Review Time
While I had an overall positive experience with Wefunder, I had a very non optimum dealing from customer support just recently. This was later address and I was happy with their final answer from customer support.Recently one of the company they featured and fundraised for (Here.co), ceased operation and is shutting down. I inquired on the Wefunder customer support line. While I fully understand that it is part of the agreement that I might lose up to the whole value of the investment, their first answer was quite short and uncaring, they pcorrected this in their second answer.I would have thought that since they had raised a consistent amount of money for Here.co on their fundraising rounds, that they might be able to give SOME help and assistance to investors like me, to at least give some directions on precise contact point in Here.co who would be dealing with this matter.Again I understand the terms of the investment and the risks but I believe that Wefunder customer support could have been more helpful in this situation. They did explain and were more helpful in their second answer.
Please excuse my tone, but 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 and I see my face on a graphic that depicts the Tribel "team"-- along with some other former co-workers who are in a similar boat. I warned Wefunder about fraud for weeks before it was quietly taken down without alerting the investors. I was on Wefunder since 2017. And they 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. Final straw is that they just had LinkedIn wrongfully delete a comment addressing this, too. 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 since JANUARY. Jonny and Suzanna are so wrong for letting Mark play the bad cop while they were in on this the whole time. If you need receipts, I have around 140 pages of them. And you better believe the proper authorities do, too.I'd like to note that this below reply from Mark is now the 5th time the exact same verbiage has been used to respond to this complaint. Furthermore, yet again, he 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. 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 Tribel's 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. Let the record also show that even though they allegedly have no plans to raise more money with the company in question (Tribel), 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 investor with 115 projects in his portfolio just asked them about a fraction of this and they still haven't been able to explain themselves.
Wefunder the is not a company I would invest in and is not an advocate for the investor. Caribou was a great example. They did not communicate with investors. Wefunder would not intervene at anytime. The investors were kept in the dark. They sold to a major corporation Mattel without the investors knowledge. Changed stock around without the investors approval. and my $1000investment got me $53.00. It was a joke.
I can not say this is a scam but I strongly suggest you stay away from investing companies raising on this platform, this is the last place they go to because:they do not do any meaningful due diligence. I have invested in many companies on this platform and 99% of my investments are either already out of business or in a very bad shape , I mean a 99% bad track record. As an example a couple of the companies that tried raising money in my area and every venture or angel fund rejected them because their business model just did not make any sense end up raising lots of money on this platform and they ALL are out of business.
Absolutely no service at all once they get your money. They set up a company to funnel the money to the invested company. This means you are not in the Cap table, and you are nothing for the company you are investing in. If you invest in a safe or Convertible note, once they convert, they don't even communicate or let you know basic things about your investment, like the valuation it was converted to and the amount of shares you supposedly own. Customer support keeps repeating that they "encourage" the companies to give updates, but besides not having updates you will not know anything about what you own. On top of that, if you read the fine print, there is a supposed lead investor that will take a big chunk of the earnings if they ever materialize, doing absolutely NOTHING.Positive reviews are mostly from companies they got investment, some of which are scams and they run with itUPDATE:The SVP should give us an update of what's going on with our investment, what has been converted, what not, at what valuation. This is just basic. The SVP ows I have no Idea what on my behalf (and literally since some companies have converted a safe and everything I can see in my portfolio is the safe, one has even had a merger and I have no Idea what valuation and how many shares of the new company SVP owns in my behalf)! When I made the investment was stated that the lead investor would take 10% of the profit in case of an exit, can't find it anymore but I'm sure whas there. I have no idea of what wefunder or him is doing to protect my investment.
Oh, so I used the wrong sender to contact you? This is just a lie. I sent 6 e-mails with the right address, the one I use on my Wefunder account. I am still waiting for an answer. This is getting ridiculous. How hard can it be to refund someone?EDIT: My issue has been solved so I change my review to 2 stars because of the response time that still needs major improvements.
They charge 7,5% of everything you raise and they don't bring any customers. It's a waste of time and a waste of money. SCAM!They only promote companies at insane valuations which will guarantee all their investors lose money but at least they get 7,5% of the money they steal.
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