The story of guud*

by Alina Friedrichs, co-founder of guud

When we started guud, we knew we wanted to build a business that lasts – a company focused on impact, not personal enrichment. The concept of steward-ownership deeply resonated with me. But back then, we weren’t entirely sure how to make it all work – especially when it came to financing. And maybe, just maybe… I’ve always had a bit of a fear of carving anything into stone too early in life. So we chose a practical middle path: not steward-ownership from day one, but a setup that kept the door wide open for it down the road.

Even though we didn’t embed steward-ownership into our legal structure from the start, it was always part of our vision. We communicated this openly with potential investors, which often raised eyebrows or even turned people away. To be honest, I didn’t fully grasp every aspect of steward-ownership myself back then, and explaining something that’s still new to you can be tough – especially in an ecosystem that isn’t used to it.

Still, we raised our first funds through convertible loans, which ultimately weren’t converted. Then came classic loans that are only repaid once we are profitable – between €60,000 and €100,000 in total. These steps were foundational, but the real milestone was our equity round.

Through the Brafe.Space network, we raised €300,000 in equity, but with a twist: investors agreed to a fixed buyback price in case we transition to steward-ownership later on. They have little to no voting rights, and no say in our operational decisions. What we do have is trust.

This trust has shaped the way we work with our investors in a really positive way. Compared to some startup environments I’ve seen, our relationship feels more open and collaborative. I can approach our investors honestly, share challenges, and ask for support without feeling the need to present a polished front. I see them more as partners or mentors – something that’s possible because they’re aligned with our long-term vision. Of course, our setup does require a degree of goodwill. These investors didn’t invest with the expectation of outsized financial returns, but because they saw value in our mission and approach. That said, we’ve still structured things attractively – for us and the investors. 

We’re not officially a steward-owned company – yet. But we’ve designed everything to make that transition possible when the time is right. And for now, that feels like the right decision. I never felt like we were betraying our ideals. We just took a step-by-step approach, and that’s okay. There’s a small part of me that sometimes wonders if we should have gone all in. But ultimately, this path still allowed us to fund our company without compromising on what matters most to us. One current challenge: designing employee participation in a way that fits with our future steward-ownership model. We want to ensure that those who build this with us are truly part of it.

What I’d share with other founders? Know what’s non-negotiable for you. For us, it was clear: no venture capital, no giving up control, no pressure to exit. That clarity made it easier to say no, and to attract people who truly aligned with our values. Also, perseverance. Honestly, I think that’s something every founder needs. That said, it’s also so important to figure out what kind of financing actually fits your business model. There’s no one-size-fits-all. And while I might be more cautious and pragmatic, I really admire people who take bolder, more disruptive steps – like Ines from Vyld. We all simply need to find the version of this that works for us.