KUSA - A Denver-based soda company fighting for survival turned to crowdfunding to raise money, and indirectly attracted the attention of an investor who infused the company with much-needed capital.
Oogave, which makes certified-organic soda sweetened with agave nectar, launched the "Save Oogave" campaign with the goal of raising $500,000. The company only got $9,000 in donations, says Gannon Merrell, who is known as the "fulcrum of finance" at Oogave, but the campaign attracted the attention of serious investors.
"That [$9,000 is] obviously well short of our goal," Merrell said. "However, part of the crowdfunding campaign is to get the word out about the company, and we do have some other options that are coming through as a result of campaign that I think will help out."
Merrell says Oogave got a bridge loan to get through the crux, and the company is optimistic it will get back to positive cash flow by the end of the year.
Oxford Dictionaries defines crowdfunding as "the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet."
To learn more about Oogave, visit www.oogave.com.