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The round is supposed to have opened today (15 January), however the campaign’s page now lists 1 February as the date the investment round will open (see the screen grab below, taken from the company’s website today).Purple Group vice-president for business development Almero Oosthuizen (pictured above) said the company decided to delay the offering so that it could update the shareholder prospectus — which lays out the terms of the investment.
The initial prospectus, he said, made use of language that was too technical, and it was decided that this should be replaced by a more simplified version.
He added that all those who have so far expressed interest in the campaign are expected to receive an email from EasyEquities by tomorrow morning (16 January) explaining the reason for the delay.
The campaign is set to be the investment platform — and possibly South Africa’s — first foray into equity crowdfunding.
EasyEquities initially announced that the investment round would open on 15 January, the campaign is now set to kick off on 1 February
The campaign which aims to fund 10 startups from Startupbootcamp Cape Town’s first cohort will initially see each of the 10 businesses get a total investment of R600 000, with the possibility of the round being “enhanced” and “extended” should it be successful.
Those who opt to take up the offering will not invest in the startups directly, but will instead do so via a Mauritius-registered company that will give investors equal exposure to all 10 companies.
Featured image: Purple Group vice-president for business development Almero Oosthuizen (EasyEquities via Youtube)