Published on 15th October, 2023
Amplifying the Wellness Experience - Flexible funding for festivals
Established in 2016, Soul Circus is a wellness festival in Gloucestershire known for its unique blend of wellness, music, and relaxation. Attendees of SoulCircus embark on a journey of realignment and recalibration, guided by globally renowned teachers, speakers, and musicians. Days are filled with an array of wellness activities, while evenings promise good food, signature cocktails, electrifying DJ sets, and live music performances. This unique event was even able to thrive during the pandemic, offering a socially distanced space for both families and individuals alike.
Soul Circus's post pandemic successes set the stage for new ambitions, but their growth aspirations and budget requirements posed a cash flow challenge. Soul Circus saw a clear opportunity to expand their reach, but their vision required a capital investment.
Access to traditional financing methods proved to be cumbersome. Due to the unique dynamics of the festival industry, characterised by irregular revenue cycles driven by sponsorships and ticket sales, banks often struggle to accurately assess these businesses. Banks don’t have real time access to sales data to enable them to build an accurate understanding of such a dynamic business. As such rapidly scaling events businesses are unfairly denied the capital necessary for growth.
Soul Circus was then introduced to Lenkie funding through Easol, Soul Circus’s experience business management platform.
Soul Circus was able to apply for Lenkie funding in 2 minutes, and subsequently received funding within 48 hours. Repayments via Easol Capital were equally straightforward, with a percentage of festival ticket sales through Easol deducted weekly. From the first loan in October 2022, Soul Circus has since received over 150k in Lenkie revenue based financing.
Because of the huge role marketing plays in Soul Circus's expansion plans, Soul Circus has been able to attract larger audiences and secure top-notch performers. Lenkie’s funding provided the flexibility to manage these investments, enabling them to disperse costs over time and maintain marketing momentum.
The increase in marketing and infrastructure investments in their events led to a peak in attendance during their August 2023 festival. By September of 2023, less than a year after receiving their first Lenkie loan, Soul Circus saw record numbers, effectively having doubled their revenue.
Soul Circus's plans for 2024 are ambitious, and they've taken significant strides towards achieving them. The future looks bright with two events planned for 2025, including a new festival in Manchester. The path to further growth is evident, and they are well on their way to solidifying their position as the leading wellness festival in the UK. Soul Circus plans to bring in bigger-name sponsors for their 2024 event, engaging in discussions with notable hospitality brands like Wanderlust.
Lenkie's collaboration with Soul Circus has been instrumental in fueling the festival's growth and ensuring its quality for years to come. Soul Circus is now well-equipped to navigate the challenges and opportunities of the evolving festival landscape, promising exciting times ahead for all those who seek unforgettable experiences.