Crowdfunding Startup Wefunder Plans Cross Country Amtrak Trip | Chicago Inno


A Y Combinator-backed startup that was influential in helping pass the JOBS Act, a new law that allows businesses to raise money from normal, everyday citizens, is taking a train across the country to fund local businesses and celebrate the beginning of the new rules taking effect. The Wefunder team is taking an Amtrak train from San Francisco to Boston for a two-week trip beginning March 2, stopping in several cities along the way–including Chicago. The goal is to find ambitions businesses, from startups, to restaurants, to boutiques, and highlight some of the best companies it comes across. Wefunder plans to meet with 100 businesses on its cross-country trip, and it will promote and feature 20 companies who will receive help launching their crowdfunding efforts. Companies will be able to raise up to $1 million once the new crowdfunding rules take effect on May 16. Wefunder says it plans to invest $100,000 of its own money in three of the businesses. It plans to stop in Chicago on March 10. Wefunder’s foudners Nick Tommarello, Mike Norman, and Greg Belote extensively lobbied the US Securities and Exchange Commission and Congress to get the JOBS act passed, and were in Washington, D.C. to watch President Barack Obama sign the bill in 2012. The JOBS act allows unaccredited investors to invest in startups, which previously was only available to banks and wealthy individuals. Wefunder provides a crowdfunding platform for startups, and it has funded 110 companies with $16 million. Wefunder was part of the winter 2013 Y Combinator class. The startup plans to stop in Portland, Seattle, Whitefish, Fargo, Chicago, Detroit, Cleveland, Pittsburgh, New York City, Providence and Boston on its cross-country trip.

Source: Crowdfunding Startup Wefunder Plans Cross Country Amtrak Trip | Chicago Inno

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