The social commerce platform Sagoon has reportedly announced that it will be closing its successful mini-IPO (equity crowdfunding). The mini-IPO will be offered on 26th July 2018.
The investors that might be interested in buying the shares of the company can buy it until the midnight of 26th July. The mini-IPO had been launched in 2017 at $23 per share with a minimum investment of $1,000 and was offering Class C common stock.
Since then, the company raised about $4 million from over 3,500 global investors who share Sagoon’s vision of a social commerce platform that helps users to Connect, Share, and Earn. Apart from this, it also raised around $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 of Sagoon.
Founded by Govinda Giri, Sagoon is an early-stage social commerce platform that offers users a chance to make money and socialize at the same time. Mini-IPO offerings give a good opportunity for the non-accredited general public to invest and own stock in a company.
“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,” he added.
Last year, the company also introduced its Sagoon mobile app for Android in New Delhi. And today, the company claims to have 2.6 million users across its mobile and web-based offering.