Fundraising Process
1. Account Creation
PicMii performs a reasonable basis review on all companies listed on our platform. For this reason, a simple application process must be completed prior to raising on the platform.
2. Legal Documentation/Review Financials
We require each company on the platform to provide basic legal documentation, such as: A Certificate of Incorporation, Bylaws, and Financial Statements.
3. Set Fundraising Specifications
Companies set their own valuation, security type, additional perks for investors, desired capital to raise, and more. PicMii gives the power taken by traditional VC’s back to the startup.
4. Virtual Business Pitch
This is where you describe your company mission, your team, financials, and everything that makes your company special. Show investors what you feel makes you great.
5. Fundraising Goes Live
Investors are able to invest in your company. Funding continues until your goal is reached or the target offering date is reached.
6. Prepare for Takeoff
Funds raised through PicMii Crowdfunding can be used to continue growing your business. And now you have a crowd behind you!
Fundraising Potential
Companies may raise up to $5,000,000 in a 12-month period. If raising $124,000 or less, the principal executive officer may self certify the company’s financials. If raising between $124,000 and $1,235,000, financials must be reviewed by a public accountant independent of the issuer. If the Issuer plans to raise over $1,235,000, then the issuer must get their financials audited by an independent CPA.
Resulting Cost to Raise
It is possible to begin fundraising with no up-front costs for those raising $124,000 or less. For those raising more than $124,000, companies can expect to pay between $2,000 and $10,000 depending on whether the issuer is getting their financials reviewed or audited by the public accountant.
Fundraising Length
Campaign launch can begin within 4 weeks. However, the timing of your companies launch on our platform depends on the needs of your business. Campaign length typically ranges from 3 to 6 months, but may last longer.
Continuing Responsibility
Any company completing a Regulation Crowdfunding offering is required to provide an annual report on Form C-AR no later than 120 days after the end of its fiscal year. The report must be posted on the issuer’s website.
Collecting Capital in Waves
Your company may elect to disburse funds multiple times during your fundraising campaign. The regulation, however, requires that your crowdfunding campaign has been active for at least 21 days and you have exceeded your minimum funding goal in “cleared funds”. Once you have achieved these milestones, you may collect capital as it comes in.