August 18, 2013
Hello,
We are currently raising our first major round of outside financing after attending a well-known "accelerator" program in Houston called Surge. We have around $100K in revenue and are raising $750k based on our business model and technology. We have been lucky in that we have a committed Venture Capital firm and group of Angels. However, it has taken us a year and participation in the accelerator program to achieve our current funding success. I really thought that the new rules would allow a third party like Angel.co to focus on the SEC compliance issues and allow us to raise money more easily through interested individuals. Maybe companies in our early stage are not your current target with the rules? If we are, I think the rules seem too onerous and our situation wouldn't improve.
Thanks,
Dane