Legion M continues to be a fan of fintech, having fundraised on Reg CF, Reg A+, Reg D exemption to raise growth capital and self-hosted a campaign earlier in November. The San Francisco-based fan-owned media company has returned to crowdfunding — reportedly its fifth crowdraise– to campaign on Wefunder to raise a target goal of $1,250,000. At this writing, more than $900,400 has been secured from over 2290 investors. Legion M was pre-campaign valued at $22.7M.
“Our long-term goal is to unite 1 million fans as shareholders of our company. It’s baked into our logo — the M with a bar over it — which is the Roman numeral for 1 million,” indicated Legion M on its Wefunder campaign. “If we can achieve this goal, we’ll have hundreds of millions of dollars to develop film, television, virtual reality, and digital entertainment projects that have one million fans standing behind them. We believe this could make us one of the most influential companies in Hollywood!”
Co-founded by CEO Paul Scanlan and Jeff Annison, Legion M was founded by Emmy-winning digital media pioneers and is reportedly one of the most successful companies in JOBS Act History, with more than 10,000 investors, a worldwide community of 40,000, and more than $5 million raised. Other highlights? Past projects include films Mandy (Nicolas Cage), Colossal (Anne Hathaway, Jason Sudeikis), Bad Samaritan (David Tennant) and a slate of original projects including the virtual reality series featuring Stan Lee and Kevin Smith. The perks of investing? Members and investors receive invitations to exclusive opportunities and events such as the Sundance Film Festival.
“We’re constantly seeking opportunities to take our shareholders behind the scenes, and developing new tools and processes to tap into the collective wisdom, creativity and talent of the community,” shared Legion M on its campaign.
As reported in an earlier post, Legion M revenues for the twelve months which ended December 31, 2017 were $415,372, representing an approximately 1700% increase over the revenues from March 4, 2016 (inception) to December 31, 2016, of $23,096. The revenue in 2017 came from projects including the “Celebrating Stan Lee” event and the film Colossal, as well as Legion M merchandise and event sales. The net loss for Fiscal 2017 stood at $1,922,699.
“As you may have heard, Legion M’s third round sold out and we ended up oversubscribed with more people wanting to invest than we had room to accommodate,” commented Scanlan on Wefunder’s Q&A.” In accordance with our NO FAN LEFT BEHIND philosophy, we filed for a Regulation A offering to accommodate the extra demand so we wouldn’t have to cancel any investments. Setting up the Reg A and getting approval took more time than we had anticipated…”
For further details and Q&A featuring Legion M’s current Wefunder round, click here.
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