MyNewFinancialAdvisor, Inc. (MFNA) recently completed an over-subscribed Series A round, raising $1.5 million in part via crowdfunding.
“This was a pleasant surprise for us and we are very excited about the opportunity that this raise represents on several fronts. It validated our business model in terms of the extraordinary demand it received, and it also validated our growing universe of accredited investors,” said Frank Troise, MNFA Founder. “Accredited investors are clearly looking for additional return (alpha) in their portfolios.”
For its Series A, MNFA conducted an extensive due diligence on existing crowdfunding platforms and decided to use a private secure portal. This allowed MNFA to control the information presented to any interested accredited investors and to protect the investors information. In the portal, MNFA’s accredited investors validated their net worth and investment knowledge/sophistication.
Investors were then reviewed and approved by MNFA to review MNFA’s Series A documentation. If they were interested, and approved to invest, those accredited investors were then directed to MNFA’s office; and contacted directly by MNFA’s team for the completion of their investment documents and given funding instructions. The accredited investor attested at multiple points in the process their net worth, income, and financial sophistication.
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