What do Loomio do?
Loomio provides an open source software which exists to aid in easy and participative decision-making in organisations. They believe that giving everyone an opportunity to participate in decisions that affect them helps to contribute to a more inclusive society.
What is Loomio’s structure?
From early on Loomio incorporated as a worker owned co-operative company. This helped to reflect their value of collaboration and meant the rights and responsibilities of their unusually large number of co-founders were codified.
The company’s purpose and directors’ duties have been codified in their governing documents, providing strong mission protection. In an effort to retain control over the company’s direction they have only issued non-voting shares to investors.
- Governing documents: legally bind the company to act in pursuit of it’s purpose and its officers to prioritise mission rather than maximising profits.
- Co-founders: as co-operative members, collaboratively have control over the strategic direction of the company.
- Directors: set strategic direction, but are answerable to the co-founders must act in accordance with the governing docs.
- Investors: bring capital that is essential for growth, but have no control over the direction of the company (non-voting shares).
How did Loomio access investment?
- Loomio’s solid structure with embedded mission meant they were in an optimal position to receive grant funding from many local funders and investment from founders, friends, and family. They used this early stage seed funding to prove their business model.
- Having a product in the market with paying customers (the best kind of validation!), and a plan for growth meant Loomio was ready to start planning their approach to investors.
- Loomio worked with external advisors, including Ākina to create an attractive investment proposition for investors.
How did Ākina help?
Ākina provided the following support which allowed Loomio to strategically and successfully approach investors.
Ākina’s support in helping Loomio become investment ready.
What was the outcome for Loomio?
Loomio successfully raised investment from mission-aligned investors to grow their company.
Could Ākina be of help in developing your organisation? We run a series of programmes so head to our support page to find the right one for you.