Regulation CF, or Title III retail crowdfunding, kicked off on May 16, 2016. We just had the first close under the new securities exemption last week. Today we have the first offer that closed at the top of the funding cap – $1 million.
Beta Bionics, a company that previously secured $5 million in funding from Eli Lilly, has developed a bionic pancreas labeled the iLet. The pocket size wearable MedTech device manages blood sugar levels in people with diabetes. In their mission to free kids from diabetes, Beta Bionics explained;
“Through its ability to continuously adapt to the ever-changing insulin needs of people with diabetes, the iLet is the quintessential embodiment of personalized medicine – a sturdy and irrevocable bridge to the ever-elusive cure.”
Beta Bionics, perhaps not an obvious candidate for Reg CF. The crowdfunding round was a positive testament to the ability of Reg CF to fund more established companies.
Nick Tommarello, CEO and co-founder of WeFunder, told Crowdfund Insider;
“Beta Bionics crossed over $1 million today from over 700 investors. LegionM will likely be our second company to reach $1m – they are at $716,000 from 1910 investors. It’s fitting that Beta Bionics was the first Regulation Crowdfunding company to reach $1 million. It proves that Regulation Crowdfunding is not the “funding of last resort” as some feared (as they also raised $5 million from Ely Lily at the same valuation).”“We loved working with Beta Bionics – they share our belief about the power of allowing fans to become owners. They now have over 700 new investors who are super passionate about helping kids with diabetes have better lives. We’re excited about helping that community feel “behind the curtain” and more involved in the mission. That’s really what Wefunder is about: helping build social movements behind each company we help fund.”
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