NEW YORK — Top equity crowdfunding platform Crowdfunder raises $3.5 million in Series A round of financing set to benefit top firms on the technological and digital landscape such as GoCoin, Neil Young’s PonoMusic and Social Rewards among others.
In a Series A round, Crowdfunder was able to amass these funds from Venture Capitalists and acclaimed investors such as Tim Draper along with a body of accredited investors. Originally set for $2.5 million, the contributions soon outdid the target before settling at an additional $1 million in oversubscribed investments.
The financing round was inspired by the numerous equity crowdfunding campaigns for media and technology that have been launched on Crowdfunder, following a pattern of first raising funds for rewards validated on platforms such as Indiegogo and Kickstarter. One illustration is by Atlas Wearables that was able to successfully raise $600K in a crowdfunding campaign on Indiegogo, before closing an equity round on Crowdfunder. The platform also boasts the support of celebrities and other notable investors such as Sequoia Capital, Shark Tank’s Barbara Corcoran, former Vice Chairman of NASDAQ David Weild, and TechStars to name a few, on its platform.
The Series A financing was announced on October 7, 2014 at The Grill in Los Angeles, a conference attended by other presenters and pioneers in the field of entertainment, media and technology such as representatives from NBC, top agencies for talent and Time Warner Studios. Chance Barnett, CEO of Crowdfunder, spoke at The Grill and noted that “we are uniquely positioned in the heart of the growing tech + media renaissance in Los Angeles, and with a growing number of successful financings under our belt, to connect new and exciting media and technology startups with the crowd of millions of investors who can now invest online.”
According to William Quigley, one of the many investors in this Series A round, “after more than 20 years of funding startups, I am excited that a resource like Crowdfunder has arrived. In a matter of minutes, I am able to identify the best new business concepts and most talented entrepreneurs who fit my investment profile.” This sentiment is echoed by many who have experienced the power of crowdfunding, not as it was in its initial stages of rewards and donation based, but as it has impacted the real estate and other equity arenas. David Drake, founder of The Soho Loft Media Group was quick to note that “crowdfunding is rapidly changing the Real Estate investment market, offering developers new ways to finance projects, small investors a way in, and the socially conscious an avenue to support their local communities-and their local farms.”
Other investors include Tim Draper, Maura O’Neill, former USAID Chief Innovation Officer during the Obama administration, and Marcus Segal, former Zynga COO.
Ever since the implementation of Title II of the Jumpstart Our Business Startups Act, or JOBS Act in September 2013, which supports the efforts of job creation through innovations, there has been an influx of accredited investors participating in online campaigns.
David Drake, Founder and Chairman of LDJ Capital and The Soho Loft Media Group, says “Take your business up on the web and make way for flexible funding. Numerous popular online platforms will not only help you raise money fast for any business that you may happen to have, but will also help you get ready to start a viable business.”
Crowdfunder seeks to play an integral role in facilitating equity crowdfunding for these investors, using the momentum gained from their dabbling in other crowdfunding arenas of rewards and donations.
Crowdfunder will use the sum, raised in this Series A round, to further expand its ambitions in providing premium service in funding the top companies associated with entertainment, media and technology.
Crowdfunder is where the power of crowdfunding meets investing for startups and small businesses. Entrepreneurs use the company’s platform to tell the story of their business and raise investment from a community of institutional and individual accredited investors. The company played a significant role in JOBS Act legislation, creating the new market for equity crowdfunding that brings private investing online.
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