Estonia-based self-storage operator Mini-Holding Ltd. is raising capital through the crowdfunding platform Invesdor to fund expansion for its subsidiary, Minilaod Ltd. The campaign has raised €27,816 toward its goal of €60,000. Proceeds will be used toward development of a second Minilaod facility in Tallin, Estonia, as well as future expansion to Pärnu and Tartu, Estonia. The company also intends to eventually develop facilities throughout the Baltic region, which includes Latvia and Lithuania, according to the Invesdor website.
The Minilaod facility in Tallin, one of three self-storage operators in the city, is 100 percent occupied, according to a video posted on the crowdfunding page. The market in Tallin and other Estonian cities is ripe for growth, according to Tuomas Kurittu, owner and managing director of Mini-Holding.
Kurittu has been in the self-storage business for more than 20 years, launching Espoon Minivarasto Oy in Finland in 1993 and expanding the self-storage business to eight locations, including two in Sweden. He owned 71 percent of the business when it sold to Pelican Self Storage Ltd. in 2009, according to the crowdfunding page. The entrepreneur also has development experience, having served as a contractor for Steel Storage Ltd. and building facilities in Great Britain and Continental Europe. He founded the Minilaod brand in August 2010.
The cost to invest is €38 per share with a minimum purchase of eight shares. The crowdfunding campaign is capped at €99,999 because securities reaching or exceeding €100,000 in Estonia require a prospectus, the cost of which is prohibitive for Mini-Holding, according to the crowdfunding description. Investments exceeding the cap amount will be refunded after the offering ends on May 31.
Sources:
- Invesdor: Mini-Holding Oy, Self Storage in Tallinn
