Fan-owner entertainment studio, Legion M, has officially closed its epic crowdfunding campaign on Wefunder. The initiative, which was the second Reg CF offer to hit $1 million, raised the funds in less than three months from over 3,000 investors. The company dubbed itself the most popular Reg CF company in the short history of Title III of the JOBS Act because of how many investors were attracted to the campaign.
Founded by Paul Scanlan and Jeff Annison, Legion M creates, develops and markets film, games and more. The company has partnered with top-tier Hollywood executives with the first projects expected to launch before the end of the year.
“We’re using proven business models for content production and adding a twist that gives us a competitive advantage. That’s because getting fans involved in projects makes those projects more likely to succeed when they are released. Whether you’re a producer pitching a show to a TV network, a studio trying to drive audience to the theater, or an up-and-coming Youtuber trying to break out of the basement, having a legion of fans behind you can mean the difference between success and failure. The power of Legion M is the Legion. The bigger we get, the more valuable we become.”
While discussing the campaign’s success, Scanlan stated:
“Legion M shareholders worldwide are celebrating this significant milestone we achieved together. We are truly inspired by their energy, passion and unbridled support. This Legion of dedicated fans have rallied behind us and our movement to make our mark entertainment industry. We are grateful to the JOBS Act for the innovative reforms that make this possible. Today we made history, and this is only the beginning.”
Annison then commented:
“Having raised in excess of $100 million from VCs and angel investors for previous companies, we can attest that equity crowdfunding is a game changer. It’s not just a way to raise money–it’s a whole new paradigm for building a company.”
Nick Tommarello, CEO and co-founder of Wefunder, added:
“I was impressed with how Legion M’s fans rallied to help them hit the one million dollar milestone eight days early. We designed Wefunder for companies looking to build a stronger relationship with their most passionate customers, who are eager to help their favorite companies succeed. It was great to see how well it worked with Legion M’s well over three thousand investors.”
The company noted at the time of the campaign’s closing, it was also considered the number one company regarding total investment interest and demand, with significantly more demand above and beyond the $1 million dollar funding cap allowed by the SEC.
Thanks to all our investors and partners who helped make our historic million dollar raise! pic.twitter.com/SbnhZTi7GT
— LegionM (@LegionMOfficial) August 8, 2016
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