Dear Investors,

2024 was a good year.

Most importantly, we doubled revenue in 2024. We've now fully recovered from the macro-economic shock of rising interest rates that started mid-2022.

We endured a lot of pain during the downturn, confronted it head on, and became a much stronger company for it. This will help us grow faster in 2025!

2024 Results

• $16,826,625 revenue
• 2X year-over-year revenue growth
• $2.2M profit
• $25M revenue run rate in Q4 2024
• #1 market leader for Regulation Crowdfunding
• 32 full-time team members
• $525,832 revenue per employee

Charts

Revenue

We've historically doubled revenue from 2018 until May 2022, when rising interest rates hit our business. We've now resumed 2X yr/yr growth.

Team.

We had 70 full-time employees in 2022. When our revenue took a hit, we dramatically cut costs. As of January 2025, we have 32 full-time team members.

Reg CF Market Share

Wefunder remains the market leader in Regulation Crowdfunding. However, one change is that Dealmaker has replaced Republic as our #3 competitor.

Our 2024 market share decreased to the lowest it's been since 2019. When we look at the monthly numbers, this is primarily due to us underperforming from June through October. We've since corrected that. We plan to add more resources to regain even more market share in 2025.

2025 Outlook

We have been in survival mode for the past two years: cutting costs, reducing headcount, increasing our cash on hand, and improving our internal operations to be more efficient. We've ended up with a much stronger foundation.

In 2025, we'll switch from defense to offense.

Some things I expect over 2025:

• Funds for retail investors. Currently, accredited investors on Wefunder can invest in our Y Combinator funds, as well as top-tier startups like SpaceX, OpenAi, xAI, Anduril, Perplexity. It's legally complex to bring this product to retail investors, but we expect to do so by the end of 2025.
• Investor Due Diligence Reports. We have some ideas to incentivize more experienced investors to perform and share more due diligence. We're hopeful that with the change in administration, the SEC will offer guidance on how to do so compliantly.
• Hiring. We're proud that Wefunder is so lean. We believe small teams can punch way above their pay grade. But we've overdone it and our product is suffering for it. We plan to increase our team size by roughly a third over the year, concentrating on product and engineering.
• Crypto Legislation. It's likely that by the end of 2025, Congress will pass a better fundraising exemption for securities issued on a blockchain. We're excited about this possibility, as better laws will attract more startups to host Community Rounds.

As we hire more engineers, we also expect to improve our existing product - and web and on mobile. There's thousands of small improvements we need to get make to get our product to a place where we can be more proud of it.

Thank you

Thank you for supporting us over the years. We'll be working our hardest to make sure 2025 is even better than 2024!