Record for an Equity Crowdfunding Round in Italy: SME Out Of Raises 7.6 Million

In a not-so-bright period for Italian equity crowdfunding, one campaign stands out, which successfully closed last October 6th with a raise of €7.6 million, the highest ever.

We are talking about Out Of, a technology SME that makes lenses and liquid crystal technology optical solutions, and that, thanks to as many as 589 investors, equaled Fin-Novia’s all-time record of raising in 2020.

Just two weeks after its launch on Mamacrowd, the round had already raised €2.4 million thanks to more than 370 investors and against a minimum goal of €1 million.

For Out Of, this is the second equity crowdfunding round. In the first, which closed in 2020, it had raised €1 million from 453 investors, with a pre-money valuation of €4 million. For the campaign that just closed, the pre-money valuation was €40 million, ten times higher.

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Who is Out Of

Out Of was founded in 2017 by the three Righi brothers: Federico, a physicist with an honors degree, Roberto, an industrial designer, and Laura, a graphic designer, and was born out of their deep passion for outdoor sports.

The company started by developing ski goggles and was among the first to explore intuitive and fast lens-changing systems and the only one to have both photochromic and polarized lenses on single-lens on ski goggles.

The aptitude for innovation then led to the development of IRID®, a revolutionary technology that allows lenses to become dynamic, instantly adapting to surrounding light, remaining perfectly uniform and without using batteries.

Innovation and growth

Now Out Of is applying this technology to motorcycle helmets, personal protective equipment, in the defense field, and in ophthalmic lenses.

In 2022, the company had sales of about €2 million, with a loss of €996,000 and a growth of more than 100 percent compared to sales in 2021.

A further doubling is planned for 2023 with €4 million in projected revenues, but the business plan assumes in three years a turnover from €40 to €80 million, thanks to the consolidation of the Out Of product and the launch of IRIDE.

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(Featured image by Pexels via Pixabay)

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