Flying Car Company Turns to Crowdfunding to Attract Investors
Terrafugia, the Massachusetts company building a “roadable aircraft” that most of us call a flying car, is turning to crowdfunding to continue development of its driving/flying machine. The company has been around since 2007 and has built and flown two prototypes thanks in large part to the $10 million in investor money it has already raised. Now the company is turning to Wefunder in hopes of finishing up the design of their third prototype.
Wefunder is a bit different than the more popular Kickstarter or Indiegogo sites. Instead of collecting a little money here and there from anybody with an account, Wefunder accepts accredited investors who will own stock in the company and is regulated by the federal government. According to a note on Terrafugia’s Wefunder page, company founder Carl Dietrich says, “we offer Wefunder investors a note which will convert to stock at a price that is determined by the next large investment round (greater than $1 million).”