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I have had it up to -here- with Wefunder dodging accountability for covering up the theft and misuse of my Facebook photo by Tribel (an offering on their platform) to make it look like I am part of their staff. I used to work for Tribel's parent company and left on bad terms while it was still Liker, because I was mistreated. Flash forward to January 2024 and I see my face on a graphic that depicts the Tribel "content team"-- along with some other former co-workers who are in a similar boat, having left before this project existed. I warned Wefunder about fraud for weeks before it was quietly taken down without alerting the investors. I was on Wefunder since 2017 because of Legion M. And Wefunder deleted my account when I started to comment (again, with a *tone* but not inappropriately) about my experience. That is literally what their question portal is for... TRANSPARENCY. I am going to go out on a limb and say they want to keep their intermediary fee badly enough to throw their investors under the bus. This isn't even the only issue that LEGALLY needs to be disclosed and they know this. They have known this and so much more since JANUARY. If you need "receipts", I have pages of them. And you better believe the proper authorities do, too.
I'd like to note that they have also just been responding to me with copied-and-pasted verbiage and did so 6 times to date. Literally, the same exact paragraph has been used to respond to my complaints for months.
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Hi Chris,
Thank you for contacting us. As you can see, the raise you mentioned was completed and concluded in November 2023 and is no longer active. Currently, we do not have any plans to host another raise with this company in the future. It is worth noting that your initial communication expressing concern was received on January 17, 2024, which was well after the raise had already been finalized.
Mark "Merc" Mercer
Head of Investor Sucess
Wefunder
>>
Furthermore, yet again, Wefunder hasn't explained why they refused to take down my image until weeks later. Nor why they haven't told their investors/customer base that they have been lied to about multiple material facts including hidden lawsuits concerting equity fraud. If this is to avoid an admission of guilt, I don't actually see it panning out. Because you see-- when I linked to the SEC filings for the company in question to show there was a discrepancy in the fundraising totals initially reported through the site and the founder by about 50%, that is when they clearly freaked out and deleted my account to wipe all of the questions and evidence I posted. And this was before I found out they announced raising even more than this somewhere else. Let the record also show that even though Wefunder allegedly have no plans to raise more money with the company in question, they graciously allowed 1,450 brand new comments to boost the page's credibility.
As well, they are currently operating without a license in San Francisco. This came from the Treasury. I'm not sure how this isn't supposed to be clear fraud but you don't have to take my word for it. Because a verified, accredited investor with 115 projects in his Wefunder portfolio just asked them about a fraction of this on their question portal and they still haven't been able to explain themselves.
1 Review
Wefunder
Access a range of impact investments using the world's most popular crowdfunding platform.
Wefunder is one of the most popular crowdfunding platforms in the world. While it doesn't exclusively focus on impact investments, the platform offers several impact investment opportunities that span renewable energy, affordable housing, and other areas. As a result, impact investors should keep it on their radar.
Let's take a closer look at who's behind Wefunder, how the platform works, and whether you should use it to invest.
Who's behind Wefunder?
Nick Tommarello and Greg Belote founded Wefunder to invest in their friends and help them dream bigger, become the best versions of themselves, and reach their ambition. After the JOBS Act opened the door to equity crowdfunding, the two sought to build the Robinhood for pre-IPO startups, where anyone could angel invest.
As of 2020, Wefunder has become the largest funding portal for crowdsourced investing, measured by the number of investments, investment volume, and investor returns. But beyond its commercial success, Public Benefit Corporation aims to fix capitalism by democratizing access to private investments.
How Wefunder works
Wefunder's platform provides access to hundreds of startup opportunities, including many impact investments. For example, you can invest in tech-enabled community solar platforms, edible and compostable cups, or containerized affordable housing projects. However, not all projects on the platform are impact-focused.
These offers come in many forms, including:
- Convertible Notes
- Revenue Shares
- SAFEs
- Common Stock
- Preferred Stock
- Common Units
- Promissory Notes
When you find an opportunity you like, you can create an account, input how much you'd like to invest (there's a $100 minimum), and begin the process. Depending on the deal, you may indicate interest with a "reservation" or invest on the spot. There may also be rewards for different investment levels (e.g., $1,000 or $5,000).
The following steps depend on the investment. For example, if you made a debt investment, you would receive repayments based on the agreed-upon schedule. However, equity investors don't typically see any returns until the company goes public or is acquired, which can take a very long time (e.g., five or ten years or even more).
Why invest with Wefunder?
Wefunder is the largest crowdfunding platform in the United States, with hundreds of different opportunities – including many impact investments. In addition, the company itself is a Public Benefit Corporation seeking to democratize finance. And it publishes an impact report each year detailing these efforts.
Of course, you should remember that Wefunder opportunities are private investments with greater risk than publicly-traded securities. For example, equity-only investments may not offer any financial return for years, and even debt securities have higher credit risk than most publicly-traded bonds. As a result, investors should exercise caution.
That said, Wefunder is an excellent way to diversify an impact portfolio with impact startups. These companies may have more growth potential than publicly-traded securities, while their valuation may not depend on overall market conditions. There are also many types of securities to choose from to find your need.
The bottom line
Wefunder is the largest crowdfunding platform in the United States, offering a variety of impact investments. In addition, the Public Benefit Corporation is working to democratize access to private investments and help startups achieve their goals. As a result, it's a valuable platform for investors looking to expand their portfolios.
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Dec 22, 2024
1out of 5 stars
Chris
Jun 14, 2024
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1out of 5 stars
Asset Class
CrowdfundingImpact Focus
Small BusinessTags
crowdfunding
equity
Highlights
- Invest in high-impact startups with as little as $100.
- Browse hundreds of different opportunities.