Legion M Closes Oversubscribed, Record-Setting $1 Million Equity Crowdfunding Round on Wefunder
World’s first fan-owned entertainment studio leads the JOBS Act field with 3,000+ investors and significant demand above and beyond the $1M cap allowed by the SEC
Silicon Valley, CA – August 15, 2016 — Legion M, the world’s first fan-owned entertainment company today announced they have raised one million dollars via their Title III crowdfunding offering on Wefunder. The Company raised the funds in less than three months from a record breaking 3,000+ investors, making it the most popular Reg CF company in the short history of Title III of the JOBS Act. At the time of closing, Legion M was also the number one company in terms of total investment interest and demand, with significantly more demand above and beyond the $1 million dollar funding cap allowed by the SEC, which leaves outstanding appetite for Legion M stock even after the round is closed.
“Legion M shareholders worldwide are celebrating this significant milestone we achieved together. We are truly inspired by their energy, passion and unbridled support. This Legion of dedicated fans have rallied behind us and our movement to make our mark entertainment industry,” said Paul Scanlan, CEO and co-founder of Legion M. “We are grateful to the JOBS Act for the innovative reforms that make this possible. Today we made history, and this is only the beginning.”
Legion M’s creative partners currently include Stoopid Buddy Stoodios, the team behind Robot Chicken, 42 Entertainment, Meltdown Comics and Alamo Drafthouse.
“I was impressed with how Legion M’s fans rallied to help them hit the one million dollar milestone eight days early,” said Nick Tommarello, CEO and co-founder of Wefunder. “We designed Wefunder for companies looking to build a stronger relationship with their most passionate customers, who are eager to help their favorite companies succeed. It was great to see how well it worked with Legion M’s well over three thousand investors.”
“With more than three times the number of investors as any other Reg CF offering, Legion M has set the bar for Title III,” says Sara Hanks, a definitive authority on the JOBS Act and CEO of equity crowdfunding specialists CrowdCheck. “The real power of equity crowdfunding is having an investor base that can increase the value of your company, and Legion M is one of the best illustrations of that so far.”
“Having raised in excess of $100 million from VCs and angel investors for previous companies, we can attest that equity crowdfunding is a game changer,” said Jeff Annison, Legion M president and co-founder. “It’s not just a way to raise money–it’s a whole new paradigm for building a company.”
In the coming months, more passionate fans will have an opportunity to invest as the company intends to raise further rounds of financing. In the meantime, fans interested in joining the Legion without investing can sign up at http://thelegionm.com/join-
About Legion M
Legion M is the world’s first fan-owned entertainment company that works with top Hollywood creators to make movies, TV, VR and more. Fans own the company, fans get behind the scenes, and when Legion M is successful—fans share the rewards! Legion M co-founders Paul Scanlan and Jeff Annison are the Emmy winning team who co-founded MobiTV, the pioneer and market leader in over the top and multiscreen platforms and content monetization, as well as the New York Rock Exchange which brought Fans and the musical artists they love together in partnership.
Legion M’s mission is to empower creators to push the boundaries, and empower fans to be a part of the content they love, and is one of the first companies to raise funds via the JOBS Act. Creative partners currently include Stoopid Buddy Stoodios, 42 Entertainment, Meltdown Entertainment and Alamo Drafthouse. Join us at www.thelegionm.com.