A Limerick-based start-up has tapped into the best form of advertising in the world, after its fundraising efforts earned it coverage in The Wall Street Journal (WSJ).
The start-up in question, Goshido – whose product is a software that helps teams execute projects and work closer together – earned coverage in the WSJ because of its unique approach to raising capital.
Frank Hannigan, executive chairman of Goshido (the Japanese word for guidance), sent an email to 700 contacts in his LinkedIn profile, looking for 10 investors to supply them with €25,000 each in return for a small 2pc share in the company.
More than 200 responses
Thanks to the success of the ploy, which garnered more than 200 responses, eight days after the note went out, all 10 of the investor spots were filled, although the email did get a few "thanks but no thanks" replies.
In mid-2010, Goshido completed a seed funding round of $625,000 from angel investors in Ireland, the UK and the US, including investment from Enterprise Ireland.
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