Whipr offering is now closed and is no longer accepting investments.
INVEST IN WHIPR TODAY!
Paddle, Ski, Row +
$1,350,873.32 Raised
REASONS TO INVEST
The only portable multifunctional rowing machine on the planet
#2 highest funded fitness Kickstarter in history raising $3.51M from 9,100 backers. Pre-sales since August 2020 exceed $5.7M with over 11,500 customers. Over the next 12 months we intend to continue growth with new products, VR compatibility and a subscription service.
The global fitness industry is an $11 billion market, and Whipr has been granted a strong patent allowance for portable ERG machines and our rowing accessory. Our applications extend beyond this market with medical trials in progress.
Get a full-sized workout from a portable machine
Imagine a rowing machine that fits in a suitcase or a 10-sport trainer that stores next to your sneakers. That’s Whipr.
Whipr can replace an entire gym's worth of cardio equipment and, fully equipped, still costs less than the leading rowing machine.
THE PROBLEM
Cardio Machines: Expensive, Bulky, and Non-Portable
THE SOLUTION
Welcome to Whipr
Whipr is the first machine that answers this problem by creating a portable, multifunctional machine that is also cost-effective.
So along with solving spatial and financial issues - we help motivate your workout with our app that tracks and uploads your workouts to online services like Strava, and in the near future will deliver our workout videos (free and subscription).
And lastly, the base unit is VR ready, adding a new level of excitement and motivation to our customer's workouts. We expect to be fully VR compatible by Q4 2021 after our consumer product rollout and subsequent sync with the Holofit Holodias servers.
*The above graphic contains images of our beta app which is currently not available to the general public.
THE MARKET
Rowing into a Growing Market
The fitness equipment market size was valued at $11.5 billion in 2019 and is expected to reach $15.2 billion by 2027, registering a CAGR of 3.5% from 2020 to 2027. The cardiovascular training equipment segment, that Whipr is targeting, led in terms of fitness equipment market share in 2019 and is expected to retain its dominance throughout this forecast period (source).
While COVID created a huge boost in-home fitness sales due to gyms shutting their doors we expect the demand for fitness equipment to stay strong. In a survey published in July 2020, online broker TD Ameritrade found that 59% of Americans say they don’t plan on renewing their gym memberships once the pandemic is over (source). We believe the opportunity for Whipr in the market, today and in the future, is gigantic.
OUR TRACTION
We’ve Been Pretty Busy
And yes, we’ve only been around for 8 months.
We launched in August 2020 and have raised over $5.7 million in pre-orders and various campaigns since.
Month Over Month growth in the post-campaign period has been 47%, 94%, 80%, 156%, 4%, 5.5% - with the latter two months leveling out our growth commensurate with our advertising, establishing our expected trajectory of an average of 3-5% growth per month.
Here’s more on our progress:
WHAT WE DO
Paddle. Ski. Row +
The Whipr base unit is the core of our ‘ecosystem’ - able to be used on its own for plyometric movements or be combined with our patent-pending accessories to train for stand-up paddling, skiing, rowing, swimming, kayaking, surfing, canoeing, and dragon boating.
The base unit is an ERG machine - meaning it measures work effort with its onboard computer. The session logs are stored onboard, or transferred to online services like Strava via our app, which also serves as a recording and tracking device.
Here’s more on our product line:
THE BUSINESS MODEL
How and Where We Will Grow
We run a DTC sales model with products available via our website. We are also establishing wholesale distributor relationships, and have signed deals for Australia and, New Zealand with, the Netherlands, and Korea in negotiations.
Consumer sector:
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Our AOV has grown in 2021 from $521 to $814 and now $830.50 since launching on Shopify.
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Our gross profit margin on our most purchased items averages at 62%. This will increase to 60% when we are no longer in the pre-order stage and selling at MSRP.
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Our Operating Margin averages at 25.7%.
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Initial orders from wholesale businesses are around $50k with their initial test batches.
Medical applications and sales
We are also excited about the potential for growth in the medical space. We are currently participating in two university-led research studies that approached us for the purpose of integrating the Whipr base unit into their treatment plans.
The studies are being conducted at Duke University (1) (late 2021) and the University of Texas, Harry S. Moss Heart Trust for Cardiovascular Research (2) (starting 10/21). The studies are focused on:
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Perioperative care and rehabilitation for COVID and post-op patients
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Preventative care and treatment for patients of a non-drug responsive terminal heart condition
The video below shows Whipr being used in the early stages of the University of Texas trials. Should these studies prove successful it may open a market for Whipr in medical sales servicing over 6 million affected patients in the US each year.
