Kelly Hoppen knows how to grill entrepreneurs looking for money from her, but she’s not so good when the tables are turned.
Interior design guru Hoppen, who until recently was an investor on BBC’s entrepreneur pitching programme Dragons’ Den, has pulled a crowdfunding campaign for her homeware brand after lack of interest from investors.
Hoppen launched a campaign on platform Crowdcube at the start of May, hoping to raise £1.1 million for Kelly Hoppen London. The campaign is thought to have been pulled last week.
Luke Lang, founder of Crowdcube, told Business Insider: “It certainly didn’t spark or inspire the investment she was hoping for, or indeed we were hoping for. The decision was taking to withdraw and seek funding elsewhere.”
Industry sources suggest investors may have been unhappy with the business’ valuation. Hoppen was offering 11% of her company in the raise, which would have implied the company was worth around £10 million. Sales in the first quarter of the year were £500,000 according to the company’s pitch, but the one-year-old business was not profitable.
Lang said: “It’s quite common. As much as we like to think we fund every business, we don’t. Only around 50% of businesses that go live on the site reach their funding target. That number’s been steadily increasing over the years.”
“We were all expecting a lot more from Kelly Hoppen’s pitch but such is life. Things don’t always go the way you’d hoped.”
We reached out to Kelly Hoppen London for comment. The pitch has been taken down from Crowdcube but you can see it here.
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