Originally published by Androvett Legal Media Blog.
Texas-based NextSeed is setting its sights on revolutionizing the way small business financing and investing are done nationwide. NextSeed is the first SEC-registered crowdfunding portal under Title III of the JOBS Act.
In October 2015, the Securities and Exchange Commission passed Title III of the JOBS Act, which is intended to facilitate investments by non-accredited investors in private placement deals. Until now, investors who did not meet specific income or net worth qualifications had difficulty investing in private businesses due to strict disclosure requirements. Under the new crowdfunding rules, U.S. private businesses are now able to raise up to $1 million a year by offering securities to investors, including non-accredited investors, through broker-dealers or online platforms operated by funding portals such as NextSeed.
NextSeed was represented in its efforts to secure SEC approval by venture capital and emerging business attorneys from Gardere Wynne Sewell LLP. Led by Gardere partners Adam Hull and Rick Jordan, the firm developed a model that will help the shape the future of online crowdfunding and the way securities and broker-dealer laws, lending regulations, internal structuring and tax-related concerns are addressed. Gardere represents investors and issuers in venture capital and later-stage transactions and has a portfolio of emerging business clients throughout the country.
To celebrate the launch of this new national platform, NextSeed will present an evening of festivities spotlighting small business and investors at 6:30 p.m., Thursday, May 26, at the former downtown Central Post Office in Houston. The newly remodeled small business marketplace is at 401 Franklin Street. The evening will include live music and complimentary food and drink from some of the most exciting new businesses in Houston. RSVPs are required and can be made here.
“NextSeed is at the forefront of online funding innovation, and Gardere is honored to represent an organization that is truly the first of its kind in the country,” says Mr. Hull. “NextSeed’s early success is directly attributable to the quality and commitment of its seasoned, sophisticated leadership team. “Co-founder and CEO Youngro Lee and his dedicated team are ideally suited to make NextSeed a breakout success.”
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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