Oktopulli's story

by Carla Reuter, co-founder of Oktopulli

At Oktopulli, our goal was to raise €269k to grow while staying committed to steward-ownership. Having already taken a KfW start-up loan, we wanted to avoid more personal debt and didn’t want to issue equity before the new legal form for steward-ownership became available. So, we sought a debt-based solution aligned with our values.

We split financing into two phases: the first phase aimed to raise €120k-€140k for immediate needs, with the option to raise the full €269k later. A key challenge was finding an instrument that wouldn’t lead to over-indebtedness or affect our equity-like capital. A medium-sized investment company expressed interest in joining the second round, though they needed to wait until we were closer to profitability. Their model of equity-strengthening silent partnerships fit well with our needs, which is why we opted to go forward with this instrument also in the first financing round. This allowed us to create a financing model that met both our needs and theirs, while keeping our long-term vision for steward-ownership intact. However, as part of the agreement with the Berlin state-backed investment company, personal liability could not be excluded. This means that Nancy – my co-founder and current sole managing director of Oktopulli – took on personal responsibility for the full amount.

From the outset, transparency was key for us. We were very clear about the investor relationship we are looking for, the terms we were offering and made it known that we were only interested in investors who were comfortable investing without voting rights. While initial responses were mixed, we leaned on our strong community to promote our fundraising campaign on Instagram and LinkedIn, taking a very open and honest approach. While unconventional, this transparent approach attracted investors aligned with our vision – those ready to support us as partners, not just shareholders. By March 2024, just 3-4 months after launch, we had raised the needed funds, with a mix of individual investors (45% women) and VC funds aligned with steward-ownership.

Our success probably came down to clarity – knowing our limits and confidently offering a structured, non-voting, capped return investment. We approached fundraising as an opportunity rather than a need: “Here’s a great investment—take it or leave it”, while always keeping in mind what Oktopulli truly needed. This mindset shift empowered us to negotiate from strength, ultimately helping us reach our goals.