% of its active users into paying subscribers of the premium product once it is readily available.
Juked aims to be a one-stop location for consuming aggregated esports content for a range of popular titles such as Dota 2, Counter-Strike: Global Offensive, League of Legends, and more. This material consists of live streams of competitions, news and editorial material, and initial material and includes to be carried out in the future.