FundAmerica, a debt- and equity-based crowdfunding platform currently in development, has raised a $1.4 million investment round from a group of angel investors. The round will be used to bring their crowdfunding platform to market.
This is the second funding round raised by FundAmerica and CEO Scott Purcell. FundAmerica was previously known as Arctic Island but recently underwent a change in branding.
“America has millions of small businesses that have almost no access to capital, and at the same time there are hundreds of millions of small investors who are seeking ways to help businesses grow and create jobs. FundAmerica will provide the broadest platform to bring these groups together.” Scott Purcell, FundAmerica CEO
Purcell has raised more than $140 million in venture funding for his prior ventures, which included OnAir Streaming Networks (acquired by Loudeye) and Epoch Networks (the nation’s largest privately held ISP at the time).
FundAmerica has an aggressive strategy. The company plans to provide a crowdfunding platform for companies and accredited investors, a syndication engine for brokers and investment banks, and an easy way for lawyers and accountants to advise on client offerings.