- Question: How much will it cost me to raise funds for my business on the Fireflock platform?
Fireflock operates an “all or nothing” model. This means that you will only pay fees once you have successfully raised funds for your business. Therefore, you do not have to pay anything up front.
Once you have raised the target amount of funds, the fee payable to Fireflock is 6% of the total funds raised.
- Question: What information do I need to provide to Fireflock if I wish to raise funds for my business?
A. Before we can approve your application to raise funds on the Fireflock platform, you will need to provide us with some details about your business. This includes details such as your UK company registration number, names of all Directors, a full business plan, business summary, financial forecasts, team biographies and a quality video (typically 2-4 minutes duration). To submit this information, go to our “Raise Funds” page
If we have been unable to answer your query here, please send a question to firstname.lastname@example.org
- Question: Is there a minimum limit for how much money my business can raise?
Yes. The minimum amount that you can raise on the Fireflock platform is £50,000. There is no maximum limit.
- Question: Can I change the target amount I wish to raise after I have launched my pitch on the Fireflock platform?
Yes you can. If your pitch is particularly popular and attracts a larger amount of interest from investors than expected, your target amount can be raised. If you wish to lower your target amount, please contact Fireflock to discuss this. Although as any change to the investment target may be a material change to the pitch and Fireflock reserves the right to inform all investors who have made an offer to invest and of their right to revoke their offer.
- Question: How long do I have to raise the funds I need?
Your pitch will automatically default to a 60 day target date. However, in some circumstances a different target date can be set after discussion and agreement with Fireflock.
- Question: How do I value my company? How much equity should I be offering investors?
This is probably the biggest single factor that will impact upon the success or failure of your business to raise funds. Investors will not invest if they think your valuation is too high. Equally, you won’t want to be selling your business too cheaply! Fireflock can offer you some guidance, but the decision will ultimately be yours.
- Question: Can I add new information to my pitch after it has launched?
Yes, you can. The Fireflock platform allows you to update your pitch with new information. So if you have won a new contract, hired a new key member of staff, launched a new product etc., you can keep investors informed and up to date.
- Question: Can anyone raise funds on Fireflock?
Only companies registered in the United Kingdom can raise funds on Fireflock.