Wefunder is a new website and company which says that they have worked hard to create a system of investing in start up companies that is available to everyone, not just "accredited" or wealthy investors.
According to their website, it used to be a law that only "accredited" or wealthy people were allowed to legally invest in start up companies. But Wefunder.com recently advocated for a law called the JOBS Act which passed in Congress and will soon make 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.
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.
There are no Refunds or Guarantees when investing in a start up. Wefunder is very clear when they say "If you can't afford to lose every dollar you invest on Wefunder," or "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.
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?
If you have experience with this company or their products, please leave your Wefunder reviews below.
6 ‘Wefunder’ Reviews
Made an investment, cancelled the next day, weeks before it was to be funded. I received confirmation of cancellation. Today I just received notice they pulled money from my account to fund the cancelled investment. Emailed and still haven't heard back.
All my investments appeared on the internet. I contacted them to remove it from the online search engines. They gave no time frame as to when that would happen
I used wefunder - when my company exited, trying to chase them for payment is frustrating, you essentially get no response and if you do - its a loose promise. I would advise people look elsewhere for investments.
We tried using Wefunder and found that the site layout is difficult to use, understand and confusing in its layout.. When putting in our information the site would not take it at times. We asked questions in writing and Wefunder would take 4 or 5 days to respond, if they responded at all. Then for some reason it showed that we had 2 companies listed on the same thing and there was no way to correct it. I would not recommend this site if you are serious players in business, complete waste of time.
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:
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?
I made a substantial investment in one of their companies and waited months and months for the investment to close while they sat on my funds. Then just as the investment was finally about to close the offering changed substantially and so I decided to withdraw my investment. Now I've been waiting over 5 weeks for a refund of the my investment from Wefunder and they keep saying it will be done within a few days but then nothing. Are they running out of money? Are investments safe? I'm starting to wonder.