Invown

Its Reg CF business is. Invown Funding Portal LLC is an SEC-registered funding portal and FINRA member (file no. 007-00329), its registration discloses no disciplinary history, and AltStreet located no regulatory action or lawsuit naming it or its CEO, Levi Brackman. Registration lets it host Reg CF offerings; it is not an endorsement of any deal, and it does not cover the 506(c) or Reg A listings on the same site.

Not as far as AltStreet could find. A funding portal may act only in Reg CF offerings. The site says Invown is a portal 'for Reg CF and 506(c) raises' and is 'registered to facilitate' Reg A offerings, but its footer says those offerings are presented by Invown Corp, a technology company that does not broker or facilitate them. AltStreet located no broker-dealer registration for any Invown entity. Whether a particular 506(c) or Reg A issuer uses another broker is a separate question, answered in that issuer's offering documents.

Three figures exist and they measure different things. AltStreet located dollar amounts in the issuers' EDGAR filings for two offerings, $1,303,520 in total: American Homeowner Preservation ($1,234,520) and Pie 102 ($69,000); Near Field Dynamics reported a completed raise without an amount. The figures displayed on eleven Invown deal pages add up to $2,405,620, and one of them (Pie 103, $122,000) is contradicted by a filing that says no commitments were accepted. The pricing page's '$35M+ Raised' does not say what it counts.

Invown advertises none: 'Investors pay no transaction fees when they invest through Invown.' Its help center adds that pass-through payment costs, if any apply to your method, are shown before you submit. You pay by ACH, wire or check; cards are not accepted. Issuers pay Invown's fees.

The pricing page lists three plans: Starter at $0 a month with a 6% commission and $3,499 in setup costs, Professional at $749 a month with 4% and $2,699, and Syndicator at $1,499 a month with 2% and $2,499. Recent Form Cs mostly show 1.5% plus a setup fee and $999 to $1,499 a month. The portal's SEC registration states compensation of up to 5%.

Set by each offering; $500 is common (American Homeowner Preservation, Oasis Noir). Near Field Dynamics required $1,000 and Green Earth Capital $10,000. Non-accredited investors are also subject to the Reg CF annual limit across all portals.

Yes, until 48 hours before the offering deadline: 'you can cancel an investment commitment for any reason until 48 hours before the offering deadline'. If the issuer makes a material change, you must reconfirm or your commitment is canceled.

A bank escrow account at Luminate Bank or Enterprise Bank & Trust, depending on the offering, until closing. 'Invown Funding Portal LLC does not hold investor funds.' If the offering does not reach its target, the money is returned.

According to Invown, 'Your investment would be unaffected': the securities are issued directly to you by the company, and your rights come from your agreement with that issuer, not from Invown. Funds in escrow sit at a third-party bank.

Texas LLCs that raise money for individual rental homes, managed by Pie Ventures, LLC under Eugene Slobodski. They are not Invown affiliates. Pie 102 reported raising $69,000; Pie 103's filing reports $0 although its page shows $122,000; Pie 101's page shows $82,000 with no filing of an amount.

For the first year Reg CF securities can be transferred only to the issuer, an accredited investor, a family member or in a registered offering. There is no secondary market on Invown, and the help center says outside secondary platforms have thin trading.

Invown charges issuers a monthly fee and a lower commission than the portals AltStreet has reviewed: Wefunder's recent Form Cs show 5.0% to 7.9% and Issuance Express's 5% to 7%, against 1.5% in most of Invown's. Its filed track record is much smaller. See the comparison section below.