Thankyou Payroll provides a free cloud-based payroll service for small to medium businesses and charities and donates 25 cents per person, per pay, to community organisations through their philanthropic arm, Thankyou Charitable Trust.
Changes in IRD’s payroll requirements presented challenges and opportunity. Thankyou Payroll sought investment to fund changes in their business to meet these requirements and implement plans for scale. Support was sought to engage with investors and promote an equity crowd-funding campaign. Thankyou Payroll far surpassed their $400,000 goal, with a total of 186 investors pledging a total of $469,000.
What was covered by the grant?
- A PR specialist who helped them write press releases and contact media.
- A coordinator who brought together “reasons to invest” videos (including one from Wellington Mayor, Justin Lester!).
- A behind the scenes campaign video.
- The creation of GIFs to help engage people in their social media and newsletter.
What did the grant help Thankyou Payroll achieve?
Reaching a large audience is important in crowdfunding campaigns because it’s much easier to convince a large amount of people to part with a small amount of money, than to convince a few people to part with a lot of money. Each activity that the grant covered assisted in reaching the Thankyou Payroll ‘crowd’ – those who had an interest in impact investing.
What was the feedback about the grant from Thankyou Payroll?
The feedback about the grant from Thankyou Payroll was overwhelmingly positive. It’s always difficult balancing the resources to put into a crowdfunding campaign while still setting a company up for success. However, CEO Christina Bellis said the grant supported them to go all out on their raise, aiding their success. She also noted it created great publicity – resulting in their biggest month of growth ever!