Wefunder Reviews

Summary: I have had it up to -here- with Wefunder dodging accountability for covering up the theft and misuse of my Facebook photo by Tribel (an offering on their platform) to make it look like I am part of their staff. I used to work for Tribel's parent company and left on bad terms while it was still Liker, because I was mistreated. Flash forward to January 2024 and I see my face on a graphic that depicts the Tribel "content team"-- along with some other former co-workers who are in a similar boat, having left before this project existed. I warned Wefunder about fraud for weeks before it was quietly taken down without alerting the investors. I was on Wefunder since 2017 because of Legion M. And Wefunder deleted my account when I started to comment (again, with a *tone* but not inappropriately) about my experience. That is literally what their question portal is for... TRANSPARENCY. I am going to go out on a limb and say they want to keep their intermediary fee badly enough to throw their investors under the bus. This isn't even the only issue that LEGALLY needs to be disclosed and they know this. They have known this and so much more since JANUARY. If you need "receipts", I have pages of them. And you better believe the proper authorities do, too. I'd like to note that they have also just been responding to me with copied-and-pasted verbiage and did so 6 times to date. Literally, the same exact paragraph has been used to respond to my complaints for months. >> Hi Chris, Thank you for contacting us. As you can see, the raise you mentioned was completed and concluded in November 2023 and is no longer active. Currently, we do not have any plans to host another raise with this company in the future. It is worth noting that your initial communication expressing concern was received on January 17, 2024, which was well after the raise had already been finalized. Mark "Merc" Mercer Head of Investor Sucess Wefunder >> Furthermore, yet again, Wefunder hasn't explained why they refused to take down my image until weeks later. Nor why they haven't told their investors/customer base that they have been lied to about multiple material facts including hidden lawsuits concerting equity fraud. If this is to avoid an admission of guilt, I don't actually see it panning out. Because you see-- when I linked to the SEC filings for the company in question to show there was a discrepancy in the fundraising totals initially reported through the site and the founder by about 50%, that is when they clearly freaked out and deleted my account to wipe all of the questions and evidence I posted. And this was before I found out they announced raising even more than this somewhere else. Let the record also show that even though Wefunder allegedly have no plans to raise more money with the company in question, they graciously allowed 1,450 brand new comments to boost the page's credibility. As well, they are currently operating without a license in San Francisco. This came from the Treasury. I'm not sure how this isn't supposed to be clear fraud but you don't have to take my word for it. Because a verified, accredited investor with 115 projects in his Wefunder portfolio just asked them about a fraction of this on their question portal and they still haven't been able to explain themselves.

Positive: When I signed up in 2017, I liked the idea of making investing accessible. I thought this would be the future, and a movement for the people.

Negative: Not only is this pretty much a return-less operation, Wefunder has been evading ALL accountability for allowing fraud on its platform. For almost half a year now, they've been playing games about this issue.

Summary: I would stay away from this platform, most startups in this place go out of business based on my 8 years experience.

Positive: Great for startups that can not raise money anywhere else. I know of 3 companies that tried raising but they were rejected and end up using this platform and all went out of business. So, if you have failed raising anywhere else, this is the platform to use.

Negative: A place to lose your money, 100% of the startups I have invested in this platform have gone out of business since 2016. They do not do a good job in due diligence because they are desperate to get more companies on their platform. Use your local angel or venture fund organizations instead of these platforms.