*This testimonial may not be representative of the experience of other customers and is not a guarantee of future performance or success.
HOW WE ARE DIFFERENT
We are Making Waves
We believe we are the only portable and space-efficient cardio ERG machine on the market, and also the smallest, most multifunctional machine that is compatible with Virtual Reality training apps.
This means Whipr has created an entirely new segment in the home and travel fitness market.
We are pioneers in portable rowing machines, and in combining them with multiple other functions ensuring less boredom, more freedom, and lower cost than our competitors.
THE VISION
The Next Steps
We plan on…
- Expanding the product line and virtual reality training options.
- Building out our subscription service
- Releasing more SKU’s that complement the ecosystem
Here’s a sneak peek at our next products
PRO MODEL
The pro model of our base unit is designed for professional use by commercial gyms, hotels (in-room fitness), personal trainers, rehab centers, and medical applications as well as for the home fitness enthusiasts that make up our core following. The production model will be slightly larger and will include features such as a longer cord, finer resistance adjustment, quieter operation, upgraded construction materials, and a high-resolution screen.
WALL MOUNT
Our wall mount enables more permanent installations. We’re developing it along with the help of adaptive sports athletes who are not able to use traditional rowers due to being wheelchair-bound. We also see it working really well in rehabilitation centers and home gyms. This is a highly requested item that we expect to sell really well to our current and future client base.
*This product is in development and intended for release in late 2021. The images are computer renderings generated by our design engineers.
SKI ADAPTER FOR WALL MOUNT
Expanding on our wall mount is a commercial-grade ski attachment for one or two base units. Again, a very highly requested item for users who do not have a convenient door to attach our current travel ski accessory option.
*This product is in development and intended for release in late 2021. The images are computer renderings generated by our design engineers.
DRAGON BOAT SEAT
The dragon boat seat is an add-on to our rower, turning it into a highly functional training tool for the more than 50 million dragon boat paddlers worldwide (source). This is a highly requested item that we’re excited to release.
*This product is in development and intended for release in late 2021. The images are computer renderings generated by our design engineers.
OUR LEADERSHIP
Meet the Team
Luke Tipple, a well-known Discovery Channel host, is the founder of Whipr. Luke was responsible for its launch, along with customer service, campaign management, web design, video production, and photography from inception through to over $5 million in sales. He’s since expanded the contracted and in-house team to include key people to manage finances, advertising, growth management, inventory, manufacturing, future product development, shipping, and logistics.
Luke is joined by Shark Tank star & CEO of FUBU Daymond John who first took interest when the Kickstarter exceeded $1m raised in just 6 days and now serves as an Advisor.
Together we lead a diverse group of industry experts, fitness fanatics, engineers, product designers and marketing specialists. We’re carving out a new niche in the fitness industry, and we have the product and the people to own it.
WHY INVEST
High-Demand Fitness
ABOUT
HEADQUARTERS
3784 Mission Ave Ste 148
Oceanside, CA 92058
WEBSITE
View Site
A full-sized workout, stored next to your sneakers. Whipr is a portable ERG machine designed for Paddle, Row, Ski, Swim, Surf, Kayak, Canoe, Dragon Boat & multi sport training.
TEAM
Luke Tipple
CEO
Richard Little
COO
Rich Froning Jr
Advisory Board Member & Partner
Adrian Lee
Director of Global Supply Chain
Braxton DeCamp
Financial Analyst
Margaret Fortner
Head of Growth
Scott Mautner
Legal Council
Jeroen Molinger
Medical applications advisor
Jordan Sansom
Design Project Lead
Tiziano Cousineau
Primary Designer
David Riley
Design Leadership
Chris Freeman
Advisor and product design
Ron Tsang
Design and Prototype leadership
Rebecca Tipple
Partner
TERMS
Whipr
Overview
PRICE PER SHARE
$1.15
DEADLINE
Dec 15, 2021
VALUATION
$19.95M
AMOUNT RAISED
$1,350,873.32
Breakdown
MIN INVESTMENT
$250.70
MAX INVESTMENT
$106,999.45
MIN NUMBER OF SHARES OFFERED
8,695
OFFERING TYPE
Equity
ASSET TYPE
COMMON
SHARES OFFERED
Common Stock
MAX NUMBER OF SHARES OFFERED
2,173,913
Maximum Number of Shares Offered subject to adjustment for bonus shares
Company | : | Whipr, Inc. |
Corporate Address | : | 3784 Mission Ave Ste 148, Oceanside, CA 92058 |
Offering Minimum | : | $9,999.25 |
Offering Maximum | : | $2,499,999.95 |
Minimum Investment Amount(per investor) | : | $250.70 |
Terms
Offering Type | : | Equity |
Security Name | : | Common Stock |
Minimum Number of Shares Offered | : | 8,695 |
Maximum Number of Shares Offered | : | 2,173,913 |
Price per Share | : | $1.15 |
Pre-Money Valuation | : | $19,952,500.00 |
Voting Rights of Securities Sold in this Offering
Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
Company Perks*
Time-Based:
Friends and Family Early Birds
Invest within the first 48 hours and receive additional 8% Bonus Shares.
