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 will utilize a provision in the 2012 JOBS Act which will allow unaccredited investors to provide equity for entrepreneurial undertakings once it takes full effect.[3][4][5]
Foundation[edit | edit source]
Wefunder was founded by serial entrepreneur Nick Tommarello in 2011.[6] Mike Norman and Greg Belote joined the company in 2012. 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] In total, the company has raised over $1.2 million from over 100 investors via the Wefunder platform.[9]
Tommarello, Norman, and Belote extensively lobbied with the S.E.C. and in Congress for the passing of the JOBS Act.[10][11] So much so that they were in Washington D.C. to watch President 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][4]
Function & Reception[edit | edit source]
Wefunder is predicated upon the idea that anyone, regardless of wealth, should be able to invest in a company.[13] 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][13] Once the full deregulations promised by the JOBS Act are unrolled, the company plans to lower the barrier of investor entry to $100.[15][16] Tommarello said Wefunder's goal is to “fill the funding gap between angel investors and that first major round of capital.”[15][17]
References[edit | edit source]
- ↑ Luckerson, Victor (September 24, 2013). "The Crowdfunding Economy Is About to Pop". Time. http://business.time.com/2013/09/24/the-crowdfunding-economy-is-about-to-pop/.
- ↑ Pepitone, Julianne (April 17, 2012). "8 crowdfunding sites to watch". CNN. http://money.cnn.com/galleries/2012/technology/1204/gallery.crowdfunding-startups/5.html.
- ↑ Weisman, Jonathan (March 27, 2012). "Final Approval by House Sends Jobs Bill to President for Signature". New York Times. http://www.nytimes.com/2012/03/28/us/politics/final-approval-by-house-sends-jobs-bill-to-president-for-signature.html?_r=0.
- ↑ 4.0 4.1 Prive, Tanya (November 6, 2012). "Inside The JOBS Act: Equity Crowdfunding". Forbes. http://www.forbes.com/sites/tanyaprive/2012/11/06/inside-the-jobs-act-equity-crowdfunding-2/. Cite error: Invalid
<ref>tag; name "forbesjobs" defined multiple times with different content - ↑ Khazan, Olga (March 22, 2012). "JOBS Act: A potential boon for entrepreneurs or a bust for investors?". Washington Post. http://www.washingtonpost.com/blogs/on-small-business/post/jobs-act-a-potential-boom-for-entrepreneurs-or-a-bust-for-investors/2012/03/22/gIQA8jj3TS_blog.html.
- ↑ "LinkedIn Page". LinkedIn.com. http://www.linkedin.com/company/Wefunder.
- ↑ Lawler, Ryan (March 19, 2013). "http://techcrunch.com/2013/03/19/Wefunder-launch/". TechCrunch. http://techcrunch.com/2013/03/19/Wefunder-launch/.
- ↑ 8.0 8.1 Rao, Leena (November 28, 2012). "Wefunder Raises $500K To Help Unaccredited Investors Put Money Into Startups". TechCrunch. http://techcrunch.com/2012/11/28/Wefunder-raises-500k-to-help-unaccredited-investors-put-money-into-startups/.
- ↑ "Wefunder on Wefunder". https://Wefunder.com/Wefunder.
- ↑ Frick, Walter (January 31, 2012). "900+ Have Already Signed Wefunder Petition Demanding Crowdfunding of Startups". BostInno. http://bostinno.streetwise.co/2012/01/31/900-have-already-signed-Wefunder-petition-demanding-crowdfunding-of-startups/.
- ↑ McIntyre, Donald (March 28, 2013). "Mike Norman Talks About Wefunder [Video Interview"]. NewFiNation. http://www.newfination.com/2013/03/28/mike-norman-talks-about-Wefunder-video-interview/1784/.
- ↑ Mandelbaum, Robb (September 24, 2013). "S.E.C. Advances New JOBS Act Rule, but Not Crowdfunding". New York Times. http://boss.blogs.nytimes.com/2013/09/24/s-e-c-advances-new-jobs-act-rule-but-not-crowdfunding/.
- ↑ 13.0 13.1 Grant, Rebecca (March 26, 2013). "Wefunder gives startups a ‘green button’ to meet their fundraising goals". VentureBeat. http://venturebeat.com/2013/03/26/Wefunder-gives-startups-a-green-button-to-meet-their-fundraising-goals/.
- ↑ "FAQ". Wefunder.com. https://Wefunder.com/faq.
- ↑ 15.0 15.1 Isaac, Mike (March 19, 2013). "Meet Wefunder, the Crowdfunding Platform for Would-Be Investors". AllThingsD. http://allthingsd.com/20130319/meet-Wefunder-the-crowdfunding-platform-for-would-be-investors/.
- ↑ "Company of the Week - Wefunder.com". Mit.edu. http://video.mit.edu/watch/company-of-the-week-Wefundercom-11221/.
- ↑ Strangler, Dane (August 29, 2013). "Five Things the General Public Should Know About Crowdfunding". Forbes. http://www.forbes.com/sites/kauffman/2013/08/29/five-things-the-general-public-should-know-about-crowdfunding/.
External links[edit | edit source]
- Wefunder (company website)
- Wefunder on Twitter
