Onevest celebrates self-crowdfunding milestone, makes key additions
Online network and transactional platform Onevest has raised more than $1.5 million as it prepares to close its Series A round on Aug. 2. The amount is a self-crowdfunding record, officials say.
Onevest cofounder and CEO Tanya Prive said Onevest had several goals at the outset of the raise. One, of course, was to raise capital.
“Overwhelming support came through on the platform,” Ms. Prive said. “Many of the people who were familiar with Onevest came on board.”
Ms. Prive said the 506c offering, made possible by Title IV of the JOBS Act, enabled Onevest to close in one month what normally takes between four and eight months to accomplish. The simplicity and convenience of being able to place the pitch on a well-known site where investors already gather, which also happens to be their own platform, enabled Onevest to tap into an affinity group of users who already interact with he site.
Another aim was to interact with the platform through the eyes of a user, to see what worked and what did not, Ms. Prive said.
“It sparked a huge vision and direction exercise. We used the product the same way any company would.”
The positive results were even more numerous. Onevest made some tweaks to improve the user experience. They also received capital, and with it validation.
“When we started out, it was like getting on the first airplane and hoping it would fly,” Ms. Prive said.
“We ended up gaining so much more. Early on we gained so much support from followers reaching out to participate. Many partnership opportunities have been created from this experience.”
Ms. Prive said Onevest has already put some of the capital raise to work in the form of a couple of key hires.
Barry Shereck is Onevest’s new CFO. The former CFO of Pioneer, Mr. Shereck has been CFO of a number of public and private companies over a nearly 50-year career, Ms. Prive said.
“Barry’s knowledge level is unreal. Things will be a lot easier with him in the picture.”
Erica Duignan Minnihan joins Onevest as its Head of Deal Flow, where her responsibilities will include attracting both startups and venture associates.
Ms. Duignan Minnihan is the Managing Partner of Fortuna Ventures, a firm providing providing early-stage private equity investment opportunities to high net worth investors.
She was previously the Executive Director of the STAR Angel Network, providers of early stage investment opportunities to athletes, celebrities and other high net worth investors, and was recently Managing Director of the DreamIt accelerator program.
“Erica has the perfect combination technological and financial expertise,” Ms. Prive said.