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.
https://www.technologyreview.com/s/601999/artificial-pancreas-is-first-to-raise-1-million-under-new-crowdfunding-rules/

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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: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, FINRA, Investments, Jobs, Legislative Intent, SEC, Small Business, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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