Intrastate Crowdfunding: truCrowd has Two Illinois based Investment Offerings

truCrowd, an online investment platform that offers crowdfunding using the Illinois state securities exemption, is currently promoting new offerings. The two companies are AirChicago and Art of Fun, both Chicago area businesses. According to earlier reports, AirChicago previously raised funding on truCrowd so this appears to be round two.

AirChicago is a private-jet-travel company operating out of the Chicago Executive Airport in Wheeling, IL that offers private jet travel through the purchase of special Jet Cards. The Art of Fun Ultimate Fun Center provides a “family friendly experience through a state of the art hybrid entertainment center.”

These two offerings are only the second and third crowdfunding campaigns to leverage the relatively young Illinois intrastate crowdfunding law. The caveat to raising growth capital under the Illinois state exemption is you must be an Illinois resident.

AirChicago is an App based service where users can book a flight, minus TSA hassles and long queues at O’Hare. AirChicago uses smaller jets, ten to fourteen passenger max, for a private jet like service. AirChicago is seeking a minimum raise of $100,000 for junior preferred stock. The company has set a pre-money valuation of $15 million. AirChicago is scheduled to close next month on November 17, 2018.

Art of Fun is looking to raise a minimum of $288,000 at a pre-money valuation of $2.6 million. Investors are purchasing non-voting membership units. This campaign will end April 30, 2019.

“These campaigns represent a new day for Illinois companies looking for funding and Illinois investors looking for interesting and innovative investment opportunities”, said Florence Hardy, CEO of truCrowd Illinois, Inc.  “As the first platform registered to provide these opportunities in the state, we are supremely confident that equity crowdfunding will become a mainstay in the investment portfolios of residents over the coming years.” truCrowd Illinois is an SEC-approved Investment Portal operating under Regulation Crowdfunding (Title III of the JOBS act).

The Illinois intrastate exemption is superior to the federal Reg CF as issuers are able to raise up to $4 million. Under Reg CF, your funding round is capped at $1.07 million – an amount that is acknowledged as being too small for many promising early stage firms seeking growth capital.

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!

Sponsored Links by DQ Promote


Send this to a friend