After launching as Tendr, the equity crowdfunding app has rebranded to OFF3R and announced that they are beginning to aggregate investment deals from US crowdfunding deals. Initially named Tendr, the app uses a similar approach as Tinder’s dating app of swipe right to like or swipe left to pass and applied it to UK equity crowdfunding deals.
Aggregating deal flow from various UK platforms, Tendr/OFF3R users were able to quickly review campaigns and mark they ones they were interested in for further investing. According to OFF3R, in its first eight weeks since launching, the app has had 250,000 interactions. Of the UK platforms connected to OFF3R, crowdfunding campaigns raised $22 million, with average investor funding of $3,000. OFF3R believes that by providing a mobile interface for investments, the app will make it more accessible for investors to learn and get involved in deals.
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As part of their growth strategy, adding US platforms occurs as the market for equity crowdfunding deals in that country has become much more open with Regulation A+ of the JOBS Act going into effect in June. With it, private companies can raise funds from non-accredited investors, which compose over 90% of the investing public. Included in the new US platforms being added are onevest, CircleUp and AngelList.
Commenting on the news, Lex Deak, CEO at OFF3R stated “Our decision to rebrand from tendr to OFF3R facilitates our global expansion plans and is in response to international demand. Our savvy users love the app as they can keep on top of crowdfunding investment opportunities whilst on the move. Now we are offering them US investment opportunities, making our app even more compelling.”