Investment crowdfunding platform StartEngine has just closed its third $1 million funding round under Reg CF.
ElliptiGO is the third company in the last three months to reach $1 million crowdfunding cap on StartEngine. Under Reg CF, companies may raise up to $1 million online but if they want to raise more than that amount they must use another exemption or do a side-by-side offer with two different securities exemptions at the same time. ElliptiGO decided to raise $5 million through Reg CF and a concurrent Regulation D offering to accredited investors. Apparently, ElliptiGO generated the highest amount for average investment in a Reg CF offer to date.
ElliptiGo makes an outdoor rideable elliptical that moves like a bike. Since creation in 2010, ElliptiGO has generated $30 million in revenue. The additional capital will help the small company launch a marketing push while providing much-needed working capital.
The other two $1 million Reg CF crowdfunding rounds that have funded on StartEngine include GolfBoard, that is probably best described as a land-board for golfers to surf across the fairways. Sondors Electric Car is the other $1 million crowdfunding campaign. Sondors leveraged the community created by his successful rewards-based campaigns for electric bikes to drive interest in his next venture – an electric car.
There are now 8 companies that have raised $1 million under Reg CF.
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