US-based equity crowdfunding service CircleUp pockets $14M in second funding round
CircleUp, a company that provides equity crowdfunding service, has raised $14 million in its Series B funding to help startup ideas take off. Canaan Partners, Union Square Ventures, and Google Ventures participated in the round, according to VentureBeat.
Co-founder and Chief Operating Officer Rory Eakin (COO) remarked: "For us, it's not the complexity or simplicity, but the attractiveness of the [JOBS Act] exemption for companies. We're a marketplace. We are an intermediary between investors and companies. Our responsibility and goal is to provide a curated, responsible experience for both sides."
The San Francisco-based firm will use the new capital to expand its engineering and design team. It will also improve its data search features, the report added.
CircleUp acts as a bridge between early-stage companies and investors. It vets applicants, potential investors, and the product being marketed to make sure that certain standards are achieved. Then they help businesses gain access to funding that they otherwise would not be able to get through traditional fundraising, VentureBeat reported.