CoverageBook, a dedicated reporting SaaS tool for public relations, has announced a funding round of $2 million from a large group of over 1,500 angel investors. With new investors coming on board every day.
Instead of equity these investors — commonly referred to as “customers” — are given access to the software product each month. This revolutionary business model of asking for small monthly investments makes it accessible to a wide pool of investors (customers) and ensures CoverageBook commit to building a sustainable profitable business that delivers value to all. A win-win for both.
Founder Gary Preston said…
“I admit….it’s a radical side step to the traditional approach of raising huge sums from venture capital to fund our business. But a strategy of exponential growth at all costs is not what this is about for us. We’re a small passionate team, committed to making products that make life easier for thousands of PR professionals.”
“With thanks to our customers and the hard work of our team over the last 4 years. We’re now profitable, not going anywhere and in this for the long haul. We’re very grateful for this and it gives us the freedom to act in our customer’s best interests. Not those of a few large investors. Which I accept is a valid route for some. Just not us.
The funding will be used to discover the everyday work pains of customers. Then provide simple solutions. In early 2018 the CoverageBook team will start by releasing a new tool to help with the task of daily clip/coverage email updates.
Gary added…
“Ok….so the solution to this unsexy problem is unlikely to have the word “AI”, or “Big Data” stamped on the box. We’ll leave that to others. But it’s a job that’s being done and takes valuable time and attention from smart PR professionals. We’d like to help.”
And thank you for indulging this slightly silly fake funding announcement. Hands up. We copied the idea from one of the email marketing tools we use called ConvertKit. It was a great message that you don’t need to go down the traditional funding route to make a software business. So kudos for being such an inspiration to Nathan Barry and his excellent team.
About CoverageBook
We’ve been reducing PR reporting-induced headaches worldwide since 2014. Based in Brighton, UK.
