Boasting More Than 100,000 Users In Just Six Months Arbit’s Investors Include Several NBA Stars
Arbit, the social media/data and analytics startup based in Baltimore, announced that they expect to raise $425,000 through Indiegogo and MicroVentures registered equity crowdfunding portal, First Democracy VC. After an extensive due diligence process, Arbit was chosen as the first technology company listed on the First Democracy VC platform. Arbit emphasized its impressive growth just six months since launch with a nominal budget. The company has more than 100,000 users and has already generated revenue from several clients.
Due to Title III of the JOBS Act, startups, such as Arbit, can now raise money from almost anyone, anywhere and investments can be for as little as $100. Prior to this regulation, only accredited and sophisticated investors were able to invest in startups. Title III of the JOBS Act has created a rapidly growing funding method that empowers startups and small businesses to raise capital and grow brand awareness. It has opened the door for startups, who are looking for alternative investments and investors who are looking to diversify their portfolios.
Arbit’s business model is predicated on brands that pay to sponsor polls on the app, collect instantaneous data from the responses, and then drive sales with follow-on marketing.
Arbit, who also recently received a $100,000 investment from TEDCO (Technology Development Corporation) Maryland's state technology development corporation and who also has investments from NBA stars Ty Lawson, Anthony Tolliver, Steve Blake and Caron Butler, plans to use the monies raised in the crowdfunding campaign to push further into whitelabeling their technology for companies. Arbit is developing its platform to allow companies to create polls and export them as clickable, vote-able links on social media, or embed them on websites for seamless interaction. Arbit also plans to use the funds to expand its development and sales team, grow its user base, innovate its technologies, and scale its revenue model.
"We are extremely excited about the equity crowdfunding campaign through Indiegogo and MicroVentures, as it will allow us gain exposure around the world and raise the necessary capital so that we can focus solely on our business,” said Co-Founder Greg DiNardo.
Arbit Co-Founder Alex Bullington stated, “We couldn’t be happier to work with Indiegogo and MicroVentures, two extraordinary companies who conduct extensive due diligence of startups, which provides investors peace of mind about the companies in which they invest.”
