Mode Mobile, a smartphone firm that aims to turn your digital device into an “earnphone,” is raising growth capital through a cross-listed securities offering on Seedrs and Republic.
Seedrs is a top securities crowdfunding platform in the UK which also serves continental Europe. Parent company Republic is a top funding platform in the US. Combined the two platforms are the largest investment crowdfunding platforms in the world.
Mode Mobile, based in Chicago, enables users to generate revenue on their mobile phone with its EarnOS. Users are exposed to the advertising network of the company, generating income from engagement. The company’s vision is described unlocking “the full potential of the world’s most accessible income-generating asset – the smartphone. A monumental opportunity exists to turn people’s phones into an income stream.”
The funding round has only a few days left with the Republic offering page indicating $4.2 million has been raised and the Seedrs offeing page displaying over £2 million. It is not clear if there is any overlap in amounts between the two.
On Republic, the offering is using the Reg D 560c securities exemption raising money at a pre-money valuation of $200 million. Accredited investors must commit a minimum of $2500 to participate in the securities offering. The total on Republic indicates it includes funds raised both on and off Republic at the same valuation.
On Seedrs, the offering is open to everyone as the investor requirements are different in the UK. Equity is being sold at a pre-money valuation of £88.5 million. The offering is both a Seedrs Nominee participant and Secondary Market approved.
There are only a couple of days left in both offerings.
Mode Mobile reports over 40 million users today, having generated cumulative revenue of $50+ million since its inception in 2015. As for users, the company claims it has generated $250 million in earnings and savings.
The listing is emblematic of the trend to offer securities across various jurisdictions as well as providing access to private securities of more mature firms.
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