Sagoon to close mini-IPO offering on July 26
Company’s successful mini-IPO, launched in 2017, has raised approximately $4 million from more than 3,500 investors worldwide.Updated: Jul 24, 2018 15:20 IST
Sagoon, the social commerce platform enabling its users to Connect, Share, and Earn, has announced it will be closing its successful mini-IPO (equity crowdfunding) offering on July 26, 2018. Investors interested in buying shares in the company can do so until midnight ET on July 26.
The company launched its mini-IPO offering in 2017, offering Class C common stock at $23 per share with a minimum investment of $1,000. Ever since then, it has raised approximately $4M from more than 3,500 global investors who share Sagoon’s vision of a social commerce platform that helps users to Connect, Share, and Earn. The company has also raised approximately $5 million from a strategic partnership.
“We are so thankful for the support we have received from our investors and partners who share our vision of a better social networking experience. We have had a successful raise of $4 million, which has enabled us to launch our Android app and continue the development of other key features of our platform,” said Govinda Giri, founder and CEO, Sagoon. “We are continuing to move ahead with the development of our iOS app, as well as our social smart card, to achieve our mission of bringing a more optimal social experience to those underserved across the globe.”
Sagoon will continue the development of its iOS app and innovative Social Smart Card, with targeted release by the end of 2018. Sagoon’s Social Smart Card will allow users to earn money while shopping, redeem coupons, and gift their loved ones. The company considers the social smart card and the iOS app to be game-changers, particularly within the $300 billion social e-commerce market.
This past year, the company also successfully launched its Sagoon mobile app for Android in New Delhi. Sagoon now boasts 2.6 million users across its mobile and web-based offering. The company continues to build market share, onboarding those within the 2.8 billion social network users who are looking for a better social experience than is provided by current platforms.
Sagoon solves a glaring problem in today’s U.S. social media landscape – U.S. social networks are not set up for e-commerce. Direct commerce between users and sellers and among users is prohibited, and users earn no financial rewards for being a direct source of revenue. There is also a missed opportunity to make gift cards, coupon offers, and discounts purely social.
Mini-IPO offerings provide an opportunity for the non-accredited general public to invest and own stock in the company. The company is still accepting investments from public and institutional investors and can be accessed through its website www.sagoon.com/invest, where the offering circular is posted.
Sagoon is an early-stage social commerce platform that offers users a chance to make money while socializing. The word “Sagoon” is derived from the Sanskrit word “Shakuna”, which means “an auspicious moment” or “good luck”. First launched as a search engine in 2009, Sagoon evolved into a social commerce platform in 2014 with the mission of helping people to better Connect, Share, and Earn. To connect with Sagoon, visit www.sagoon.com or “Like” the company on Facebook. To invest in the company through its Regulation A+ offering, please click here.
First Published: Jul 18, 2018 10:53 IST