case studySeptember 2021
REJOY
Size of the team:
2 full-time founders + a few advisors.
Business model:
B2B, D2C
# of customers:
In 75+ stores in Miami.
Amount raised/revenue pre-Wefunder:
$75K in revenue
Accelerator alums:
N/A
Post-close care:
Intended quarterly updates.
Fueling a generation of plant-driven athletes đź’ˇ
REJOY is a plant-based sports drink infused with CBD to ease body & mind. It’s a Miami-based startup founded by three athletes and beverage industry pros. They raised over $565K from over 300 investors, closing this August. Let’s see how they did it.
Pre-launch Prep
- Invest time in your pitch video.In addition to getting their financials in order and sprucing up their pitch deck, the REJOY co-founders contracted a videographer to help them film their pitch video. All in all, Diego notes they spent ~2 months preparing to launch the raise.
Day of Launch Tactics
- Head to LinkedIn.While he used Instagram and other platforms as well, Diego saw the most success through LinkedIn posts. He shared about the raise through the company’s page and then reshared from his personal account, as did his co-founder.
- Don’t underestimate the power of your first degree network.Diego noticed that at least 50% of their investment volume came from people he and his co-founder knew personally. Outreach to this network included WhatsApp messages, emails, and meeting with people in person to pitch the opportunity.
- Work the algorithms.Like the King of FOMO + CEO of Immersed, Renji Bijoy, Diego leveraged his inner circle of investors by tagging them in social media posts and asking them to reshare or otherwise engage with the posts to give each an extra boost.
- Integrate your raise into your product.In the next batch of drinks that the co-founders produced after their Wefunder launch, they added a QR code onto the label that consumers could scan and land right on the Wefunder pitch page. This is an awesome example of integrating the raise into your product, platform, or service to get in front of the people who know the value of your business – your customers!
- Add a site banner.Similar to the QR code, adding a banner to your site’s homepage is a quick way to grab the attention of your customers or people interested in your product.
Tips for Keeping the Momentum
- Consider hiring a PR agency.The team actually tapped into their Argentinian community by hiring a PR team based there. They expected that their company could garner considerable attention there. Their agency managed to secure them ~30 articles, including some in print – plus radio features and TV ads! This is a stellar example of identifying and leveraging communities that will not only find your business newsworthy but that will be so inspired and invigorated by your idea and grit that they’re thrilled to support you.
- Repurpose content.Diego cycled Update content through emails and LinkedIn posts (with a little bit of tailoring). He noted that giving people multiple channels to see and read about REJOY is persuasive.
- Leverage your existing investors.Diego asked notable investors (those with impressive professional achievements) to send a quote and a photo of themselves to him to share in Updates. These testimonials are a smart way to leverage the credentials of your investors even beyond those of your lead.
Ramping It Up Before Closing
- Ramp up the Updates.In the final few days, Diego shared an Update nearly everyday. While these countdown Updates can sometimes be pretty light on content, Diego noted that he tried to include something more substantial in each post than just “5 days left!” Including more content renders these a bit less salesy plus we’ve seen that it helps them perform better so get creative!
General tips
- Brainstorm often with your team.Diego, his co-founder and their advisors would message on WhatsApp everyday of the raise to discuss any news and share ideas. They’d discuss what wasn’t working, what was, and how they could adjust their strategy to drive more investments.
- Build trust with investors.Diego noted that using their personal LinkedIn accounts and generally being open, transparent, and personable throughout the raise process created trust between investors and the team.
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