Profile: Launches First Friends-and-Family Funding Network for Entrepreneurs

New Service Helps Entrepreneurs Raise Money Through Social Networks of Friends and Family

July 30, 2008

ATLANTA, July 30, 2008 /PRNewswire via COMTEX/ — (
officially launched today as the first friends-and-family funding network for small-business entrepreneurs. The service enables entrepreneurs to raise capital through friends, family and others interested in helping the entrepreneur to succeed.

Unlike traditional bank loans and other person-to-person lending services, does not require a credit report or minimum credit score and
does not allow loan interest rates as high as 36%, which many small-business
entrepreneurs cannot afford. Instead, the entrepreneur can raise money from
people they know in exchange for discounts that they offer to those investors
who become customers.

" is a great way for me to finance my startup," said Dave
Mack Jr., who is developing an online social network for theatre artists to
connect and find work. "It helps me raise money affordably from many people I
already know, and without worrying about ruining my relationships with them."

Many businesses get started with financing from the entrepreneur’s friends
and family, but it is often difficult to manage these relationships. allows many investors to give small amounts of money and spread
the risk. Furthermore, the service provides communication tools to increase
transparency between the entrepreneur and her investors.

To obtain funding, an entrepreneur simply uses to start a
"Raise" (a fundraising profile) and invites friends, family and others in her
social network to invest and contribute towards the funding target. makes it easier for entrepreneurs to share their business ideas
with friends and relatives, who may want to invest and help out. Furthermore, handles all the transactions, so it is easier for an
entrepreneur to manage having many investors. Raises are private, so potential
investors must be invited by entrepreneurs or other investors.

"We are addressing a $40 billion gap in funding for small businesses, and
our goal is to help all those hardworking entrepreneurs that have good ideas
but don’t have the money or resources to get started," said Cornelius Colin
McNab, Founder of "The economic downturn has led to a credit
crunch, where banks and venture capitalists are tightening up, and
entrepreneurs need alternative ways to gain access to affordable capital."

McNab, who is an inventor with three patents and holds an MBA from MIT and
a degree from Yale, is confident that his company can bridge the funding gap
by allowing ordinary people to become investors. "That’s how we got started.
Investors contribute as little as $50 or $100 each, but these small
investments really add up. If forty friends and relatives contribute $100 each,
that’s $4,000 that the entrepreneur can use to incorporate a business, build a
website, print business cards, lease space for three months, file a
provisional patent, and create a prototype or sample inventory."

Currently released as a beta version, soon will offer more
funding options (including loans), social networking features, and a unique
rating system to enhance the quality of entrepreneurs and build investor

  • Advantages of
  • No credit report or sales history required
  • Multiple funding options
  • Private, invitation-only profiles
  • Exclusive entrepreneur features, e.g., live presentations online
  • Search-engine to find business resources
  • Profiles with embedded videos and PowerPoint presentations
  • Investors receive social returns, financial returns, and discounts

About helps entrepreneurs raise money for businesses through
friends and family rather than through traditional financial institutions.
Using the Internet-based service, entrepreneurs connect with their social
network — friends, family, friends of family, colleagues, and others — to
raise capital.’s scalable platform facilitates the funding
requests and transactions to make it easier for an entrepreneur to manage many
investors. is patent pending and backed by 3 Guys in a Garage,
LLC. For more information, visit


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