Hover Inc., Corporation just filed form D for $20.00 million equity financing. This is a new filing. Hover was able to finance itself with $14.00 million so far. That is 69.98% of the fundraising. The total private offering amount was $20.00 million. The form was filed on 2016-10-28. The reason for the financing was: unspecified. The fundraising still has about $6.00 million more and is not closed yet. We have to wait more to see if the offering will be fully taken.
Hover is based in California. The company’s business is Other Technology. The D form was filed by Kevin T Reilley CEO. The company was incorporated in 2011. The filler’s address is: 945 Bryant Street, Suite 300, San Francisco, Ca, California, 94103. Kevin Reilley is the related person in the form and it has address: 945 Bryant Street, Suite 300, San Francisco, Ca, California, 94103. Link to Hover Filing: 000156523516000004.
Analysis of Hover Offering
On average, companies in the Other Technology sector, sell 85.80% of the total offering size. Hover sold 69.98% of the offering. The fundraising is still open. The average offering amount for companies in the Other Technology industry is $1.54 million. The total amount raised is 808.77% bigger than the average for companies in the Other Technology sector. The minimum investment for this financing was set at $0. 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 Hover Also
The Form D signed by Kevin T Reilley might help Hover 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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