Super Early Bird Bonus
Invest within the first week and receive additional 5% Bonus Shares.
Early Bird Bonus
Invest within the first two weeks and receive an additional 2% Bonus Shares.
Amount-Based:
$500+ | Tier 1
Receive an additional 10% off any order made through our website.
$1000+ | Tier 2
2% Bonus Shares + Whipr hat + additional 10% off an order made through our website.
$2,500+ | Tier 3
3% Bonus Shares + Whipr hat + your choice of a row package ($788 MSRP) or a paddle/ski package ($657 MSRP). Product supplied excluding shipping and taxes.
$5,000+ | Tier 4
4% Bonus Shares + Whipr hat + Whipr paddle/ski/row package (retail $1056 MSRP). Product supplied excluding shipping and tax
$10,000+ | Tier 5
6% Bonus Shares + Whipr hat + Whipr paddle/ski/row package (retail $1056 MSRP). Product supplied excluding shipping and taxes.
* Note these perks do stack with the other live offering perks.
The 10% StartEngine Owners' Bonus
Whipr will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $1.15 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $115. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors' eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
*All perks occur when the offering is completed.
ALL UPDATES
12.30.21
Investor perks being sent
Good afternoon!
Just a quick update to let you know that we will be sending out investor perks starting today December 29th. Here's what you can expect:
Tier 1 investors: a 10% off voucher code will be sent by email
Tier 2 investors: a 10% off voucher code will be sent by email + a gift card equal to the current value of a whipr hat
Tier 3 investors: a gift card equal to the current value of a row package + a whipr hat. Note that you don't have to buy a rower, your actual equipment choice can be made on our website.
Tier 4 & 5 investors: a gift card equal to the current value of a paddle/ski/row package. Note that you don't have to buy a rower, your actual equipment choice can be made on our website.
All products are now in stock and ship within 2-3 business days of the order being placed.
Note that we still have quite a few investors going through the confirmation process, we'll send out another round of perks to those people once we have confirmation from StartEngine that we can do so. We do not have control over expediting that process but it will be complete within 45 days of the campaigns conclusion.
If you have any other questions you can reach us on our support site at https://support.whipr.com, be sure to select the 'investor questions' option from the dropdown so your enquiry is correctly routed.
Thanks so much, hope your holiday period is going great!
Sincerely
Luke Tipple | founder & ceo whipr, inc.
12.15.21
Only a Couple Hours left! Also, here's how to claim your equipment perks.
Hi everyone,
First up, we just delivered another 698 orders in the last 2 days in the US, Canada and Australia! We're thrilled to see good reviews roll in and posts going up on social media with people putting the products to good use.
As this campaign comes to an end, myself and the whipr team want to thank the investors who backed us from the beginning and also welcome new investors that have joined us these last few days and weeks. We look forward to reporting on the growth of Whipr, Inc. that will we expect to be accelerated with your investment.
For anyone who may be considering joining us, there are still a few hours left. This campaign closes at 11:59pm PT tonight (Tuesday Dec 14). It will not be extended.
After the campaign closes we'll go through a process of confirmation with Startengine that will take a couple of days. Once the investments are confirmed we'll be sending out gift cards matching the value of perks you may have selected in the tiered levels. Those cards are redeemable on whipr.com and, provided you choose the products we have listed in the perks, will ship out within a couple of days from our 3PL in Utah.
Thanks again investors, this has been a whirlwind of a week. Thank you for your trust in this team. We look forward to having you onboard.
Sincerely,
Luke Tipple and the Whipr team.
12.13.21
Whipr is now officially entering the world of Virtual Reality! 1 day left to invest.
When I started whipr I just wanted a device to take with me on boats to train for paddle-board races. Since then it has gone from a back of the napkin drawing (literally) to a full developed and manufactured product in just under a year. The speed of this progress is owed to a successful Kickstarter campaign, and we also owe that campaign thanks for the idea (ahem, insistance :) to add bluetooth to the base unit.
