Wefunder

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Wefunder
Industry Crowdfunding
Founded 2011
Founders Nick Tommarello, Mike Norman, Greg Belote
Headquarters Cambridge, Massachusetts, United States
Services Entrepreneurship, startups, investment
Website Wefunder.com

Wefunder is a crowdfunding service which connects startups with investors online.[1][2] Wefunder uses a provision in the 2012 JOBS Act which allows unaccredited investors to provide equity for entrepreneurial undertakings.[3][4][5]

Foundation

Wefunder was founded by serial entrepreneurs Nick Tommarello, Mike Norman, and Greg Belote in 2012.[6] The startup incubator Y Combinator backed Wefunder during its development and launch.[7] The company raised more than $500,000 in 2012, receiving startup capital from nearly 60 investors, including angel investors Nihal Mehta, Dharmesh Shah, and Bill Warner.[8] As of 2019, the company has raised over $9.8 million from over 100 investors via the Wefunder platform.[9] In 2019, Mike Norman began an indefinite sabbatical from his position as President.[9]

Tommarello, Norman, and Belote extensively lobbied with the U.S. Securities and Exchange Commission (SEC) and in the United States Congress for the passing of the JOBS Act [10][11] so much that they were in Washington, D.C. to watch President Barack Obama sign the bill on April 5, 2012.[8] The JOBS Act, which allows startups to advertise and generally solicit for investments, is set to be fully implemented by mid-2014.[12][13]

Function and reception

Wefunder is predicated upon the idea that anyone, regardless of wealth, should be able to invest in a company.[14] As of now, only accredited investors are legally able to fund startups, and these investors must put up at least $1,000 to have an equity share.[14][15] Once the full deregulations promised by the JOBS Act are unrolled, the company plans to lower the barrier of investor entry to $100.[16][17] Tommarello said Wefunder's goal is to “fill the funding gap between angel investors and that first major round of capital.”[16][18]

See also

References

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  14. ↑ 14.0 14.1 Lua error in package.lua at line 80: module 'strict' not found.
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  16. ↑ 16.0 16.1 Lua error in package.lua at line 80: module 'strict' not found.
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External links

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