Note from the Publisher: On a Sunday evening after a day of family fun, grilling and pooltime, we admit it’s NOT EASY to find a fintech VC deal or acquisition to feature, so we’re going to share a fun story with you instead about a new crowdfunding success – Legion M – a new Hollywood studio. The company used the new Reg CF rules, which enable companies to raise up to just $1M with far less paperwork, etc. and they are one of only 3 that have successfully hit their target to date.
“Legion M is one of the early success stories of Reg CF investment crowdfunding. Legion M raised $1 million on Wefunder with the backing of over 3,000 individual investors – the most ever for a single Reg CF offer to date. Out of the 32 companies that have successfully raised funding via Reg CF, only 3 have hit $1 million, the maximum amount allowable by law. So Legion M did something right in the fast evolving investment crowdfunding sector.
Legion M is pitched as the first “fan funded” Hollywood studio. Legion M expects to work with filmmakers and producers to create content for film, TV, and more. Their ambition is to “disrupt the entertainment industry” as it currently operates. The message was strong enough to garner broad investor support. Much of the Reg CF raise will be used to finance an anticipated Reg A+ offer later this year (according to their SEC filings) It will be interesting to see if they will be able to drive comparable interest once they start testing the waters (TTW) in preparation for the Reg A+ securities offer.”