Investors ride rails to meet local businesses

Are you a small business owner looking for investors to help get a new idea off the ground? The crowdfunding startup Wefunder is making a stop in Whitefish and wants to talk with you.

Wefunder is an online investment service that connects start-up businesses with potential investors. The team at Wefunder is hoping on an Amtrak train for a cross-country trip aimed at finding small businesses who need investors. They will be in Whitefish on March 6.

“We’ll be in Whitefish for 24 hours and hope to meet as many local business owners, face to face, as possible,” said Nick Tommarello, Wefunder co-founder and CEO. “We’ll meet as many businesses as possible in their own locations, and also hold an informal meet and greet at Loula’s, where our entire team will attend.”

The Wefunder team will be choosing businesses to meet based upon those who RSVP on their website. Tommarello noted that they will be primarily looking to meet non-tech businesses that lack the capital they need to grow, but deserve it.

“The businesses that will be the best fit generally have a great story people want to support,” he said. “Our investors don’t want to make donations, but when investing smaller amounts, they are happy to invest in things they care about and want to support. They may want a chance at making a small economic return, but it may not be their primary motivation.”

During the trip, Wefunder is visiting 100 businesses and choosing 20 to feature nationwide. Then Wefunder will craft, for the businesses chosen, a fundraising presentation with a full-production feature video, and launch those presentations across the U.S. All 20 companies can raise up to $1 million online after May 16. For three of them, Wefunder will invest $100,000 up front in April.

In 2012, Wefunder helped Congress pass the JOBS Act, a new law that allows businesses to raise up to $1 million online.

“May 16 will be the first day in over 80 years that it will be legal for everyday Americans (not just the rich or banks) to invest in local businesses,” Wefunder says on its website.

The two-week trip begins in San Fransisco on March 2 and ends in Boston on March 15.

According to its website, Wefunder has already helped investors fund 110 startups with over $15.5 million.

One startup already funded by Wefunder is Freight Farms, a Boston-based business which manufactures fully-operational hydroponic farms from upcycled freight containers. The containers operate as farms which can function 365 days per year no matter the geographic location and are capable of growing leafy greens such as herbs and lettuces.

Emberlight is another startup listed on the website. Emberlight turns any light build into a smart bulb that can be controlled through a mobile app. The adapter is screwed into the light socket, followed by the light bulb and then connects to Wi-Fi so the lights can be programed of turned off when the homeowner is out.

Tommarello noted that to date Wefunder has only funded technology startups, but are now expanding this to also include small businesses, be it restaurants, breweries or sustainable farming.

For more information or to RSVP with Wefunder, visit wefunder.com/train.