Every raise starts with a private stage, giving selected investors the opportunity to invest before the raise is opened more broadly. If the private stage is successful, the company can proceed to a public stage and open the investment to a wider group of investors. A raise cannot skip the private stage and go directly to a public stage.
Private stage
During the private stage, founders can invite investors they’ve already connected with and who have expressed interest or made commitments to the raise. Up to 200 investors can be whitelisted, with a maximum investment amount set for each investor.
Commitments are taken in the order they arrive, against a fixed total for the round. Invited later, you may find part of that total already committed, and be able to take less than your maximum.
It runs to a deadline the founder sets and shows on the listing. If the goal isn't reached, the round doesn't proceed and every investor claims their funds back.
Public stage
Open to any verified investor, running to its announced deadline, so it can be oversubscribed.
When it closes, the founder has the chance to review commitments and confirm allocations. Anything you committed above your final allocation is available for claiming.
Minimum investment
A minimum investment applies to both private and public stages. Minimum is configurable, every raise is different.
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