Caribu, an App-based tech firm that enables interactive video calls (think drawing etc.) with your kids (or grandkids), has cruised to its $1 million funding cap on Wefunder. Interestingly, Caribu says that company revenue saw double-digit month over month growth throughout the Reg CF campaign with many investors becoming customers and evangelists.
Caribu was offering a Future Equity Agreement at a valuation cap of $5 million. The firm utilized Reg CF which allows issuers to raise money from both accredited and non-accredited investors. Currently, an issuer may only raise $1.07 million under the securities exemption. Wefunder is the largest Reg CF platform in the US having raised approximately $70 million since the exemption went live in mid-2016.
Caribu was founded by CEO Maxeme Tuchman. She originally bootstrapped the startup by participating in pitch competitions winning $100,000 in non-dilutive funding, according to the Wefunder campaign page. In early 2018, Caribu raised $1.8 million which set a solid foundation for the firm.
Caribu’s vision is to be the leader in family communication and interactive learning. Caribu reports that families are reading together in 160+ countries using their platform. The company makes money by selling a subscription service via the App Store and Google Play.
The concept is interesting, especially for anyone who spends a lot of time on the road away from their kids. Crowdfund Insider was able to get a hold of some statistics regarding the Caribu Reg CF offering. See below:
- $1,000,000 raised in 73 days (2 months and 12 days)
- Of the dozen companies who’ve raised $1M+ on Wefunder, the average time to do so has been 83 days
- The average raise in week 1 is $38K and Caribu raised $138,000 by the end of week 1
- Caribu is the first FL and Miami-based company to raise more than $1M through RegCF
- Caribu is the 8th company to raise $1 million on Wefunder
- Tuchman is said to be the 59th Latina to raise over $1M in funding
- Out of their new 1,500+ investors, 22% are women and 15% are people of color
While it appears that the Reg CF campaign is closed, if you are an accredited investor you may still be able to hop aboard.
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