First Million Dollar Raise Under Regulation Crowd Funding

MIT Tech Review says that BetaBionics is the first company to raise $1 Million under the Securities and Exchange Commission’s new crowdfunding rules.

BB, ” a startup created by Boston University biomedical engineer Ed Damiano, ” raised the capital using the WeFunder portal, paying it a 3% commission.

775 investors paid an average of $1,300 each for Class C Common Stock following a $5 Million investment by Eli Lilly for 5% of the company, valuing the company at $100 Million.

Funds will be used to complete work on an artificial pancreas pump to help people with type 1 diabetes.


About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
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