A first close of $313,000 was initiated by AppDate on its fundraising effort. The notes started to sell nine days ago. 31% of the $1 million non-brokered convertible promissory note offering was placed with five investors. It is the first time the company is raising funds on the private placement market.
The company is in stealth mode. However, it seems it will be launching a social network platform under the ReelTime name. As its name suggests, the platform might be focusing on video capture, recording and sharing. It will be accessible online as well as through mobile applications.
Welles Mattson (President) leads the Concord MA based company which was registered in 2013. Revenues were not disclosed. The board of directors includes Jeffrey J. Crown.
Status: First close
Company: AppDate AKA ReelTime
Amount offered: $1 million
Amount placed: $313,000
First Sale: 01/21/14