OnMarket closes equity crowdfunding for peer-to-peer digital gold money platform, SendGold

24 October 2018 @ 12:00AM

OnMarket closes equity crowdfunding for peer-to-peer digital gold money platform, SendGold

OnMarket has successfully closed the equity crowdfunding offer for SendGold, raising $503K from 393 investors.

SendGold is our fourth successful equity crowdfunding raise for 2018 and follows the successes of Revvies, DC Power Co. and PT Blink.

SendGold is a peer-to-peer digital money platform that allows customers to save, send or gift using gold as money. It is highly accessible with no set-up costs, no hidden fees and provides the long term buying power of one of the world’s most reliable and heavily traded assets.

At the beginning of the offer, SendGold founder Jodi Stanton said her goal was “to put peer to peer digital gold money in the hands of 100 million people.” To do this SendGold utilized a diverse range of marketing initiatives throughout the offer to reach their own database and the OnMarket database whilst catching the attention of new customers. Through multiple videos and articles, SendGold was able to educate its investors of the new digital money landscape and how SendGold is a solution to the problem.

They also utilized the ongoing royal commission into the banks to their advantage. With customers dissatisfied and the banks’ reputations already declining, SendGold introduced themselves as an anti-bank, a way to store, lend and use gold as a digital currency. SendGold managed to highlight the stability that gold provides as an asset and how useful it can be as a currency.

We spoke with SendGold investor Ken Chapman who said the new platform allows people to own gold without the difficulties of storing it,

“From an investor's perspective, owning gold has always been a complex issue because if you hold it physically you have to keep it somewhere very secure, it has to be in a safe”, continuing to say “that’s the security SendGold offers” – SendGold has made gold useful as money again.

To gain further engagement throughout the offer, Send Gold introduced an investor rewards program that gave investors access to SendGold’s augmented reality game Gold Rush. Gold Rush, launching in December 2018, allows users to search their city for gold using the app that is then immediately credited to their SendGold account, with $30,000 worth of gold to be found. Additionally, anyone who invested $30,000 or more received an option for every share purchased.

SendGold head of Business Development, Mark Pey, embraced the OnMarket platform and ethos behind equity crowdfunding saying that SendGold wanted to engage “large interactive audiences like social, messaging, communities, transactional marketplaces and loyalty”.

This helped SendGold to reach their target of $500,000. Most notable was the large investment that came over the final two days with $160,000 from 116 investors.

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