Irish Fairy Door Company raising €250,000 for US push
Published 17/02/2017 | 02:30
The Irish Fairy Door Company - which received a pre-Christmas boost when it was endorsed by American celebrity Kourtney Kardashian - is raising €250,000 to fuel its expansion in the United States.
The Dublin company - started in 2013 by Niamh Barry and Aoife Lawler as their families faced the prospect of emigration - raised €150,000 from investors last month under the funding plan.
The firm, which says that it "helps fairies relocate into homes and gardens all over the world", has enjoyed global success with its fairy doors and accessories.
The company has again turned to the peer-to-peer lending platform Linked Finance to raise the second tranche of the €250,000.
It's now offering investors a 10.7pc interest rate over 24 months for the remaining €100,000 it is seeking to secure.
As of yesterday afternoon, it had already raised €63,000 from hundreds of investors under the latest offer - with amounts pledged ranging from €50 to €5,000.
The company generated revenue of €3.2m last year, nearly double the amount it took in during 2015.
Its losses were slashed from €313,000 in the 2015 financial period to just under €100,000.
The company said that it made several one-off investments in its IT infrastructure last November, costing a total of about €110,000, and that it also incurred a €75,000 depreciation cost.
"We have a strong presence in Europe and from our initial foray into the US market, we have enjoyed a hugely positive response," the founders told investors.
"We want to hire additional staff across the US to bolster sales and to invest in marketing campaigns to support this."
The founders started making their fairy doors in Aoife and Gavin Lawler's kitchen.
They began selling to friends and family before the business took off.
In December, Kourtney Kardashian posted a photo on Snapchat of a miniature door from the Dublin firm for her son.