On January 27, 2020, FrontFundr, a crowdfunding platform operated by the registered exempt marker dealer Silver Maple Ventures Inc. (“SMV”), announced that it has received discretionary approval from the Ontario Securities Commission (“OSC”) to offer securities on a crowdfunding-basis in Ontario.
Ontario issuers can use the FrontFundr platform to raise funds via debt and equity offerings that are subject to certain prospectus exemptions found in Ontario’s securities laws. FrontFundr clients are limited to two offerings a year on the platform, and may raise up to $250,000 from each offering. In turn, investors in Ontario may commit a maximum of $5,000 in each offering. The platform provides retail investors access to equity in early stage companies usually reserved for angel investors, venture capital firms and wealthy individuals. As FrontFundr’s founder and CEO Peter-Paul Van Hoeken puts it, “with FrontFundr, all investors can get in on the private market action.”
Based in Vancouver, FrontFundr was founded in 2013 and has helped 42 companies successfully raise $20 million in capital. As of December, 2019, FrontFundr had 15,000 investors using its platform across Canada. There are currently 6 offerings on FrontFundr, including companies in the real estate, cannabis and alcoholic beverage sectors.
With the OSC’s approval, FrontFundr can now operate in Ontario, in addition to its existing operations in British Columbia, Alberta, Manitoba, New Brunswick, Nova Scotia, Saskatchewan and Quebec.
FrontFundr is the latest platform to take advantage of investment crowdfunding rules that became effective in several provinces in 2016. For a directory of other crowdfunding websites operating in Canada, see the National Crowdfunding and Fintech Association of Canada.
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