The Native, a luxury hostel located in Austin, Texas, became the first issuer under Title III of the JOBS Act to close a securities offering after achieving its funding goal utilizing Gardere client NextSeed’s online crowdfunding platform. The boutique hostel brand, which is the first of its kind in the Southwest, raised $396,500 from 227 different investors in just eight weeks.
NextSeed is the first online funding portal to be approved by the Securities and Exchange Commission and the Financial Industry Regulatory Authority Inc. The NextSeed funding portal facilitates the offer and sale of debt securities of small U.S. businesses to the general public, pursuant to the Regulation Crowdfunding rules under Title III of the JOBS Act, which went into effect May 16.
NextSeed is represented by Gardere Partners Adam Hull and Rick Jordan.