#CPHFTW Raises USD 150,000 from 85 startups
This morning clouds lay heave on Copenhagen and autumn is starting to make its mark. Summer and warmer degrees have said goodbye and people are slowly trying to grasp the fact that shorts have to be replaced with long thick coats.
Though, one thing shines through and that thing is the Copenhagen startup community. Today will be remembered as a day of where the Danish startup community echoed more than it has done ever before.
The grass root initiative, #CPHFTW, that initially started off as a hashtag under which Copenhagen startups would let its presence be known, has now taken a serious step in its efforts to unite the startup community in Copenhagen and the rest of Denmark. For the first time ever (probably also in the history of entrepreneurship – dare to call that), has a grass root initiative managed to raise this many funds from the startup community, without involvement from the government, business angels, institutional investors or big corporations.
#CPHFTW has managed to raise astonishingly USD 150,000 from 85 founding startups in Denmark. All of these amazing startups have come together under the notion of helping support a movement that has one priority in mind, creating value for startups and helping put Copenhagen on the startup map.
So what does this mean?
This means that #CPHFTW is now able to build its organization up with full time resources and start creative initiatives that truly help startups in their efforts to share knowledge with each other, raise funds from international investors and attract talent to the startup world. Preciously, this means that #CPHFTW will facilitate various networks for CTOs, CMOs, CIOs, COOs etc., arrange dinners and get-togethers with international VCs in Copenhagen and help attract more talent to the startups, by leveraging on our network and our resources. These initiatives are the beginning and some we have pinpointed after talks with many startups. Many more initiatives will follow, but as any other thing, we need a focus where we can start.
Why only raise funds from startups?
Simply cause we ask ourselves – why not? Do we really have to rely on the government and other players to help support initiatives that are for us? Apparently not.
The thing is that this is merely a beginning and yes, we can quickly agree that we need to go out and raise more funds in order for #CPHFTW to become sustainable. Nonetheless, by raising from startups, we are able to create that true startup identity, that doesn’t “sell out”, just because of the desire for more money. #CPHFTW thereby truly becomes – by startups for startups.
#CPHFTW as a startup fund
With the money raised, #CPHFTW can now build its legal structure up and the one that was presented at the previous Townhall (Townhall #3) by Martin Von Haller and which was agreed upon by the attendees, was to build #CPHFTW as a fund.
By building #CPHFTW as a fund, we are able to create a long-term structure that is sustainable and yet, simple and flexible. The fund would need a board and details about this process, the nomination of people for a board position, the role of the board etc., will be explained in the next Townhall (so far looking at Friday November 21st).
A fund structure will also open the doors to #CPHFTW in raising more money for larger scale projects, that startups see fit. Furthermore, a fund structure makes sure equity cannot be hold in #CPHFTW. It will truly be owned by the community where the board will make sure that the #CPHFTW team reports to the community.
Sharing some love
Lastly, it’s important to note that none of this could have been made possible without the amazing help from passionate souls from the startup community . With this being said, we would like thank Jon Schäffer, Michael Bak, Klaus Nyengaard, Thomas Madsen-Mygdal, Rasmus Bjerngaard and Martin Von Haller from the amazing founding startup coffee group (our sexy name for the working groups) for helping out in every way possible to make sure that we get #CPHFTW up and running. (Quick note, the passionate investors (former entrepreneurial souls) in this group did not invest in the organisation, but helped get some of their portfolio companies on board ;))
Next steps and getting involved
Next steps to this amazing announcement is to get all of the 83 founding startups on board, gather all of the funds, do all of the administrative things there is to creating a fund structure and get going with the work we cant wait to do – start creating initiatives that will create value for startups and getting everybody on board.
#CPHFTW is on its way and I have to be honest, this has required a sh.tload of work. Try to imagine trying to raise funds from startups that are bootstrapping? Yea, it wasn’t easy and some thought that we were joking in the beginning , being that nothing like this has been seen before, but we managed to smile a lot and get them to join in 😉
All in all – a lot of work has been done and a lot of more work is ahead of us. Therefore, we need all the support imaginable from all sides. 83 amazing founding startups isn’t enough. We need all passionate souls, who want to help turn Copenhagen into the best freaking startup city in the world.
Want to join in or have awesome ideas? Feel free to reach out to me directly at [email protected] and let me know where you want to help out. No, we have definitely not nailed everything at this point, nor will we do going forward. What we can do is reach out to everybody and have everybody pitch in with their expertise, network and connections. That is the only way we can make Copenhagen a true hotbed for entrepreneurship.
#CPHFTW is on the move and we need you. Reach out and lets get this movement going!
Personally, while I am writing this I am sitting in a train on my way to Fyn, looking forward to finally be able to enjoy a great cup of coffee, look back and enjoy the milestones we have accomplished so far 🙂
Wishing you all an amazing weekend!
All the best,
Jasenko Hadzic (Captain, #CPHFTW)