A recently fast-growing local financial tech firm has another fundraising round in the works.
WealthForge, a 7-year-old company that acts as an online broker-dealer helping link entrepreneurs with accredited investors, has launched a $2.5 million capital raise.
CEO Bill Robbins said the money will be raised in the form of convertible notes, which are an investment vehicle that is structured as debt and can be converted into equity. The company raised about $2.2 million in capital from a similar round in 2015 and secured about $2.5 million in additional equity in 2014 from local firm NRV and SennHill Partners.
“We want to keep the momentum going,” said Robbins, who became CEO this summer. “Having the additional capital will allow us to grow our core business with investment in sales, marketing and support.”
According to an SEC document filed by the firm Monday, WealthForge is seeking to secure a minimum of $25,000 from any outside investor in this latest capital raise. It plans to complete the raise by Dec. 31. Read more at RichmondBizSense.com