STEARCLEAR Crowdfunds $140K on SeedInvest in 5 Days
Designated Driver Service Exceeds Goal by 40% on Equity Crowdfunding Platform
NEW YORK, NY - (Marketwire - Mar 5, 2013) - Equity crowdfunding platform SeedInvest, which launched just last month, already has its first funding success story. STEARCLEAR, the app-based designated driver service, raised $140,000 in capital in just 5 days on SeedInvest. The round was oversubscribed by 40% utilizing SeedInvest's groundbreaking platform that provides accredited, angel investors access to high-quality, curated investment opportunities.
STEARCLEAR structured its capital raise as a convertible note, originally looking to source $100,000 in 60 days. STEARCLEAR quickly exceeded its goal and closed $140,000 in less than a week. Individual investments ranged from as little as $1,000 to $25,000. The company will utilize the funds for continued software enhancements as well as working capital to expand their services and support franchisees.
"We were at a crossroads -- our company was taking off and we had to balance running our company with finding new accredited investors for our bridge round," said Craig Sher, CEO and co-founder of STEARCLEAR. "SeedInvest quickly found us the new investors we needed to put us over our goal, allowing us to get back to building our business. This will be a game changer for start-ups."
Tom Chisholm, successful entrepreneur and angel investor at JumpStart NJ Angel Network, used SeedInvest to facilitate his funding of STEARCLEAR. Attracted to the favorable terms and the creativity of the deal, he said, "SeedInvest is opening up angel investing to a much broader group of potential investors due to its lower point of entry ($1,000 to $2,000) and mixture of deal types -- rather than just straight equity."
SeedInvest's web-based platform removes the traditional barriers for raising money. These include geographical restrictions, deal sourcing, investor sourcing and most importantly the time and effort. The platform has many innovative tools for both investors and companies seeking capital that improve deal flow, simplify the process and speed up investments.
SeedInvest is an equity-based, crowdfunding platform that connects accredited investors to high-quality start-ups and small businesses seeking funding. SeedInvest's mission is to help both entrepreneurs and investors to leverage the disruptive power of the internet to make it easier for companies to raise capital. The company provides accredited, angel investors access to high-quality, curated opportunities in a myriad of industries across the entire country. SeedInvest was founded in 2012 by professional investors and entrepreneurs Ryan Feit and James Han and is located in the heart of New York City's entrepreneurial community. For more information please go to www.seedinvest.com
STEARCLEAR is a technology company dedicated to providing "last mile" services to consumers and businesses using smartphone applications and sophisticated GPS technology. Its flagship designated driver service provides customers with one-touch access to local driver teams that pick them up and get them and their car home safely and responsibly. The company is currently featured on SeedInvest.com, an equity based crowdfunding platform. STEARCLEAR franchise opportunities are available across North America, EMEA, Australia and South Africa. More information can be found at www.STEARCLEAR.com