Regulation Crowdfunding (Reg CF)
定義
Regulation Crowdfunding is the SEC framework that lets startups sell securities to the general public, including non-accredited investors, through registered online funding portals, subject to an annual raise cap and specific disclosure rules.
資金調達における位置づけ
Founders use Reg CF to open a raise to customers, community members, and fans rather than only accredited investors, though the dollar amounts are smaller than a typical institutional round and come with public disclosure requirements the company must maintain.
よくある質問
How much can a company raise under Regulation Crowdfunding?
The annual cap is set by the SEC and adjusted periodically; it has stood at up to $5 million in any 12-month period, well below what most Regulation D private rounds can raise.
Does Reg CF replace a normal venture round?
Rarely on its own. Most founders use it alongside or ahead of a traditional priced round, treating it as a way to bring in smaller checks from a broad group rather than as the company's primary source of capital.