3 Austin tech companies testing waters of new crowdfunding rules

Posted April 7th, 2016

Three Austin tech-related companies have tested the waters of the new state-approved crowdfunding platforms, but all struggled to reach their fundraising targets and shut down their campaigns, according to state data.

These companies are among the first to launch crowdfunding campaigns after the Texas State Securities Board adopted new regulations in 2014 that allow Texas companies to raise money online from state residents. The rules allow less-wealthy residents to invest no more than $5,000 in a single offering in exchange for equity.  (In May federal rules will go into effect that will open up these offerings to investors and companies anywhere in the country.)

There are 30 companies statewide that have tried to crowdsource their fundraising efforts, according to the securities board.

Here's a little bit more information on the Austin tech-related companies that attempted to crowdfund:

EmBazaar Technologies aka Skoop

Amount Raised: $25,000

Fundraising Goal: $250,000

The company launches micro social networks to targeted audiences. The networks let users exchange specific information and tips. Skoop has created networks for cities, festivals, events and universities.

Group House Austin

Amount Raised: $9,600

Fundraising Goal: $125,000

This company wants to apply the co-working concept to housing. Also known as "macro" houses, Group House Austin owns three properties in this city that it has converted to communal homes with private bedrooms but shared common areas. According to an Austin Business Journal article, the company is targeting tech workers

Archie Technology aka Supradi 

Amount Raised: $2,500

Fundraising Goal: $50,000

Supradi is the brand name of a "mini phone" that offers local and international texting and talking and has 100 hours of battery life. The company's website touts its affordable price of under $30 and its simplicity - it isn't a smartphone.