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.
About SeedInvest
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
About STEARCLEAR
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.
