Small business crowdfunding platform LetsLaunch has raised an undisclosed round of funding from Carnrite Ventures, a division of Carnrite Group.
The company provides an online crowdfund platform to help US-based small local businesses to raise capital from investors. The platform is designed for businesses looking to raised less than $1m, helping them to reach the lowest possible fee structure.
The company is looking to launch its services in July 2018, and as part of the release it is offering a zero-fee raised for ten businesses.
Through this injection of equity, the company hopes to support its launch and develop its customer experience as the user-based grows.
Carnrite Group founder and CEO Alan Carnrite said, “LetsLaunch provides a simple and affordable investment solution for small businesses and consumers alike.
“The market is demanding an alternative way to invest in and grow local businesses and LetsLaunch will not only provide a compliant, affordable platform to meet this market need, but it will also provide local businesses with tailor made solutions to the many challenges of starting and growing a business, which provides LetsLaunch with many avenues for future growth.”
Carnrite Ventures looks to invest in early-stage companies that are open to growth and require operational and financial performance improvements. So far, the company has made 13 investments and has deployed $7.7m in total, according to the company.
It has already exited tow of these companies, collecting a combined $34.7m for the firm, returning 16x to its investors.
Earlier in the year, Charitable crowdfunding platform GoFundMe has acquired personal fundraising company YouCaring, for an undisclosed amount.
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