SubverseNews, a company that raised capital on Wefunder, raised $1 million in just 22 hours, according to a release. According to the offering page, 3679 investors backed the company.
The digital news service launched on July 31, 2019 and hit $1.3 million in 24 hours breaking the previous record of of 2 days for raising $1 million.
Subverse shifted some investors to a side-by-side Reg D offering as the campaign topped the $1.07 million crowdfunding cap for issuers using Reg CF. Investors received a SAFE.
Subverse is a publisher of non-partisan content where the readers are politically diverse, from both red and blue areas of the country. Founded by Tim Pool, Bill Ottman, and journalist Emily Molli, the content is produced by a combination of Subverse researchers, journalists, and editors led by Molli, as well as through a global network of independent journalist contributors.
Pool, Subverse CEO, commented:
“There is massive public demand for fact-based news delivered without bias or political grandstanding, and our mission is to provide news reporting and boots-on-the-ground journalism with zero spin. The investor response on Wefunder shows there is a deep cultural hunger for good-faith coverage of national and world issues and events.”
Subverse CIO and “CEO of Minds,” Bill Ottman, added
“This new era of consumer awareness in media corruption is fueling digital news consumption, and Subverse has emerged as the new wave in journalism. Subverse is rapidly expanding the zeitgeist of decentralized media and technology, which is evident by the incredible response from its community of supporters.”
Additionally, Wefunder apparently set a record for single-day regulation crowdfunding (Reg CF) on their site and accumulated its third-highest website traffic day in its history. The top 5 US states from which Subverse received most views were California, Texas, New York, Florida, and Illinois.
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