Fundable: Crowdfunding Just For Startups
May 22, 2012
Tuesday was the official launch of Fundable, a crowdfunding platform specifically for startup companies. Founded by serial entrepreneur Wil Schroter, the platform follows the passage of the JOBS Act (or “Crowdfunding Act”), which allows companies to publicly raise money from anyone willing to back them:
“With the passage of the JOBS Act (yay!) investors will be able to back startups in exchange for equity. … Once the SEC provides the final go-ahead on equity investing, startups on Fundable will be able to raise both reward-based and equity-based capital on our platform,” says Fundable’s website.
All startups are encouraged to apply and will go through a vetting process, as Fundable claims to only work with “serious” companies. Once approved, you need to start a profile with information about your startup and its goals, how much capital you need to raise, and how you intend to return the favor to contributors. There are two options to thank them: provide an reward or (coming in 2013) offer equity in the company.
Schroter has founded 10 companies, 3 of which were venture-backed. His impressive background isn’t all that’s reassuring about Fundable. The advisory board includes a lot of big names in Silicon Valley such as 500 Startups founder Dave McClure, Startup Weekend CEO Mark Nager, venture capitalist Mark Goines, and early founders of both SecondMarket and SharesPost.
Schroter’s company Virtucon Ventures is the brand behind the new platform and is based in Columbus, Ohio, a fast-growing city in the tech and startup industries. They also have offices in Santa Monica, California. To learn more about Fundable and how your startup can benefit, visit their website at Fundable.com.