Opensesame Inc., Corporation just submitted form D about $9.50 million equity financing. This is a new filing. Opensesame was able to finance itself with $9.00 million. That is 94.74% of the financing round. The total private financing amount was $9.50 million. The financing document was filed on 2016-10-06. The reason for the financing was: Series B Preferred Stock Offering(includes conversion of 2016 Convertible Promissory Notes and August 2016 Convertible Promissory Notes)and issuance of Series B Preferred Stock Purchase Warrants. The fundraising still has about $500,000 more and is not closed yet. We have to wait more to see if the offering will be fully taken.
Opensesame is based in Oregon. The filler’s business is Business Services. The form D was filed by Donald S Spear President/CEO. The company was incorporated in 2011. The filler’s address is: 520 Nw Davis Street, Suite 200, Portland, Or, Oregon, 97209. Donald S. Spear is the related person in the form and it has address: 520 Nw Davis Street, Suite 200, Portland, Or, Oregon, 97209. Link to Opensesame Filing: 000152905816000004.
Analysis of Opensesame Offering
On average, startups in the Business Services sector, sell 69.04% of the total offering amount. Opensesame sold 94.74% of the offering. The financing is still open. Could this mean that the trust in Opensesame is high? The average offering size for companies in the Business Services industry is $583,000. The total amount raised is 1,443.74% bigger than the average for companies in the Business Services sector. The minimum investment for this fundraising is set at $50000. If you know more about the reasons for the fundraising, please comment below.
What is Form D? What It Is Used For
Form D disclosures could be used to track and understand better your competitors. The information in Form D is usually highly confidential for ventures and startups and they don’t like revealing it. This is because it reveals amount raised or planned to be raised as well as reasons for the financing. This could help competitors. Entrepreneurs usually want to keep their financing a ‘secret’ so they can stay in stealth mode for longer.
Why Fundraising Reporting Is Good For Opensesame Also
The Form D signed by Donald S Spear might help Opensesame Inc.’s sector. First, it helps potential customers feel more safe to deal with a firm that is well financed. The odds are higher that it will stay in the business. Second, this could attract other investors such as venture-capital firms, funds and angels. Third, positive PR effects could even bring leasing firms and venture lenders.
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