SeedInvest launched a $7.5 million offering and placed 68%
XDATA - June 1st 2016
According to a document filed by SeedInvest with the SEC, the company launched a $7.5 million non-brokered equity offering. So far SeedInvest sold 68% or $5.13 million worth of new unregistered securities to nine backers. The subscription started on May 18th. $2.38 million in additional funding can be raised before May 2017 based on the placement's structure. The equity offering's expected net proceeds will amount to $7.15 million which excludes $350,000 to be paid toward officers' salaries. Two previous unregistered financing rounds raised an estimated $6 million.
SeedInvest develops an equity crowdfunding platform that opens up access to venture capital and angel investing to everyone. Investors include Scout Ventures, Great Oaks Venture Capital, Avenue A Ventures, Archer Gray and Krillion Ventures.
The company, headquartered in New York NY, is led by Ryan Feit (CEO). SeedInvest elected to keep its revenues undisclosed. The executive team includes James Han. The board of directors includes Bradley Harrison.
The company has raised an estimated total of $11.13 million via private unregistered security offerings.
Offering recap Status: First close Company: SeedInvest Industry: Other Technology Amount offered: $7.5 million Amount placed: $5.13 million SEC filing: Source First sale: 05-18-2016 Data as of: 06-01-2016