Venovate, a new approach to alternative asset classes, participated in the cross border equity crowdfunding offer of Bitreserve. Investors backed the project on Crowdcube in the UK and Venovate in the US. The total funding topped $10 million and will officially close on January 19th on the Venovate platform. Bitreserve, founded by Halsey Minor has been very supportive of “equal rights to participate in the kind of investment opportunities that today are only shown to the wealthy and institutions”.
CEO of Venovate Michael Raneri stated, “Bitreserve is an exciting company with a mission to redefine the way the world uses currency in the digital age. We were thrilled to bring that kind of opportunity to investors on our platform, making it easy for both the issuer and investor to do their due diligence and complete the transaction.”
— Venovate (@venovate) January 14, 2015
Bitreserve took advantage of Title II of the JOBS Act a portion of the legislation that has become known as Accredited Crowdfunding. Title II was the portion of the act that allowed “general solicitation” or the ability to advertise unregistered securities. Investors had to attest, and the platform had to garner proof, that all participating investors filled the qualifications under the current definition under federal statutes. On Crowdcube the offer did not endure similar constraints as any investor was able to participate and invest in the innovative bitcoin platform.
Venovate offers a wide array of investment opportunities for its registered users and leverages both 506(b) and 506(c) private placements. Venovate claims today that offers on its site top $1 billion today spanning a spectrum of private equity, real estate and venture capital.
Raneri, formerly worked at both Zecco and Charles Schwab, saw an opportunity in the JOBS Act, stating at the time of his launch;
“This bill gives millions of people access to invest in non-public companies and other private business opportunities. These are the real engines of growth in America,” said Raneri, “and Venovate will make it easy to evaluate these opportunities and invest in them.”
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