This now pays off as we can formally announce that, due to our FTMS bluetooth capability, we are now compatible with Virtual Reality training programs like HOLOFIT by Holodia!
If you're not familiar with HOLOFIT, you should really check it out. It allows you to enter a virtual world and interact in real time with a compatible device. One minute you're rowing through a tropical jungle the next you can be piloting a cart through the wild west. It's super fun and, more importantly, motivating and I'm personally pretty hooked on it.
We've teamed up with Holodia to offer a free extended trial of HOLOFIT with every purchase of a whipr base unit. This is both a great sales motivator at the cart and a terrific customer retention tool, especially when we can announce compatibility with our other modalities. But more importnatly this gives our customers more value and motivation from whipr and we're stoked for them!
Check out some VR action below, for those of you who have backed us at an equipment perk level, you may want to put an Oculus headset on your wish list for Christmas!
Thanks again,
Luke Tipple | whipr founder and ceo
PS. Only one day left to invest!
12.12.21
A word from Whipr Partner and Advisor Daymond John
With just hours left of this raise whipr partner and advisor Daymond John has a message for those investors weighing their options before we close this round.
12.11.21
3 days left, and we're stocked for the holidays!
Hi everyone,
There are just three days left of this campaign and we want to thank each of our investors for joining us in our worldwide mission to #GetWhiprFit.
Today we're pleased to share that our 3PL warehouse in Utah has received inventory that was in part funded by this campaign. We currently have well over $1.2m in inventory (valued at current website prices) on hand and are shipping daily in response to the holiday demand.
We're also pleased to let you know we've secured more favorable terms with our suppliers that will result in lower COGS and less financial exposure for the company when placing our next PO's due to lower deposits and prolonged final payment terms. This is super important for Whipr, Inc. as we'll incur the majority of COGS expenses closer to the DTC sales of that inventory.
On the pre-order front we saw another 599 orders delivered this week and just dispatched another 647 orders for their last mile delivery. Most back-orders that are still en-route will be delivered by the end of December with three more containers delivering to the US and EU in early January. We're very much looking forward to wrapping up that part of our business and moving forward purely with DTC sales in 2022.
With just a few days left we'd like to encourage anyone that has yet to invest in our company to join us. We have big plans for Whipr, Inc. and, frankly, we're just getting started.
Below is a shot from once of the warehouses in Utah :)
Sincerely,
Team whipr.
12.10.21
4 days left to invest... customers are stoked!
Just 4 days left to invest! We just had another 1,200 orders deliver to USA and Canada and we're hearing good things from our customers.
The video below is from ADHD Coach Michelle Rolls who tells us repetitive actions like rowing can be excellent for the treatment of ADHD. She's exccited to recieve her whipr setup as it's a portable olution that she can take to clients houses and use in their treatment. We've invited her to share her experience with a blog on our website and we're looking forward to hearing more!
We're also looking forward to reviewing published results of the medical study being conducted by Texas University. They're using whipr as part of the treatment for a drug resistant heart disease that affects millions of Americans every year.
We're excited about the potential for growth in the medical space and look forward to reporting the finding to our investors in 2022.
12.09.21
5 days left and Industry leaders are talking about whipr
With just 5 days left to invest in whipr we're reviewing what has been published about this investment opportunity and we couldn't be prouder.
It's an interesting read and the author concludes by giving his personal opinion:
I would normally do a Bull and Bear case, but this one seems pretty obvious. Personally, I am optimistic of this company and actually ended up purchasing at the $2500 level to get the free Whipr row machine. I love fitness, but my studio doesn't exactly have the room needed to host my own gym. Solutions like this give me hope though! The better valuation is just a perk.
We're glad to have him as an investor! As a reminder this campaign is almost at an end, please share this opportunity with your friends.
*This testimonial may not be representative of the experience of other customers and is not a guarantee of future performance or success.
12.08.21
6 days left - Last chance to invest and score bonus whipr equipment for Christmas!
Just 6 days left of this campaign and a reminder of the extra perks we're offering at the Tier 3, 4 and 5 levels.
Once this campaign closes we'll be sending investors their coupons to claim these perks... they'll ship in time for Christmas.
Tier 3 & 4 - bonus row or paddle/ski package
Tier 5 - bonus paddle, row and ski package (our most popular package)
12.02.21
Over 10,000 orders shipped. Country demographics available.
