The Short Version

Wefunder is not just a crowdfunding platform anymore.

For years, we focused on Regulation Crowdfunding: helping retail investors invest as little as $100 in startups and small businesses they love. Since 2016, Wefunder has been the #1 market leader, helping fund over $1 billion into thousands of companies.

That business still matters. But our biggest growth engine today is a Reg D venture investing platform for accredited investors.

We expect this business to drive the majority of our revenue this year, including $10M+ of anticipated carried interest from investments in SpaceX, xAI, Cursor, Anthropic, OpenAI, and others.

The bet: private markets are opening up. Wefunder is already built for that future.

The Market Is Moving Toward Us

By the time ordinary investors can buy shares in the public markets, much of the upside is often gone. Investors know this. They want access to the best private companies much earlier.

But private markets are still hard to access. The best deals usually move through insider networks, not open to the wider public.

We believe private markets are where public markets were before Robinhood. The winner will not just be back-office plumbing. It will be the place investors go to discover top-tier startups, follow lead investors they trust, and invest alongside them.

That is what Wefunder is becoming.

Venture Vault

Venture Vault is an example of this in action. Vault AUM is now over $250 million with a 2.5X unrealized return multiple.

Vault members can invest in early-stage startups, late-stage private companies, and venture funds. We've helped investors access SpaceX, xAI, Cursor, Anthropic, OpenAI, Anduril, Perplexity, and hundreds of Y Combinator startups.

These are the kinds of opportunities that move through insider Silicon Valley networks. Vault makes them easier to discover, understand, and invest in.

Wefunder handles the hard parts: sourcing, diligence, negotiation, pooling capital, paperwork, compliance, investor support, and fund administration.

Letting Others Build Their Own Vaults

The next step is to let other lead investors build their own version of Vault on Wefunder... and earn carried interest and management fees for doing so.

With syndicates, SPVs, and funds, an investor could source deals, build a following, and bring their own network onto the platform. Wefunder handles compliance, payments, investor onboarding, fund administration, tax documents, and support.

This turns Wefunder into a platform where lead investors can run their own network.

Regulatory Reform Could Make the Market Bigger

Today, most startups raise money under Reg D, limited to accredited investors.

But future reforms will likely expand who qualifies as accredited, such as letting investors qualify by passing an online test.

If that happens, millions of more investors could become eligible to invest in private companies.

That would be a major shift. And Wefunder is one of the few companies already positioned for it. It's in our founding DNA. Wefunder was built to make startup investing easier to understand and access, with a user base of over 4 million.

AI Makes This Easier to Scale

Private-market infrastructure is complicated. There are contracts, compliance filings, tax documents, payments, return tracking, diligence, support, and operations.

Historically, that made the business expensive to scale. AI changes that.

It is much cheaper to operate complex financial products, support investors, process documents, review offerings, and manage compliance-heavy workflows.

Wefunder has already learned how to use AI to help us run more efficiently. Our revenue per employee in 2024-2025 was over $500,000.

Why Wefunder Wins

We already have what most new entrants would need years to assemble: a trusted consumer brand, a large investor base, founder demand, securities-compliance experience, payment infrastructure, fund administration, and the operational scars that come from processing thousands of offerings and over a million investments.

We'll always strive to build the very best product. But private markets are not won by software alone. They are won by trust and network density.

Founders want access to capital. Investors want access to great companies. Lead investors want infrastructure, distribution, and economics. Wefunder sits in the middle of all three.

A new startup can build a slick interface. It is much harder to build regulatory judgment, investor trust, founder relationships, compliance infrastructure, and a two-sided network at the same time.

That is Wefunder’s advantage.

Why Now

Private companies are staying private longer, and more of the upside is captured before IPO. Investors want in earlier.

Founders want more than capital. They want distribution, customers, community, and attention.

Regulatory reform could expand the accredited investor market, bringing millions more people into private investing.

AI is lowering the cost of running complex financial infrastructure: diligence, compliance, documents, taxes, support, and investor operations.

Wefunder is already trusted, profitable, and operating in the market this future is moving toward.

The Bet

The bet is simple: Private markets are going to open up further.

More investors will want access. More founders will want faster and easier capital. More lead investors will want to run syndicates, SPVs, and funds without building the infrastructure themselves.

The winning platform will need to be trusted, consumer-facing, compliant, and network-driven.

That is what Wefunder has spent the last decade becoming.

We are not starting from zero. We have the investors, the founders, the brand, the compliance experience, the operating infrastructure, and the hard-won lessons.

If private markets become more open, Wefunder should be one of the natural places where that future happens.

And investors today can still invest before the market fully understands that shift.

Risks & Disclosures

1. Our business is subject to a complex and rapidly evolving regulatory framework. New regulations could be enacted, or our regulators' interpretation of existing regulations could change, in ways that are unfavorable to us. Our regulators could also take an unfavorable view of our current and/or future activities.
2. The development of our platform and technology is still in its early stages, and significant additional time and resources will be required for research and development. As a result, we may experience technical issues with our website, delays in collecting and disbursing funds, cybersecurity breaches, or other technical problems, any of which could negatively affect our business.
3. We operate in a competitive industry, and there is no guarantee that we will continue to be a market leader. We could fall behind our competitors in a variety of ways, including our technical capabilities, the products and features we offer, and our customer acquisition channels, any of which could have a negative effect on our business. The broader market for equity crowdfunding could also grow more slowly than anticipated or not at all, which would harm our ability to continue growing our funding volume and revenue.
4. Our financial goals and projections are based on assumptions that may not prove to be accurate. Further, in order to meet our goals and projections, we will need to substantially increase the fundraising volume supported by our platform. We may face difficulties in expanding our team, upgrading our technical systems, and improving our processes in order to meet the demands of scale.
5. Despite our best efforts, one or more current or future offerings hosted on our platform could prove to be fraudulent, which could harm our reputation and have a negative effect on our ability to attract future offerings to our platform. Further, the companies on our platform could fail to provide returns to our investors that meet their expectations, which could harm our ability to attract future investors to our platform.
6. In order to effectively scale our business and execute our business plan, we may require significant additional funding. There is no guarantee that we will be able to obtain such funding on favorable terms, or at all. Further, if we raise additional funding by selling shares of our capital stock, this would result in dilution of the ownership percentage of existing investors. We may also increase the size of our stock option pool in order to attract and retain employees, which would result in additional dilution to existing investors.
7. A portion of the proceeds may be used to provide limited liquidity to long-term holders who have supported Wefunder for more than a decade. The majority of the company’s value remains tied to long-term execution.
8. Our future success depends on the efforts and capabilities of a small management team, including our co-founders and other key personnel. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
9. On May 4, 2022, without admitting or denying the findings, Wefunder Portal, LLC ("Wefunder") accepted an AWC issued by FINRA. FINRA identified compliance issues and violations of FINRA rules until 2021 relating to Wefunder's crowdfunding offerings. To help correct these issues from recurring, Wefunder changed its policies and process related to roles and responsibilities, marketing, disclosure, training, and payment and closing systems. In the case in which FINRA identifies additional violations, Wefunder may be subject to additional penalties.