If you’ve been considering regulation crowdfunding as an option for financing your business’s next move, you may have been considering a portal such as Mainvest as well as Honeycomb. Here, we detail the differences and similarities between Honeycomb Credit and Mainvest so you can clearly see for yourself.
In short, Honeycomb differs from Mainvest in terms of customer success, credit analysis / financial vetting, and to what extent your business is marketed to the portal’s network. This has led to a difference in success rates between the two platforms (83% compared to Mainvest’s ~70%).
Meet Frisco’s Chicken and Monkey Wrench Brewing
To see for yourself the difference that Honeycomb makes for small businesses, take a look at these two small businesses who crowdfunded first with Mainvest and then with Honeycomb Credit.
Monkey Wrench Brewing has raised two Honeycomb campaigns to expand their Georgia brewery, and Frisco’s Chicken just wrapped up a campaign on Honeycomb to open up two more locations of their popular Peruvian chicken restaurant in Pennsylvania.
Check out these numbers:
As you can see, both companies were able to raise more money on Honeycomb than on Mainvest. Monkey Wrench and Frisco’s Chicken raised 5 times more, and Monkey Wrench had a 19% smaller cost of capital. Additionally, Honeycomb campaigns on average see a 60% increase in year-over-year revenue, thanks to the ability to grow their business and the marketing boost they received thanks to their crowdfunding campaign. Between the vetting, the coaching, and the support that Honeycomb gives you which Mainvest does not, plus the obvious difference in funds raised, Honeycomb can give your business a greater boost.
Your customers want to invest, we want to help
Our customer experience team are excited to help you through your loan crowdfunding journey. From daily communications to higher level strategy, walking alongside business owners like you is..well, it's what we do. You can see in our video library of resources a sneak peak of the one-one-one coaching you get as part of your campaign. The Honeycomb team is a little obsessed with supporting small business owners. Whether you're running a campaign with our coaches, or you're letting one of our staff volunteer and shadow your business (like we do every quarter as part of our company-wide goals). To get more info on working with us, fill out the form below!