First Crowdfunding Portal filing hits EDGAR
Last Friday afternoon – at long last — the first Form Funding Portal filing was approved by the SEC. NextSeed US LLC, a funding platform based in Houston, gets the distinction as the first SEC-registered portal under Regulation CF, the JOBS Act-based crowdfunding rule. See NextSeed’s 9-page Form CFPortal filing here.
As we discussed in mid-March, the process for becoming a crowdfunding portal under the new rules is onerous; but now that the first filing is here, it seems likely that many more will follow shortly. Before long we can also expect to see Form C, the initial Offering Statement for issuers who offer or sell securities via an approved portal. The corresponding rule becomes effective May 16. That’s when NextSeed, according to an article in crowdfundinginsider.com, anticipates fielding offers on its website.
If you have access to Securities Mosaic, you can set up real-time alerts on incoming crowdfunding filings by running this search and saving as an alert or RSS feed.
UPDATE: A second Form CFPortal filing has been made, posted to EDGAR today (though backdated to its original submission date of March 2). The filer is CFS, LLC, a Virginia-based portal that plans to offer a platform at a website called CrowdFundingSTAR.com.