Thrive breaks crowdfunding record with $3 million raise

February 20, 2021
Michael Nuciforo
Wow, we did it! We just closed Australia’s most successful crowdfunding campaign. We raised $3 million in only 3 days and we smashed several records along the way. We were the fastest campaign to reach $1 million, $2 million and $3 million. We were also the equal biggest crowdfunding campaign along with Shebah rideshare at $3 million raised. Before we get into all the details, we want to send a very heartfelt thank you to all our new investors, you are part of our family now and we can’t wait to connect with you all over the coming days, months and years as you join us on this exciting journey.

We're building Australia's best business account

Thrive is a smart business account that automates banking & accounting admin.
Proudly built in Melbourne, Australia.
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Let’s start with the top line numbers first:

Amount Raised: $3,000,000

Total Investors: 547 investors

Total Time: 72 hours (3 days only!)

Average Amount: $5,484

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To put the $3 million raised over 3 days into context, that’s a staggering $41,667 per hour. Simply incredible. The campaign broke through the $1 million barrier in only 2 hours and 29 minutes. Scarcely believable. The previous record for hitting $1 million was by medicinal cannabis firm Montu and it took them 36 hours. ‍

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Investor Breakdown:  ‍

$350 - $1,000 = 223 investors

$1,000 - $5,000 = 190 investors

$5,000 - $10,000 = 63 investors

$10,000 + = 72 investors ‍

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Day Breakdown: ‍

16 Feb = $1,400,000 (281 investors)

17 Feb = $494,300 (134 investors) Β 

18 Feb = $564,800 (109 investors)

19 Feb = $540,900 (23 investors)

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Unfortunately, many investors missed out. After yielding over 860 Expressions of Interest on the Birchal platform, only 547 investors were able to snap up shares in Thrive before the offer closed.

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The $3 million fundraise will allow us fast-track further product development, go-to-market planning and marketing. We have already began the process of hiring some team members who had been waiting on the fundraise to close.

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We set a target of between $1 million and $3 million, which we felt was an audacious goal for the period of the campaign but to reach the maximum in only three days has been gobsmacking for the team. It just shows the level of support we have for what we are building.

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Special thanks must go to Birchal, the crowdfunding platform we selected. Matt, Robin, Kellie and the team were awesome in helping us from start-to-finish. Kudos to Colour Chorus for producing our very flashy pitch video and Glide, our digital marketing agency, who executed flawlessly.

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Finally, on behalf of the entire Thrive team, all the credit for this campaign must go to our investors. You have given us the remit to take this business forward and to launch a successful product that will help businesses later this year. With your support we are back on the tools and back at work, extra motivated and raring to make Thrive a success. Thank you!

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