customer - raised K.
Wefunder did absolutely nothing to drive success
Wefunder did absolutely next to zero to support our fundraise. 96% of all funds were driven by the founding team. Wefunder promised that they’d do 30-35% of the fundraise. This message was in their briefs, emails by their account managers, they even told us how to achieve the milestones. We did each and every one of those things and still nothing. Wefunder pretty much didn’t do anything at all. The platform is extremely glitchy as well. We found bugs and reported them that they didn't even know about (reply's to questions didn't go to the person who submitted them). I will say they did fix the issue reported within 3 weeks. In addition, so many users couldn’t process payment, couldn't submit thier ID's and many more glitches. As a founder, I spent an inordiante amount of time managing through the experience with users. For us, we had HIGH hopes. We drove thousands to the site for traffic and Wefunder drove nearly nothing. Their email blasts converted just a few users with less than $500 checks. What Wefunder wants you to do is bring them the investors so they can charge the investor 8% of the fee to invest. We totally got the 7.5% fee charged to us. They filed all paperwork for the RegCF and handled that and we believe it was fair to recoup costs of all the legal efforts. Overall it was a bad experience using Wefunder with 90% of the weight being Wefunder didn’t do its part to drive funding. Overall we raised $230K in funding via 96% driven by our efforts.
Response from Wefunder, Inc.Mar 9, 2023
Hi Mario, We apologize if your expectations were not met. All raises have variability in terms of what they receive from the Wefunder community. However, you are still in the midst of a successful Wefunder raise, and we wish you the best in continuing to build your business. Regarding the bugs you encountered, they can happen. As a startup, we are happy to take care of them. Some of the issues you experienced were due to our expansion to the EU last month, which caused a few things to break. Nevertheless, those issues were easy to fix. I see that each time you reached out, we responded promptly to ensure that you were taken care of. Also, to be clear, we don't charge 8% fees to investors. For payments made by bank ACH, wires, or checks, Wefunder charges investors a transaction fee of 2%, with a minimum of $8 and a maximum of $100. For credit cards, Apple Pay, or Google Pay, Wefunder charges a 5% fee with a minimum of $8 and no maximum fee cap. Furthermore, if you bring investors to Wefunder, they will get their first investment fee-free if they pay by ACH or wire. We're sorry that we haven't met your expectations, but we still wish you a successful raise. Merc Head of Investor Success Wefunder, Inc.