Caribu, an app-based tech firm that enables interactive video calls (think drawing, etc.) with kids, has completed its equity crowdfunding on WeFunder with $3 million secured.
As previously reported, Caribu was founded by CEO Maxeme Tuchman, who originally bootstrapped the startup by participating in pitch competitions winning $100,000 in non-dilutive funding. Last year, Caribu raised $1.8 million. Caribu’s vision is notably to be the leader in family communication and interactive learning. Caribu reports that families are reading together in more than 160 countries using their platform. The company makes money by selling a subscription service through the App Store and Google Play.
Caribu offered a Future Equity Agreement at a valuation cap of $5 million. The startup utilized Reg CF which allows issuers to raise money from both accredited and non-accredited investors. Currently, an issuer may only raise $1.07 million under the securities exemption. Caribu further explained:
“The equity offering is part of a larger Seed round that has been backed by big-name investors such as Rise Of The Rest, AT&T, Halestreet Investments, and Be Curious Partners. The $1.7 million raised through concurrent Reg CF and Reg D rounds was accomplished quickly with $1 million being invested in under 2.5 months. This round brings total investment in Caribu to $3 million.”
Speaking about the investment round, Tuchman stated:
“We were blown away by the support of our community and by how many investors are experiencing the pain point we work to solve. Many of them became customers and users.”
Funds from the WeFunder campaign will be used to continue the growth and development of the Caribu platform.
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