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Home»Startup»Why veteran entrepreneur Jane Park chose crowdfunding to raise capital for her latest startup – Startup
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Why veteran entrepreneur Jane Park chose crowdfunding to raise capital for her latest startup – Startup

November 4, 2022No Comments4 Mins Read
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Why veteran entrepreneur Jane Park chose crowdfunding to raise capital for her latest startup – GeekWire
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Jane Park launching her new product on the Atlanta Reward Commerce Present in August, featured on her first elevator advert. (Jane Park Photograph)

When Jane Park launched Julep Magnificence again in 2007, she wanted to lift capital the quaint method: pitching to enterprise capital companies and different institutional traders. 

However now Park is popping to crowdfunding.

The veteran Seattle entrepreneur introduced Friday her newest startup, a sustainable gift-wrap firm referred to as Tokki, is elevating funds by an fairness crowdfunding marketing campaign on the funding platform StartEngine.

“I’ve raised cash from conventional enterprise capital previously, and it took 1000’s of {dollars} of authorized charges and mountains of paperwork,” she mentioned. “On StartEngine, the limitations to participation are a lot decrease. We are able to take investments beginning within the tons of of {dollars}, not tons of of 1000’s.”

Park has been a longtime proponent of fairness crowdfunding. She says the funding automobile opens the door for broader participation in an early-stage startup’s upside, provides founders another fundraising possibility, and permits entrepreneurs to attach with finish customers of their services or products.

“It’s actually difficult to fulfill folks within the VC world who’re enthusiastic about the identical issues that I’m as a client entrepreneur,” she mentioned. “I don’t know what number of VCs have gone out and purchased present baggage within the final yr, however I wager not that many.”

Park, who immigrated to Canada along with her household at 4 years previous, graduated from Yale Legislation College and have become a Starbucks govt. She went on to discovered Julep, a Seattle-based bodily retail chain and e-commerce model. She raised greater than $50 million for the beauty firm from high-profile traders, together with Andreessen Horowitz, Madrona Enterprise Group and Jay-Z’s Roc Nation.

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In 2014 she launched her first crowdfunding marketing campaign, getting down to elevate $75,000 to gauge the curiosity of a product that helped prospects apply nail polish. (Previous to President Obama signing the JOBS act in 2012, startups couldn’t elevate fairness from non-accredited traders.)

Ultimately, Julep was acquired alongside two different beauty manufacturers by personal fairness big Warburg Pincus in a deal value $120 million.

RELATED: Startup Podcast: Jane Park on SPACs, the immigrant ethos, and types within the Amazon period

In 2019, Park launched Tokki, a startup that promote eco-friendly present wrap that’s designed to be reused. It additionally contains a QR code tag that provides prospects the power to file specialised messages. Up so far, she has bootstrapped the corporate, pivoting throughout the pandemic to additionally promote face-masks.

Park has additionally worn the hat of an investor. In November 2021, she turned the primary Korean-American girl to take an organization public as CEO on the NYSE, main a special-purpose acquisition firm referred to as Athena Shopper. In July, the SPAC merged with Subsequent.e.GO, a German electrical automobile firm.

She first discovered about StartEngine when she wished to purchase fairness in Kari Gran, a Seattle magnificence firm run by CEO Lisa Pressure. “It was as simple to purchase shares of the corporate because it was to purchase her skincare merchandise on-line,” she mentioned.

Launched in 2014, StartEngine is in contrast to Kickstarter and Indiegogo in that customers can really buy fairness within the initiatives they spend money on. Based by Activision Blizzard co-founder Howard Marks, and championed by SharkTank host Kevin O’Leary, the platform presently hosts 157 different startup fundraising campaigns, with industries starting from actual property investing apps to tequila manufacturers.

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To ensure that Tokki to be accepted to be featured on the platform, Park mentioned, she needed to undergo a rigorous monetary and authorized due diligence course of. However on account of her efforts, customers can now purchase shares of the corporate from their telephones. By means of the crowdfund, the utmost Tokki will be capable to elevate is $1,235,000 per yr. The startup is valued at $20 million and the minimal funding requirement in $250.

Requested why she is launching a crowdfunding marketing campaign amid the broader market downturn, Park mentioned she couldn’t have forecasted the varied forces pushing the financial system in a downward development when she launched Tokki three years in the past. She argued that her prospects will probably be desirous to spend money on an organization that’s creating a sustainable resolution to single-use plastic waste.

In troublesome financial circumstances, she added, different fundraising choices may be significantly necessary for minority-run firms. Black founders raised $187 million in VC in Q3, representing simply 0.43% of the $44 billion deployed, Fintech reported. 

Park mentioned she hopes that decreasing the brink of funding will enable for extra girls and traditionally underrepresented founders to have the ability to elevate extra capital.



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