Today is a biiiiig day! Why? Well, because today we have officially launched our equity crowdfunding round through Equitise to our waitlist.
Amazingly, at the time of writing this blog we are already 52% of the way to our minimum funding target of $150,000.
Here is us explaining what we are up to:
Equity crowdfunding is relatively new to Australia, and it allows people just like you to invest in companies just like ours. We feel the need to stress that this is not a donation. You are making a real investment in our future, and you own a real part of Openly.
We decided on equity crowdfunding instead of a more traditional capital raising path because we wanted to continue building a community of consumers and business owners who care about privacy. We thought it would be great if we could reward our early adopters and true believers with the chance to own their piece of the pie.
We are often asked about what we plan to do with the money we raise. Transparency has always been in our DNA, so we decided to clearly outline our plans. Put simply, we will spend every cent on further growing our business.
We have big plans for our two core products: Privacy Essentials and Vendor Monitor. These tools have had some great uptake in the market, but they need a facelift and some functionality improvements to truly hit their strides. We will be investing heavily into R&D to make these tools as powerful as possible.
We have set ourselves some lofty goals for these two products over the next 12 months.
For Vendor Monitor, we are aiming to secure 500 paying users while increasing the number of vendors being tracked to 35,000. Not to brag, but that would make it the biggest and most comprehensive product of its kind. We also plan to improve onboarding, reporting and notifications to offer a truly unique product offering.
For Privacy Essentials, we are aiming to secure 200 paying users while increasing the number of privacy modules to 20. We also plan to revamp our privacy modules to make them truly video first, with content that features notable privacy experts to increase engagement and trust.
To further boost our two core products, we have plans to implement a strong sales and marketing strategy that reaches our key audiences. With additional support in these areas, we are confident that we can grow our revenue in-line with our forecasts.
Additionally, we have got a couple of new products that we plan to fire up in Q1 of 2022. These are apart of a broader top secret project, and they still need a bit more time in the oven before we can reveal more. We are seeking to build a truly unified privacy solution that is not only beautiful and easy to use, but also powerful and unique. Once the upgrades to Privacy Essentials and Vendor Monitor are complete, the picture will become much clearer.
Privacy Certification does remain a core focus of our business and the aforementioned upgrades to Privacy Essentials will clear up some of the issues we have faced in market. We remain committed to implementing the Openly Privacy Code and plan to share more about our certification roadmap in Q4 of 2021.
From a consumer standpoint, we are always thinking of new products that can make life easier. We plan to bring data breach alerts to life in Q2 of 2022, and in the meantime will bolster our library of consumer support materials and advice. ReportHub will continue to operate as is, but there are no major upgrades planned for the near future.
The consumer side of the business may seem a little light on, but rest assured, our secret project does include some major benefits for consumers – and these benefits will fundamentally change the way in which consumers view privacy policies, manage consent and control the flow of their personal information. That is all we can say on this… for now.
Finally, we plan to tidy up our branding. We are not shooting toward a major overhaul, but it would be good to formalise some of our design principles, improve some of our graphics and further develop our brand story.
We have got our heads down over the next month as we work to successfully close out this raise, but we are very much looking forward to making time to catch up with each of our new shareholders in the very near future.
Oh, and if you are planning on making an investment, we suggest you get in fast. There is a chance that our offer will oversubscribe and close early. We would hate for you to miss out.