Success Factors in Reward based and Equity based Crowdfunding in Finland

Master’s Thesis 
52 
EkoRent 
EkoRent is a company renting electric cars for hourly use in the greater Helsinki area. 
The company started its business in 2014 and is the first of its kind in Finland. 
EkoRent’s mission is to popularize electric car usage in order to improve air condi-
tions in cities. In 2015 EkoRent looked to expand their business to include more ser-
vice locations in Helsinki. 
Having considered crowdfunding for some time, preparations began and a reward-
based campaign was launched with the help of Joukon Voima on Mesenaatti in Octo-
ber of 2015. EkoRent launched two campaigns, one for each of the expansion loca-
tions, with a minimum target of 4400 euros each. After a five-week campaign both 
initiatives were successful and raised 5660 and 6550 euros respectively. 
Juuri 
Juuri is a restaurant founded in 2004 by two Finns. They serve Finnish fine dining 
cuisine in Helsinki and have gained a good reputation among customers. Juuri has 
been mentioned in the Michelin Guide since 2008. They describe their work and val-
ues as follows: 
“We make Finnish food by respecting its roots and traditional handiwork. We make 
everything from the beginning ourselves. We do not use prepared or semi-finished 
products. Good food tells a story that will take you on a journey.” 
Juuri has expanded their business by opening new locations in 2011 and 2014. In 
2014 the founders of Juuri were looking to gain more funding for their business.
Since bank loans are difficult to obtain, they sought to strengthen their equity capital 
by initiating a campaign on a Finnish equity crowdfunding platform Invesdor. With a 
valuation at a million euros in September 2014, Juuri launched a campaign with target 
range of 75 to 300 thousand euros. This meant they were parting with 7-23% of their 
equity shares. After a three-month campaign Juuri raised approximately 173 thou-
sands euros. 

---