Eat My Lunch hits crowdlending campaign goal

13/07/16
Eat My Lunch hits crowdlending campaign goal

New Zealand’s first transparent crowdlending campaign, run by Eat My Lunch on PledgeMe, met its minimum goal of $500,000 today.

Eat My Lunch is a social enterprise that helps feed Kiwi kids by running a buy one give one model. For every commercial lunch that is bought, one is given to a child in need.

Eat My Lunch launched the first crowdlending campaign on PledgeMe.Lend in June, offering 'Lunch Bonds' to investors to grow their company.

“Our crowd has come on board to help support our growth, ensuring we can launch in Wellington in term three and improve our underlying technology. If we raise our maximum goal of $1,000,000 there’s more work we can do to scale into new cities and towns,” says Eat My Lunch founder Lisa King.

Eat My Lunch has two more days to raise up to a maximum of $1,000,000 through the issue of ‘Lunch Bonds’ on PledgeMe.

The minimum investment in the 'Lunch Bonds' is $1,000 and lenders will be able to choose between two combinations of interest rate and giving. They will be able to choose 6% interest, plus a lunch given to a child each month per $1,000 lent; or 0% interest and two monthly lunches given per $1,000 lent.

“The ‘Lunch Bond' is a Kiwi first social impact investment, and the first transparent crowdlending campaign in New Zealand. We wanted to give investors an opportunity to not only support us, but to support kiwi kids in need,” says King.

In the last year, over 200,000 lunches have been gifted to children in need, often more than 1,000 a day across 33 schools in Auckland and Hamilton. In June, Eat My Lunch had its first birthday and launched their crowdlending campaign.

“We’ve been really excited to see the range of supporters that have come through and pledged to this campaign.” says PledgeMe CEO Anna Guenther.

“We truly believe this campaign will be the first of many companies and organisations looking to transparently borrow money from their crowds. The exciting thing for us, is it shows that there is a new way of doing enterprise: social enterprise.”

Eat My Lunch’s campaign is running until Friday, 15 July. You can view their campaign page here.

ENDS

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