Sagoon (www.sagoon.com), a social commerce start up with operations in the United States and India, announced in a small gathering in London today that it is reopening an investment opportunity to a massive pool of potential investors around the world who already form a large part of its users, fans and supporters. The company also announced that for the first time in the history, investors can now also invest in Sagoon using their Credit Cards or Debit Cards.
The US Securities and Exchange Commission (SEC) recently re-qualified Sagoon’s offering statement on Form 1-A. The company plans to sell more than 800,000 shares of Class C Common Stock to the general public at $23 per share with the minimum investment being $1,000. Sagoon is conducting the offering on a best efforts basis through its own website www.sagoon.com/invest, where the Offering Circular is also available. Interested investors should read the offering circular before investing.
Govinda Giri, the founder of Sagoon, said “We have hundreds of thousands of fans and supporters in India, United Kingdom, United States and other parts of the world who want to be a part of Sagoon family. In our earlier offering, the payment methods were not quite investor-friendly and the payment process was too much hassle and time killing, especially for international investors. They had to print the subscription agreement first, then go to the nearest bank and finally ask the banker to help them wire the money. Due to this long and inconvenient process, we believe a large number of interested investors could not become a part of the Sagoon family”. He further said, “Today, I am so happy to say that we have solved this problem and that we are inviting all our users, fans and supporters to join us to change the world together.”
Since the previous fundraising round, Sagoon has made a lot of progress that includes expanding the team size from 12 to 37 in India, moving from a small office space to a bigger one in India, solidifying product engineering infrastructure, and finally completing the mobile app development that we will soon launch in New Delhi, India.
With the money raised from this funding round, Sagoon plans to expand the platform’s user base, develop and launch the much-awaited “social smart card,” enhance product infrastructure and expand the team in India, US and Nepal.
Scott Purcell, the CEO of Prime Trust and FundAmerica, said “Sagoon is launching the very first Reg A of the crowdfunding industry that accepts credit cards and debit cards. I think it is a revolutionary step to allow potential investors to invest from the comfort of their homes. It will save them a lot of time and effort, and act as the cue to other fundraising companies to keep investors’ comfort in mind.”
In order to make investing in Sagoon easier and enable potential investors to make payments with credit and debit cards, the company has partnered with Vantiv, a leading payment processing and technology provider. Vantiv processes over 25 billion payment transactions annually and supports more than 800,000 merchant locations.
“Sagoon is the first Reg A+ certified company we have partnered with to power crowdfunded investments. Vantiv is offering a new layer of convenience to potential investors with credit and debit transactions, and we’re excited to help Sagoon meet their investment goals,” said Greg Worch, Head of Enterprise Sales at Vantiv. “It’s innovative companies like Sagoon that give us the opportunity to demonstrate our smarter, faster, easier solutions.”