Hello slø Investor Community,
Welcome to your first weekly campaign update.
The campaign has now been privately live for about 72 hours, and we’ve managed to secure $40,000+ on WeFunder and another $50,000 in verbal commitments, a fantastic start to our campaign! We’ve also got about 30 people signed up to join us for live pitches this week!
We are about 20% of the way to our goal of raising $500,000. Our goal for this week is to finish at $100,000 committed on Wefunder!
With the goal of securing $200,000 in funding on Wefunder before going live to the public at the end of the long.
We’ve also received a lot of questions, so I wanted to address them in today’s weekly update.
Question: What happens to my previous investment?
Answer: This is simply another investment round for slø who will own Groovy Labs outright as a subsidiary. Your original investment in our first round at 3.5m is unaffected, and this is just another opportunity for people to buy into slø. Hypothetically imagine you were buying shares on the stock market. You bought at the first offering at $10, we are offering another sale now, but at $15. They are the same shares, in the same company, and the same mission!
Question: Why does my investment say it is cancellable and refundable?
Answer: We are still in the "testing the waters" phase meaning any commitment to this round is eligible for a refund until our legal paperwork is completed in which you will be prompted to confirm your investment. This is not talking about your prior investment, your initial confirmed investment from 2022 is still valid at the original terms and will be executed via the SAFE agreement when the conditions are met.
Question: When will the factory be ready?
Answer: It will take approximately 4-6 months for us to get the factory up and running, we will hopefully be producing jeans within about 90 days of successful funding, but will use that time to practice, perfect the process, and produce your investor jeans, where we can spend ample time ensuring we have the product perfect before going live to the public. The aim is to be ready for the busy Fall Season when everybody in North America and Europe put away their shorts and begin wearing jeans.
Question: I can’t invest this time, how else can I help?
Answer: That is a really really kind and appreciated question! The best thing that can be done is sharing our Wefunder profile with anybody that you might think would be interested, or sending me an e-mail to make an introduction. Lots of our original investors were through introductions from other investors in this community! I love introduction calls, and I am more than happy to pitch friends, family, or colleagues that you think could be interested!
Question: What if I change my mind?
Answer: Of course we will be disappointed, but that’s totally okay! Momentum is key with these kind of investment campaigns so we’re very excited when people reserve a spot, even if they’re not 100% convinced yet and know they can refund at a later time. I encourage anybody who is interested to secure your spot while we’re still in Earlybird pricing, and then please come to me with your questions, comments, and concerns, and I will gladly do my best to help you feel confident and comfortable enough to confirm.
Question: When does the TikTok series start? Why are you making a series?
Answer: We’re filming right now! We’ve got a 200 episode TikTok series planned over the next six months, we will be brining you inside slø as we take on one of the biggest challenges possible in the fashion industry. We aim to give you a reality tv series style look into our lives, stories, and vision, and believe it has the potential to be one of the biggest social media based shows ever. Our aim is 50m views, and we strongly believe we can hit that with the team that we’ve put together.
Thank you for your support, your investments, and most importantly your trust.
Thank you for giving us an opportunity to live our dream, and build our dream. I am so unbelievably grateful to have you all in our corner.
And lastly, a big thank you for all the kind messages you have submitted on Wefunder, they have moved us to tears on several occasions, I’m sorry I know I say that a lot, but I’m a cryer when it comes to these kind of things, (that and movies)
All the best, and I will see you next week with your next investor update.
Stay Groovy
Kristian