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FundersClub Adopts Invitation-Only Membership Model

FundersClub Adopts Invitation-Only Membership Model

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Published by: Crowdsourcing.org on Aug 21, 2013
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08/21/2013

 
SOURCE: FundersClub
 August 19, 2013 19:56 ET
FundersClub Adopts Invitation-OnlyMembership Model
SAN FRANCISCO, CA--(Marketwired - Aug 19, 2013) - FundersClub,the world's first online venture capital firm, announced that it ischanging its membership application process to an invitation-onlymodel. The change will not impact current members, but will requireindividuals interested in joining FundersClub to be invited by a currentmember. Alternatively, individuals who are familiar with a FundersClubmember, may request a professional courtesy referral to FundersClub. Inall cases, individuals must be certified as accredited investors beforeFundersClub will admit them as a member."This represents a significant shift in how we intend to grow our community of premier accredited investors," said Alex Mittal, co-founder and CEO of FundersClub. "At a time when crowdfunding platforms are poised to get loud via solicitation and advertising activity,we as an online venture capital firm are actually heading in the oppositedirection, focusing on quality and empowering our members themselvesto build a thoughtfully curated community," added Mittal.Prior to this change, membership to FundersClub was open to allaccredited investors who applied through the company's website, subjectto verification of their accredited investor status. The definition of anaccredited investor is an individual who has a net worth, or joint networth with the individual's spouse, that exceeds $1 million at the time of the investing, excluding the value of their primary residence,
 
or whose income exceeded $200,000 in each of the two most recentyears or joint income with a spouse exceeding $300,000 and has areasonable expectation of reaching the same income level in the currentyear.The new membership process allows current members to invite friendsand colleagues whom they know and trust. Individuals that accept theinvitation become members of FundersClub once their accreditedinvestor status is verified. Additionally, FundersClub will consider on acase-by-case basis applications for membership."We've always believed in the value of empowerment. Our invitation-only model underscores that belief and our commitment to providing asafe, reliable and trustworthy environment for our community," addedMittal.
About FundersClub
FundersClub is the world's first online venture capital firm, making iteasy for elite startups and accredited investors to connect. TheFundersClub network of 6,700+ accredited investors get access to pre-screened, high-growth-potential startups, once only presented to anexclusive group of Silicon Valley insiders. In return, investors helpcompanies succeed through capital and value-added support, from early-stage to successful exit or IPO.Alex Mittal and Boris Silver launched FundersClub in July 2012 withone goal in mind -- to change the way the world fundraises and invests.Together they had founded five companies, raised more than $20 millionin funding and invested as angels in other startups.

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