Change: offered +60% / raised +135% / placed 75%
Business Texter upped its financing to $800,000 from $500,000 after receiving new commitments. An additional $346,000 worth of securities was placed by the company with nine investors since the company last released data almost a year ago. This brings to $602,000 the amount raised from the nineteen backers who subscribed to the offering. The equity offering’s expected net proceeds will amount to $700,000 which excludes $100,000 to be paid toward officers’ salaries. The subscription is structured to close once the 25% left is fully subscribed or in the last couple of months at the latest. This is the first time the company is offering securities under regulation D of the Securities Act of 1933.
The company developed and markets a text message marketing campaign software and mobile phone application (app) for small businesses. The freemium set up allows users to send 1,000 messages for free up to an unlimited number for $500 per month. Features include text auto-responder, intelligent opt-in/opt-out and message scheduling among others.
Richard A Repp leads the Spokane Valley WA based company. Business Texter was registered in 2012. Business Texter elected to keep its revenues undisclosed.
The executive team includes Aaron Rollins and David Johnston.
The board of directors includes D Gerald Searfoss, Diane Smith and William Burg.
Status: Intermediary close
Company: Business Texter
Amount offered: $800,000
Amount placed: $602,000
First sale: 07-24-2013
Data as of: 04-29-2014