PortCo Post: My Panda Founder Talks Funding
Evolution Ventures MinervaFund Portfolio Company post by My Panda founder Tamara V Lucas on community and crowdfunding
Tamara V Lucas
When I first started My Panda, I wasn’t just building a business, I was building a solution for busy women like me, a community-focused service that could change lives. As every founder knows, having a great idea is just the beginning.
The real challenge? Funding.
We may have heard the “right” way to build a startup is VC funding, get a seed round, then a Series A, then a Series B… and on and on. However, some VC expectations may not align with some business models. For startups, especially those with strong community roots - there may be other funding options.
Funding Options
Revenue – The best way to fund your business may be revenue.
Debt – It may be an option if there’s strong cash flow; be careful of terms.
Grants – Non-dilutive grants may take effort and be a game-changer.
Angels – Access to angel investors may be limited without the right connections.
Crowdfunding – It may allow your community to invest in your success.
Why Crowdfunding
When exploring funding options, I kept coming back to one simple truth: My Panda wouldn’t exist without our community. So why wouldn’t we give that same community the opportunity to grow with us?
With crowdfunding, everyday people, not only wealthy investors, get an opportunity to own a piece of a company they believe in. Instead of pitching to a small group of high-net-worth individuals (HNWIs), we get to share our vision with the people who have been supporting us all along, giving them a chance to grow with us.
Powerful Cycle
Crowdfunding is more than raising money; it is an opportunity to bring new people into our community. It some cases, investors become customers, and customers become investors - Creating a powerful cycle of engagement and loyalty. When people have a stake in your success, they may be more likely to champion your brand, spread the word, and stay connected for the long haul.
The best part? More may invest. Unlike traditional fundraising, which is limited to accredited investors, a Community Round may allow customers, fans, and everyday believers to buy in, sometimes for as little as $100. This allows those with average incomes an opportunity to invest in early stage companies and grow wealth.
Now or Later
Gauge interest from your community first - Before you launch, make sure you have enough people willing to invest. You should be able to get close to your first goal from your close contacts. If not, it may be a sign to wait or adjust your approach.
Communicate often and stay engaged - Fundraising isn’t a one-and-done deal. Keep your community updated, share wins, and remind people why this matters. Momentum fuels investment.
Be creative in your outreach - Stand out by offering unique opportunities, telling your story in an unforgettable way, and leveraging partnerships. Creativity drives engagement.
Learn More
I recently sat down with James Oliver, Managing Partner of Kabila Ventures, to talk about what makes a crowdfunding campaign successful. Check out our conversation via: LinkedIn Live Discussion | My Panda and learn more about My Panda’s current crowdfunding campaign via: Wefunder | My Panda.