Wefunder Reviews
Wefunder is a public benefit corporation which aims to create an opportunity of angel investing in start up companies that is available to everyone, not only accredited or wealthy investors.
According Wefunder, it used to be a law that only accredited or wealthy investors were able to legally invest in start up companies.
But Wefunder advocated for a law called the JOBS Act which passed in Congress and made it an option for everyone, no matter how wealthy, to invest as little as $100 into a startup opportunity.
How Does It Work?
Starting in the fall of 2014 when the JOBS Act is finalized, anyone can begin looking through the portfolio of opportunities being hosted on WeFunder.com and choose an opportunity that they wish to support with a monetary investment.
In order to actually invest your money, you will have to fill out an application.
If your application for investment is accepted, you will have 7 days to electronically sign the contract and then another 7 days to authorize your investment to be placed into an escrow account, where they will be held until the fundraising target is met and your investment will be executed.
If you fail to do either of these things during the given time periods, your application will be canceled.
Cost/Price Plans
Currently there is still a minimum amount needed to invest in a start up opportunity, though these numbers will be changing over the course of the year.
Refund Policy
There are no Refunds or Guarantees when investing in a start up.
Wefunder is very clear when they state that if you can't afford to lose every dollar you invest on Wefunder, then you should not invest in one of their start ups.
Customer Service Contact Info
Customers who would like to speak to their Customer Service team about their questions, concerns, or complaints can do so by phone at (888) 546-0325, or by submitting them directly to their website.
Reputation
Wefunder seems to get positive reviews, especially from independent reviewers who support the actions they have taken to change the legal requirements for investing so they can include a larger percentage of the population.
Competitors and Alternatives?
Websites that offer people an opportunity to help out startup businesses for affordable investments are actually becoming very popular, including companies like FundersClub and Kickstarter.
If you have any experience with Wefunder or their services, please leave your reviews below.
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Wefunder Customer Reviews
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Stay away from WeFunder
I recently attempted to launch our CF campaign using WeFunder. At first it was easy and relatively simple to get it going. As the process went along, I made every effort to complete any and all outstanding items with haste so as to not delay the launch of our raise with the filing of Form C by WeFunder.
After doing all that, including a quick turnaround of our financial review by an independent CPA firm, they dropped off the planet and getting responses to emails (cause you can't reach them any other way) was sporadic at best. It took me nearly two months to get a response telling me they wouldn't allow our company's campaign on their platform because its a subsidiary.
That's a load of crap, too, because in a quick review of several other live campaigns, it becomes readily apparent there are plenty of subsidiaries on their platform. WeFunder had no problem accepting money from our investors though! And rather than be ethical about rejecting our campaign by immediately returning investor funds, they send out a cold and robotic email letting investors know the campaign was canceled and to into your WeFunder account to request a refund! Seriously WeFunder?!?
I do NOT recommend WeFunder as a resource for companies to raise money. Period, end of story.
Be Wary
Cancelled Investment
Privacy not gauranteed
Love taking your money, dont like paying
Wefunder - Don't use it
Waiting for the documents about my investment for months!
I invested $2000 in Balance at WeFunder on 13-th of September and still waiting for the properly signed documents about my investment, despite the fact that the Balance successfully closed the round on 19-th of September.
Support feeds me with phrases that everything is all right, the problem is that they received too much money, so please wait another 1-2 weeks and so for more than 2 months.
I started to worry about this problem, and wrote the question about the problem on the Balance page on WeFunder:
https://wefunder.com/comments/15856
Two weeks passed and nope, any answers here.
For now, I didn't received any documents about my investment, and I don't know if I will receive it at all.
Can I be sure that I will receive my dividends, if the company will succeed, if I just can't simply get the documents about my investment?
Is Wefunder safe? They've been sitting on my funds for months
Has your money now been refunded?
Yes, I did finally get the money a few days after posting this after it was escalated to one of the founders. Not sure if this was just them being busy or if they were actually having some sort of cash flow issue but happily I'm paid up. Still a little wary of trying them again although one imagines they must have to put funds like this into a trust account and not mingle them with general operating funds.
Yes, I did get my money back a few days after posting this after my request was escalated to one of the founders. Still have no idea if this was just them being too busy or if it was a cash flow issue although I do expect that investment funds would have to be kept in a separate trust account so not sure how that could have happened.
Good to know! Thanks, Doug. I was concerned because I also have made an investment.