Hi Investors,
First off, we're getting ready to wrap up this campaign in 12 days so spread the word about this opportunity and let's finish strong. More investment means we can accelerate quicker towards our goals such as releasing additional SKU's in 2022.
For those that invested at perk levels, once the campaign concludes we'll send out vouchers to the purchase value of the equipment you invested in so you can claim them from our store.
Now, it's no secret that the shipping crisis has rocked the entire manufacturing and import business an we've not been unscathed. We have however persevered and are pleased to let you know that we've shipped over 10,000 orders in the past few months! We're now down to the last few hundred backorders being shipped from Hong Kong to our pre-order customers worldwide.
There have certainly been a few hiccups with a small number (less than 0.01%) of orders having delivery difficulties but we're working through those and are committed to ensuring all pre-orders are delivered. There are also many orders still on containers making their way to customers and we're looking forward to seeing them arrive. The country stats where we are shipping are in the image below.
Of the 10,000+ shipped orders over half have been delivered and the feedback is fantastic. People are enjoying their whipr setups and starting to generate some great content so we can see it at work. Below are a few selections from our stoked customers!
11.14.21
Notice of Funds Disbursement
[The following is an automated notice from the StartEngine team].
Hello!
As you might know, Whipr has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in Whipr be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
REWARDS
$250
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$500
Tier 1
Receive an additional 10% off any order made through our website.
$1,000
Tier 2
2% Bonus Shares + Whipr hat + additional 10% off an order made through our website.
$2,500
Tier 3
3% Bonus Shares + Whipr hat + your choice of a row package ($788 MSRP) or a paddle/ski package ($657 MSRP). Product supplied excluding shipping and taxes.
$5,000
Tier 4
4% Bonus Shares + Whipr hat + Whipr paddle/ski/row package (retail $1056 MSRP). Product supplied excluding shipping and tax
$10,000
Tier 5
6% Bonus Shares + Whipr hat + Whipr paddle/ski/row package (retail $1056 MSRP). Product supplied excluding shipping and taxes.
JOIN THE DISCUSSION
0/2500
HOW INVESTING WORKS
Cancel anytime before 48 hours before a rolling close or the offering end date.
WHY STARTENGINE?
REWARDS
We want you to succeed and get the most out of your money by offering rewards and memberships!
SECURE
Your info is your info. We take pride in keeping it that way!
DIVERSE INVESTMENTS
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With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.
With Regulation Crowdfunding, non-accredited investors with an annual income or net worth less than $124,000, are limited to invest a maximum of 5% of the greater of those two amounts. For those with an annual income and net worth greater than $124,000, he/she is limited to investing 10% of the greater of the two amounts.
At the close of an offering, all investors whose funds have “cleared” by this time will be included in the disbursement. At this time, each investor will receive an email from StartEngine with their Countersigned Subscription Agreement, which will serve as their proof of purchase moving forward.
Please keep in mind that a company can conduct a series of “closes” or withdrawals of funds throughout the duration of the campaign. If you are included in that withdrawal period, you will be emailed your countersigned subscription agreement and proof of purchase immediately following that withdrawal.
StartEngine assists companies in raising capital, and once the offering is closed, we are no longer involved with whether the company chooses to list shares on a secondary market, or what occurs thereafter. Therefore, StartEngine has no control or insight into your investment after the close of the live offering. In addition, we are not permitted to provide financial advice. You may want to contact a financial professional to discuss possible investment outcomes.
For Regulation Crowdfunding, investors are able to cancel their investment at any point throughout the campaign up until 48 hours before the closing of the offering. Note: If the company does a rolling close, they will post an update to their current investors, giving them the opportunity to cancel during this timeframe. If you do not cancel within this 5-day timeframe, your funds will be invested in the company, and you will no longer be able to cancel the investment. If your funds show as ‘Invested’ on your account dashboard, your investment can no longer be canceled.
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Once your investment is canceled, there is a 10-day clearing period (from the date your investment was submitted). After your funds have cleared the bank, you will receive your refund within 10 business days.
Refunds that are made through ACH payments can take up to 10 business days to clear. Unfortunately, we are at the mercy of the bank, but we will do everything we can to get you your refund as soon as possible. However, every investment needs to go through the clearing process in order to get sent back to the account associated with the investment.
Both Title III (Regulation Crowdfunding) and Title IV (Reg A+) help entrepreneurs crowdfund capital investments from unaccredited and accredited investors. The differences between these regulations are related to the investor limitations, the differing amounts of money companies are permitted to raise, and differing disclosure and filing requirements. To learn more about Regulation Crowdfunding, click here, and for Regulation A+, click here.
