Yesterday afternoon Ocho Chocolate’s PledgeMe crowdfunding campaign reached its $500,000 target after eight days of trading.
The campaign went live at 9.30 last Monday morning with $250,000 already committed from shareholders.
By 10am it had reached its minimum target of $300,000.
The campaign saw strong investment on Tuesday and Wednesday, but slowed later in the week.
Yesterday morning it needed about $13,000 to get to its target, with an email sent to shareholders reminding them it was about to close.
The company was ‘‘really pleased’’ the campaign was finally completed, Ocho managing director Jim O’Malley said.
He was always confident that it would reach the target — ‘‘but it is just good to get it done’’.
Dr O’Malley estimated the company had somewhere between 3500 and 4000 shareholders now.
The majority came from its first crowdfunding campaign in 2017 after the news Dunedin’s Cadbury factory would close — it raised $2million in 32 hours.
The average investment in this campaign was about $1000 each.
The end of the capital raise was the start of a new chapter for Ocho with the company’s focus now turning to growth and consolidation, Dr O’Malley said.
The funds would be used for new equipment and improvements to packaging, and $170,000 was earmarked to help move into the Auckland market.
About $150,000 was being set aside for capital running costs.
Ocho was already looking for new equipment and hoped to have it in by next year.
It was hoped a salesperson would be in place in Auckland by the second quarter of next year, Dr O’Malley said.
‘‘By this time next year, we hope to have a decent chunk of the market up there,’’ he said.
