New Leaf Digital has partnered with Wefunder to host the “world’s first” live crowdfunding event using Title III of the JOBS Act or Reg CF.
New Leaf Digital is a Huntsville-based 501c3 nonprofit organization that provides innovation education opportunities to North Alabama’s millennial population. With the help of their 1,500+ members, New Leaf Digital striving to build an innovation economy in Huntsville.
Reg CF or Reg Crowdfunding allows non-accredited investors the opportunity to purchase securities in small companies either online or in person. The relatively new securities exemption allows issuers the option to raise up to $1 million. Companies may raise money by selling debt, equity, convertibles, SAFEs etc. New Leaf Digital has organized this to announce a new, all-original (non-chain) Italian restaurant coming to downtown Huntsville. During the event, New Leaf will invite everyone to own a piece of that restaurant by purchasing stock through the Wefunder crowdfunding platform.
The organizers explain their strategy:
“Think of this as Shark Tank, except instead of 5 accredited investors on a panel, we will ask 500 unaccredited investors in an auditorium to all buy stock in a Huntsville, Alabama-based company, all at the same time. We are going to attempt to raise $200,000 and (sell 20% of the company) in 10 minutes.”
Even better, if Huntsville is not your destination on March 4th, New Leaf will live stream the entire event to Wefunder’s other investors around the country. Obviously, the goal is to raise enough money to get the new restaurant up and running.
If this works out for the restaurant and Wefunder – expect similar events in the future.
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