Wefunder Reviews

Wefunder
( 8 reviews )
Website: Wefunder.com

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
January 26, 2023

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
January 4, 2021
My experience was similar. Invested $$, cancelled and no refund. Phone number seems bogus. Be wary.

Cancelled Investment
August 14, 2019
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.

Privacy not gauranteed
April 23, 2019
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

Love taking your money, dont like paying
July 30, 2018
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.

Wefunder - Don't use it
December 14, 2017
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.

Waiting for the documents about my investment for months!
December 8, 2017

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
September 15, 2017
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.

Jill September 28, 2017

Has your money now been refunded?

Doug September 28, 2017

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.

Doug September 28, 2017

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.

Jill September 29, 2017

Good to know! Thanks, Doug. I was concerned because I also have made an investment.