Switch, Inc., Corporation just submitted form D about $2.00 million debt financing. The date of first sale was 2015-08-03. Switch was able to fundraise $1.18 million so far. That is 58.76% of the financing round. The total private financing amount was $2.00 million. The financing document was filed on 2016-07-13. The reason for the financing was: unspecified. The fundraising still has about $824,850 more and is not closed yet. We have to wait more to see if the offering will be fully taken.
Switch is based in Washington. The filler’s business is Other Technology. The form D was submitted by CHRIS A HOPEN CHIEF EXECUTIVE OFFICER. The company was incorporated in 2013. The filler’s address is: 2815 Eastlake Avenue East, Suite 210, Seattle, Wa, Washington, 98102. Chris A. Hopen is the related person in the form and it has address: 2815 Eastlake Ave East, Suite 210, Seattle, Wa, Washington, 98102. Link to Switch Filing: 000164818016000003.
Analysis of Switch Offering
On average, firms in the Other Technology sector, sell 85.80% of the total offering size. Switch sold 58.76% of the offering. The financing is still open. The average fundraising amount for companies in the Other Technology industry is $1.54 million. The offering was 23.69% smaller than the average of $1.54 million. Of course this should not be seen as negative. Businesses raise funds for different needs and reasons. The minimum investment for this financing was set at $50000. If you know more about the reasons for the financing, 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 Switch Also
The Form D signed by CHRIS A HOPEN might help Switch, 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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