BeatStars and Play Impossible are set to close their crowdfunding campaigns through Indiegogo and MicroVentures’ equity crowdfunding platform. The two initiatives were among the first to use the new funding portal, which went live on November 15th.
Play Impossible is a new gaming company using powerful, miniature sensors to transform athletic balls into game controllers connected to a smartphone. BeatStars is a social music marketplace and distribution company where over 350,000 music producers and recording artists collaborate, sell, distribute and share their music worldwide.
The Indiegogo/MicoVentures’ equity platform debut six months after the new equity crowdfunding regulations (Title III) went into effect. The portal allows anyone (accredited and non-accredited investors) to invest in startups and growing companies. At the time, CEO of Indiegogo, David Mandelbrot, stated:
“Our mission has always been to make it easier for individuals to raise money for projects they are passionate about and this is the latest way we’re helping entrepreneurs access the financing they need while also giving backers the chance to invest in new companies. Since Indiegogo first launched we’ve wanted to offer these sort of investments, and we’re very excited to be officially giving the millions of people who visit our platform every month the chance to get involved with equity crowdfunding opportunities.”
So far, all the campaigns on the Indiegogo/MicoVentures have successfully secured their initial funding targets. Republic Restoratives, a women-owned craft distillery and cocktail bar in the heart of Washington DC, was the first initiative to oversubscribe and close on the equity platform.
Through its reward-based crowdfunding platform, Indiegogo has reportedly helped entrepreneurs secure more than $1 billion from over 8 million backers through 700,000 campaigns.
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