Inventory crowdfunding marketplace Kickfurther has surpassed the $10 million funding milestone. Buyers have funded $10.2 million of inventory for 288 product companies and 339 purchase orders.
Cofounder and CEO Sean De Clercq explained Kickfurther’s business model.
“Kickfurther is a crowd financing solution that helps companies fund purchase order, increase revenue, tap into new buyers and grow brand awareness all at the same time.”
Consignments are not loans, Kickfurther explained. Buyers provide inventory, marketing and sales support for businesses, earning profit when that consignment sells.
Denver, CO-based MM Local Foods is a recent Kickfurther success story. They partner with family farmers to preserve surplus produce at peak harvest through MM Colorado and MM Pacific Northwest. MM Local supporters on Kickfurther earn consignment profit when that surplus inventory sell.
“As a rapidly growing company, time is our most important asset,” MM Local Foods cofounder and CEO Jim Mills explained. “The Kickfurther process was a really positive experience for MM Local. We’ve been able to merge our customer base with the Kickfurther community, and we had a number of our customers participate in our Kickfurther raise.”