Calgary-based Crowd Capital Inc. announced Wednesday that it has signed a partnership agreement with Dublin-based SeedUps(IRE) Ltd. and is getting ready to launch its crowdfund investing platform.
In addition, Crowd Capital is re-branding as SeedUps Canada.
The company will use equity crowdfunding technologies developed by SeedUps (IRE), and compliance functionality developed by ECN — the Exempt Capital Network.
The firm’s plan is to present private placements to investors that have between $1,000 and $50,000 they wish to invest in Canadian entrepreneurs with early stage businesses.
SeedUps Canada’s issuers will offer their securities through current exemptions defined in National Instrument 45-106, Prospectus Exemptions and Regulations and its companion Blanket Order 45-512.
The firm says its crowdfund investing platform will facilitate capital raises for early stage companies seeking between $250,000 and $2 million in capital and will be accepting investor registration and business proposals effective today at http://www.seedups.ca.
The company expects to launch with live offerings in November under applicable securities regulations and compliance.
There are currently no defined rules for crowdfund investing in Canadian securities regulations, but the Ontario Securities Commission (OSC) says it is continuing to work on a crowdfunding exemption, as part of its efforts to modernize the exempt market regime in Ontario.
“The momentum is in our favour,” says Sandi Gilbert, Crowd Capital CEO, “and we expect to see more changes in the coming months. When and if these changes happen, we’ll be ready to expand the platform to support true crowdfunding.”