A first close of $780,000 was initiated by Citizengine, Inc. on its fundraising effort started this month. 78% of the $1 million non-brokered equity offering was placed with six investors. The company expects to raise an additional $220,000 to close the offering within a year. The company raised an estimated $2 million via one offering until now. The equity offering’s expected net proceeds will amount to $900,000 which excludes $100,000 to be paid toward officers’ salaries. The company is backed by INCITE Co-Investment, a fund designed to promote innovative small businesses in Tennessee. According to our information, 72 companies headquartered in Tennessee raised an estimated $267 million year to date, ranking 26th by amount offered.
The company is developing a free social media platform for civic engagement called iCitizen that creates a conduit for citizens to monitor the activities, actions and positions of the government, engage with other users and government representatives in real‐time and learn about important issues and positions selected by the user. The goal is to enable users to influence political and legislative activity while creating a new level of accountability for elected and appointed officials. The company is currently extending invitations for its beta version. A web and iOS app are available.
The company, headquartered in Nashville TN, was registered in 2012. Citizengine, Inc. elected not to disclose its revenues. The executive team includes M. Duncan Dashiff , Harry R. Jacobson and Rodney I Massey. The board of directors includes Michael Dodson.
Status: First close
Company: Citizengine, Inc.
Industry: Other Technology
Amount offered: $1,000,000
Amount placed: $780,000