New York, July 08, 2020
Less than 30% of startups are founded by women. In 2019 companies founded solely by women captured only 2.8% of the total capital invested by venture capitalists in the United States. Although this issue has been widely publicized, in light of the current state of the global (and national) economy, female entrepreneurs still face significant financial challenges.
CEO and founder Evelyne Kanakis recently launched MOXI, a financial wellness mobile app for freelancers and independent workers - a group that now includes one in three Americans. Through our app, Gig Workers can get paid, seamlessly create invoices, and manage expenses across their various projects or clients.
While working for America's largest bank, managing product design for business banking, and with her further research whilst at Harvard Business School, it started to become clear to her that the growing Gig Economy is struggling due to the deficiency of existing tools in the marketplace. Realizing that she would never be able to build this solution within the confines of a large incumbent bank, she took the leap into the startup world and left to found MOXI.
Even though Gig Workers brings almost $2 trillion worth of revenue to the US economy, managing finances continues to be an anxiety-inducing struggle for many. Often faced with chasing payments, or even worse, not getting paid for work, the impact of financial loss is significantly stressful and can affect their livelihood.
Determined to create a solution that truly focuses on the needs of freelancers by liberating them from financial drudgery, Evelyne and her team launched the app earlier this year with limited investment and resources. Despite these challenges, we have continued to hustle - constantly improving our app, establishing industry partnerships, and growing our team.
Having experienced firsthand the difficulty in raising institutional funds as a pre-revenue startup, we wanted to share our learnings and hopefully provide some game-changing insight that can revolutionize the funding situation for minority groups. Especially now, understanding the different ways that business owners can raise and stabilize their finances - beyond the “traditional” routes - can be the difference between making it or not.
MOXI has just launched an equity fundraising campaign on Wefunder, a crowdfunding platform which removes the traditionally high barriers to funding by allowing anyone anywhere to invest in startups like MOXI, often for as little as $100. Where startup investing has traditionally been reserved for either high-net worth or institutional funds, crowdfunding platforms offer an opportunity for anyone to not only help the growth and success of small businesses - but become equity owners in those businesses themselves. Equity crowdfunding is different to donation platforms, like Kickstarter. You’re not just a fan - you’re an investor.
Who knows? You might just become a partial owner of the next Uber - a startup that launched from the last global recession to become a $100 billion unicorn.
MOXI’s fundraising campaign is now live on Wefunder at www.wefunder.com/moxi. We’re all in this together.
For further information, please contact us.