From Idea to Reality
The idea behind Craft Wallet appeared when one of the co-founders, Miguel Morgado, was looking for a new wallet but couldn’t find one that he liked. Unsatisfied with what the market had to offer, he decided to build one. In order to finance the venture, Miguel, 23 years old at the time, sold his bike and produced some prototypes. Some months later, the first version of the wallet was ready and a crowdfunding campaign was launched on Indiegogo, which ended up raising $30.000. Every single wallet was delivered and no comment or email left unanswered.
Despite the success of the crowdfunding campaign, Miguel knew that Craft Wallet couldn’t be a one-man team for much longer, so he decided to assemble a team. Right after the campaign was finished, he was joined by Pedro Andrade for Marketing and by Diogo Pereira for Product Design and Operations. Every 2-3 months, an improved version was released on the market and sold-out on average in two weeks. The team would spend the next months receiving feedback and working on improving the wallet. Together, the team spent the next 1.5 years after the first campaign working on the feedback provided by the backers and buyers, releasing 4 improved versions of the first Craft Wallet.
Despite selling thousands of wallets to 27 countries, the company’s profits were close to zero. This is because the first version of the wallet had some problems with the rubbers used to fix the cards when the wallet was upside down. The company’s policy of leaving no customer unsatisfied was strictly followed, and hundreds of replacement wallets were sent. Since the beginning that the team’s focus wasn’t in turning a profit, but build an amazing product with an awesome community behind. The success of the new wallet, Craft Wallet 2.0, is the result of this strategy. First, you build a community (1st campaign), then you nurture the community and work with them, improving the product by taking into account their precious feedback. Then you launch the improved product and leverage on the community’s love to become a global brand (2nd campaign [funded in 33 hours]).
The Craft Wallet 2.0 is the result of almost two years of work and it’s going to be the first mass-produced Craft Wallet. The company has already grown from 3 to 7 and its first CNC Machine has already been acquired. The production will shift from China to Portugal and it’ll be fully controlled by Craft Wallet. After this second campaign is finished in December, the team will focus on getting retail and distribution partners around the world, while keeping the online sales channels live.
The wallets acquired during the current campaign will all be delivered in February 2018.
The future looks bright. Back us and join the amazing community that has been turning the dream a reality.
Made by Humans for Humans.
Our team is composed by professionals with a diverse range of social, cultural and work backgrounds going from Engineering to Marketing and from Finance to Sports Science. This plethora of personalities and ways of seeing life helped us build the wallet with the best quality/price relation in the market, Craft Wallet 2.0.