Red Wagon Creamery has raised capital using Oregon’s intrastate investment crowdfunding exemption. The listing on HatchOregon raised its max goal of $120,000 in equity in the first “Comunity Public Offering”. Available only to residents of Oregon, local businesses may raise up to $250,000 in total under the crowdfunding exemption. An individual investor may kick in no more than $2500. Red Wagon Creamery got the support of 173 Oregonians, according to Hatch. Reportedly Representative Tobias Reed bought the last available share. The successful offer is indicative of the “Locavesting” push that has cropped up in other parts of the country. The new funding will be used to grow the business (of course) – thus benefiting the local economy. The offer is publicly listed on the web site, but potential investors must certify they are state residents prior to viewing.
We just made history – thanks to YOU! We’re the first company to get funded under the Oregon Community Public… http://t.co/5FEHAtsbWx
— Red Wagon Creamery (@icecreameugene) October 4, 2015
Amy Pearl, Hatch Innovation Executive Director, stated that for the first time in Oregan’s history, all Oregonians have the choice to put their money in people places and products they love.
“We’re now real stakeholders in our economy. This is the most transformative finance tool in the history of Oregon.”
Hatch Oregon is part of Hatch Innovation – an entity created to fill the funding void for the many small / startup companies in the state.
Oregon is one of many states that has legalized investment crowdfunding within the borders of the state. Forthcoming rules under Title III of the JOBS Act may, or may not, diminish the need for intrastate crowdfunding rules.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!