Should do much more do support investors with startup that ghost their investors after raising the funds. We make investments at our own risk, but we also expect to be informed about the progress made by companies/startups. My company here - Fancy.com - hasn't made - nor informed about - any progress from the 460K they got via Wefunder.
February 2, 2023
Reply from Wefunder, Inc.
Hi Sergio,
Thanks for reaching out. Wefunder has tried to make contact with this company. Unfortunately, we have not been able to successfully reach the company and have determined by the evidence before us that this company may no longer be operational. We will be updating our records to mark this company as failed. As the company has not provided us with a certificate of dissolution, you should consult with your CPA or tax professional on how to report your investment as failed.
Please understand that Wefunder is a platform that is used by companies to conduct their offerings, which means we provide the technology to allow early stage private companies to raise funds from the crowd and we provide everyday investors the opportunity to be early investors in companies they are excited about.
These investments are high-risk, longer term, and not immediately liquidating as clearly outlined throughout our site. We know this type of investment is not for everyone. We do not curate or provide investment recommendations or advice. The equity crowdfunding industry is highly regulated. In order to raise on the platform, companies must apply and file with the SEC before closing on any investor funds. All their filing information is linked to the campaign page for investors to view and make an independent decision if a given opportunity is right for them.
Wefunder doesn't get involved much further than this because we wouldn't have legal standing to bring a claim against the company as we are not an investor.
You can contact me if you need further discussion at merc@wefunder.com.