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Bailey McCann, Opalesque New York: Virginia-based WealthForge, a platform provider for raising private capital online is expanding into New York and San Francisco, with plans to open an additional office in Los Angeles by the end of the year, Opalesque has learnt. The expansion is bolstered by the flux of online dealflow generated from the implementation of Title II of JOBS Act this year. So far, the platform has 67 active deals totaling some $240 million, across multiple client channels since its launch earlier this year.
"We are seeing more private capital being raised through WealthForge right now than has ever been raised online," said Mat Dellorso, CEO and Co-Founder of WealthForge, in an interview with Opalesque. WealthForge also acts as a broker-dealer and aims to be a comprehensive online provider for deal origination and execution.
The firm's brokerage has been behind several notable offerings including a $1.5 million capital raise for Kittridge Hotel & Resorts in July, which went to support improvements at the Hard Rock Hotel in Palm Springs. Dellorso explains that much of that capital raise came from investors in the surrounding community that wanted to take part in a local improvement effort. Other deals include fundraises for Broadway plays, art, and more traditional private placement offerings. The firm itself also did its own series A round fundraise through the platform.
"What we offer is a way to automate much of the paperwork and check...................... To view our full article Click here
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