WayBetter is Killing it on SeedInvest as it “Tests the Water” with Reg A+

On Friday last week, Crowdfund Insider shared that SeedInvest, an equity crowdfunding platform in NYC, had launched a potential Regulation A+ issuer, WayBetter, as they “test the water” of investors. Part of the potential of Title IV of the JOBS Act, or Regulation A+, is the ability to gauge investor interest prior to filing with the SEC. This saves time, and of course money, for the issuing company. SeedInvest quickly leveraged the new exemption and posted what may have been the first (definitely one of the first) companies to ask investors if they would participate in a crowdfunding round.  So how is WayBetter doing? They are pretty much killing it.

In just a few short days, WayBetter has registered over $4.9 million of investor interest.  It took just 3 minutes for the first investor to add their name to the list.   The current total is being updated in “real time”, according to SeedInvest, but if I had to guess – this one is a go.

Regulation A+ allows any individual, not just accredited investors, to purchase shares in a private company.  WayBetter is a fast growing, behavior change application, that makes self-improvement – a competition. Their first application is DietBet: compete with your friends and acquaintances to see who can hit their weight loss goal.  Over 270,000 individuals are using this app in over 100 countries.  Now I wonder how many of these players have signed up to invest?

UPDATE: So when I looked at the total it was under $5 million, a few minutes later it was over $5 million. But don’t blink because in under one hour it now tops $6.5 million.  SeedInvest also provided some insight into how many individuals it took to rack up this “indication of interest” in a tweet.  Now it must be mentioned that an indication of interest is non-binding, but still this is pretty incredible.

 

DietBet blows past $5M from 2,100 people http://t.co/d7CWoB7gAK in @crowdfundinside

— SeedInvest (@Seedinvest_co) June 23, 2015