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Story Terrace, a publishing technology startup that helps customers turn their memories into a beautiful book raised 80% of its crowdfunding target of £400,000. Anyone can become a shareholder in the company for as little as £10.
Story Terrace plans to use the funding proceeds to expand services to the US, a market which already accounts for nearly half of the company’s sales since its launch last year.
The startup uses its technology platform to pair up writers, editors, and designers with people who want to have their life story written professionally. It previously raised £500,000 in Oct 2016 to turn photos and text into a print-ready book.
Here are the three interesting facts about Story Terrace:
#1 It reduces the hassle of getting a biography written
When it comes to ordering your biography, Story Terrace has nailed the process. The platform pairs up a writer with each customer. It is based on a customer’s location, personality, and background and customers are interviewed at home or a preferred location. After drafts are approved, Story Terrace gets the biography printed.
#2 Prices are reasonable
Story Terrace charges £1,350 for a short book written by a junior writer and continues all the way up to $5,100 for a complete biography by a “critically acclaimed” writer.
“For many of our clients, to have their stories written down gives them a unique opportunity to reflect and share their life lessons learned. A written biography is now not only for the rich and famous but available to everyone,’’ said Rutger Bruining, founder of Story Terrace.
#3 Instead of an investor-led Series A, Story Terrace opted for equity crowdfunding
When Story Terrace raised £500,000 in Oct 2016, it aimed for a Series A to further accelerate growth in the first half of 2017. Instead, the company decided to raise £400,000 through Seeders crowdfunding platform. This will provide the company with much needed operational independence startups need in the first few years.