Equity crowdfunding on Crowdfunder, music legend Neil Young and his Pono Music team easily cruised past the $4 million funding goal. At last look funding totaled $4.4 million. While the campaign has a launch date of August 1st, the public facing offer was only available last week showing $1.4 million in early commitments. While the goal stands at $4 million, organizers have stated they would accept up to $5.6 million. With a closing date of September 1st there remains plenty of time to hit that amount.
Eligible investors are able to buy shares in an SPF or “Special Purpose Fund” an entity that would only own shares in Pono Music. A minimum investment of $5000 was available thus broadening the number of potential investors to participate in one of the most successful Kickstarter funded projects ever.
Pono Music took 35 days on Kickstarter to raise $6.225 million. In contrast the equity crowdfunding offer has raised over $4 million in less than 2 weeks. The offer is open to accredited investors only.
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