A California-based entertainment studio startup has raised the maximum limit of $1 million in an equity crowdfunding offering that appealed to the studio’s avid fan base. On August 14 Legion M, founded by Paul Scanlan and Jeff Annison, closed its Reg CF offering after less than three months in the market. The offer was oversubscribed, with around 3,300 investors helping the company exceed their $1 million goal, one of only three startups to raise the maximum under Reg CF since the its launch in May.
At the birth of any new industry, the early players never “get it right” at first as there is always a learning curve and some growing pains. In the early 90’s AOL, Compuserve, Netcom, Microsoft and others absolutely refused to interconnect (aka “inter-network”, aka “internet”) their private islands of electronic communities to each other.
Vice Chairman of the House Financial Services Committee Patrick McHenry (R-NC), has successfully shepherded two bills addressing capital formation for small businesses through the House with wide, bipartisan support.