Wefunder, a FINRA regulated funding portal, continues to take the COVID-19 pandemic in stride, according to a series of tweets fromr the company and its representatives. In fact, the company reports “relatively little impact” from the virus while simultaneously reporting 20 different campaigns are finishing their securities offerings just this week.
So far, we have seen relatively little impact of COVID-19 on Wefunder investment activity. pic.twitter.com/v5MH74GuYl
— Wefunder (@Wefunder) April 24, 2020
To date, Wefunder has helped to fund 371 different startups raising $131 million – mainly under Reg CF.
At the beginning of the Coronavirus onslaught, Wefunder launched “Fight the Virus Challenge” . The idea was to take entrepreneurial creativity and tackle the pandemic head-on:
“The challenge is simple: take your ideas to tackle the coronavirus and turn them into reality, as fast as possible. You’ll be in an online community with other motivated founders working around the clock. Each startup we accept will receive $50,000 in immediate funding, with an uncapped MFN SAFE. We charge no fees & 0% equity. It’ll run April through June.”
Wefunder reportedly received 2500 applications for the Challenge.
We have heard other anecdotal reports that online capital formation remains robust on various platforms even while other sectors of the economy falter. Hopefully, Wefunder will continue to power through the crisis and be stronger for it.