Techni Ice successfully closes their equity crowdfunding offer!
Techni Ice successfully raised $1,303,638 from 766 investors. Equally as important as the growth capital raised, Techni Ice achieved their goal of building a strong and engaged investor community made of their existing customers.
From a shareholder perspective, Techni Ice plan to use their owners community for R&D, product promotion and network building.
From an investment perspective, Techni Ice intend to use the funds raised to widen their market share Internationally through expanded distribution channels, product development, marketing and growth of their team - both at an advisory or C-suite level and day to day.
Techni Ice and OnMarket's Partnership
"Equity crowdfunding was new ground for us, so we heavily depended on OnMarket and it was great to have that support. Raising with OnMarket also taught us a lot about our business and processes, our discussions brought about a lot of realisations – realisations about the Techni Ice team, business model and point of difference." Graeme Reberger, Founder
Q&A with Graeme Reberger, Founder, and Piyush Tejwani, Chief Operating Officer, on equity crowdfunding
Why did you choose equity crowdfunding over other capital raising avenues?
Well, we really wanted to build a Techni Ice community. That was a major motivator for us. We wanted to create an opportunity to join us as a shareholder instead of only being a loyal customer. We're also very eager to build on our strong market presence and distribution channels so we knew that an equity crowdfunding raise would help the company grow faster as investors become brand ambassadors.
How do you plan to leverage the hundreds of new shareholders that you have?
Interestingly, we've already had some investors communicate with us and tell us they want to get their personal communities and business' involved – we had a shareholder reach out just the other day that was involved who said he’d love to involve our company with his schools in some way!
We intend to use our shareholders for connections as well as partnerships, and down the line, we hope to use them for R&D and product developments also.
How valuable did you find social media advertising during your campaign?
Targeting our own database through the social media advertising was key because there was a large part of our database which wasn't subscribed to receive emails. That really helped expand our market reach. It put us out there in front of them and reminded them of the brand, which even increased our sales.
Social media ads were also a good reminder to previous customers to let them know we’re still making innovating and developing new products because a lot of our range has been out for a long time and our products are very durable. So, people may have bought one of our ice box’s 20 to 40 years ago. So yes, social media advertising was a necessary tool and great way to get in front of customers and advocates.
What are your three to five tips for a founder who is looking to run an equity crowdfunding campaign?
Reach out to everyone, every type of stakeholder, including suppliers, customers, family, industry partners – everyone. You never know who's going to invest.
Another is taking the time to understand the requirements of a crowd-sourced funding campaign and studying the process. For us, because we had gaps in our knowledge, it caused time delays in actioning items on the to do list. It makes the process longer and harder – take the time at the beginning to learn.
Also, don’t underestimate the time it takes to prepare for a capital raise. Everything has to be in order in order to be raise ready – your financials, constitution, etc.
Lastly, be sure to communicate with those who are interested in investing. Even if there’s a pause on the campaign or change of plans, reach out and let them know. Keep them informed, it keeps them engaged and reduces risk of losing them as an investor.
Who is Techni Ice?
Techni Ice is one of the world’s leading synthetic refrigerant technology brands with wide-spread consumer and commercial applications across food and beverage, healthcare, and government departments. Based in Frankston, Victoria, their world class cooler boxes and reusable dry ice packs have been proven to keep items colder for longer when compared to traditional cooling methodologies including ice and gel packs.
Beginning with the development of the revolutionary Techni Ice reusable dry ice packs in the 1990s, their business has always focused on innovation that maximised l thermal efficiency. As the success of their reusable dry ice packs spread, Techni Ice progressed to developing high-performance cooler boxes and cooler bags.
The early success of Techni Ice was driven by global demand for a lighter, more flexible and non-toxic cooling solutions across the retail and commercial markets. Techni Ice’s products empowered campers and fishers to keep their food, beverages, and baits colder for longer, without the additional weight, while commercial brands took advantage of cheaper freight costs in addition to reduced wastage.
Today, Techni Ice’s products are sold globally and can be found everywhere - from chilling beverages on Qantas flights to Coles’ food and beverage transport services to government departments, including vaccine and medical transport services. Wherever there is a cooling need, Techni Ice has supplied the solution.
Techni Ice has successfully established their sales lines, driven by their strong brand reputation and is now, following their successful equity crowdfunding offer, well positioned to meet growing domestic and international demand whilst expanding their presence in the global retail market.