What we learned from our $5M community round

We’re excited to announce that we’ve completed our community round, via Wefunder.

In late July of 2021, we set aside ~$5M to allow our customers and supporters to join our $120M Series B equity round (led by Coatue). Within 90 minutes of launching our campaign, we had $5M in reservations. In the nine days that our campaign was open, we reached a total of $23M in reservations—a record on Wefunder. Eventually, we had to trim down some investments to comply with the $5M limit set by the government. We closed our community round with ~2,500 new investors on our cap table, 75% of whom are customers.

Our community round was a success and we would love to do it again. We learned a lot from the process, and we hope our learnings can help others who are considering a community round…