A first close of $228,000 was initiated by adFreeq on its fundraising effort started this month. 65% of the $350,000 brokered equity offering was placed with thirteen investors. The offering will remain open until an additional $122,000 is successfully placed. This is the first time adFreeq is raising money on the private placement market. The private placement, excluding $20,000 to be paid toward officers’ salaries and $10,000 to be paid in placement fees, will bring in expected net proceeds of $320,000.
The company developed a socially integrated classified ad service that brings buyers and sellers together in real-time. According to the company, it’s faster and richer than craigslist, easier and cheaper than eBay, and recovers lost revenue for online publishers and news services.
John “Peter” Meng (CEO) leads the Columbia MO based company which was registered in 2012. AdFreeq reported revenues on or below $1 million for the latest fiscal year. The executive team includes Christian Eckhardt and Ming Ryan Tang.
Status: First close
Industry: Business Services
Amount offered: $350,000
Amount placed: $228,000