Latest news with #FormD
Technical.ly
19-05-2025
- Business
- Technical.ly
Honeycomb Credit secures nearly $6M and lands new investors
A Pittsburgh-based fintech platform is building on previous momentum, raising over $5 million after a recent acquisition. Startup Honeycomb Credit secured $5.89 million in fresh capital, according to a Form D filing with the US Securities and Exchange Commission (SEC) last week. The funding comes partially from several new social equity or environmental impact-focused investors in its funding round that started back in November 2022. 'I am happy to share that, in addition to a larger number of existing investors, the round includes several new investors,' cofounder and CEO Cook told 'including Upstart Co-Lab, Spring Point Partners and the New Community Transformation Fund.' Cook declined to comment on the size or specifics of the raise since the round is still open, but the filing shows $11.47 million has been raised since the round legally began about two and a half years ago. Of that total, $5.89 million is new capital, while $5.58 million comes from convertible securities, meaning earlier investments were converted into equity as part of this funding round rather than bringing in new cash. The new funding follows an acquisition by Honeycomb in April of fellow crowdfunding startup IFundWomen (IFW) for an undisclosed amount. The acquisition, which brought IFW founder Karen Cahn and five employees to Honeycomb, aimed to create a central online hub where even the earliest-stage businesses could access capital, coaching and community support from Honeycomb, Cook previously told Alongside the acquisition, an SEC filing in early April showed the company had raised around $760,000 toward a $3 million goal. At the time, Cook said the funds would help integrate IFW team members and support tech investments as Honeycomb expanded its services to small businesses nationwide. He said the company expected to close the round by month's end. A platform to help other startups reach their goals Founded in 2017 by Cook and cofounder Ken Martin out of firsthand frustration with the traditional lending system, Honeycomb provides a crowdfunding platform that allows everyday investors to support local businesses nationwide through debt-based financing. The crowdfunding platform has grown as a local fundraising force, with some of the biggest quarterly raises in Pittsburgh in recent years. The company has also helped fund over 400 businesses nationally, including 90 in the Pittsburgh region. For example, it's helped sustainability startup Ecotone Renewables raise over $80,000 and healthtech company Korion Health raise over $105,000. 'Instead of putting in $100 and getting a t-shirt or thank you note,' cofounder Cook told in 2019, 'someone can actually invest a hundred or a thousand dollars or more into a locally owned business, helping them grow while at the same time, earning a competitive rate on the investment.'
Business Journals
21-04-2025
- Automotive
- Business Journals
Faraday Future anticipates 'short-term' impact from tariffs
THE REMAINDER OF The Los Angeles EV maker is navigating the choppy waters of international trade policy, seeing both challenges and opportunities in recent tariff changes. Faraday Future Intelligent Electric Inc. said over the weekend the Trump administration's tariff policy, which currently includes 145% tariffs on Chinese imports, could have a "short-term" impact on the electric vehicle maker's strategy. In the mid- to long-term, however, the company (Nasdaq: FFAI) is eyeing these developments as a "strategic opportunity." Faraday's reliance on Chinese original equipment manufacturers could present financial headwinds in the wake of the Trump administration's rising tariff proposals with China, and the company said in a Sunday statement that sourcing Chinese parts for its vehicles, which are assembled in the U.S., 'may bring short-term impact to the company's FX strategy,' referring to the new, less expensive Faraday car line that the company hopes to begin producing by the end of the year. However, Faraday said that its FX line is "committed to progressively shifting to U.S.-based suppliers" and believes "this initiative will also encourage global automotive supply chain enterprises to establish manufacturing operations in the U.S." The comments came after Faraday X CEO Max Ma participated in a business roundtable discussion at the White House last week that included tariffs and manufacturing, among other topics. "The company is actively engaging with the U.S. government and has submitted constructive proposals regarding automotive policy, particularly involving U.S.–China cooperation in the EV sector," Faraday said. Why Faraday Future aims to change its name The Gardena, California-based EV maker additionally said that it aims to change its name to Faraday Future AI Electric Vehicle Inc. to better reflect its growing emphasis on using artificial intelligence in its products. Last month, Faraday changed its symbol on the Nasdaq Stock Exchange from 'FFEI' to 'FFAI' to reflect that AI emphasis. Faraday scheduled an annual shareholders meeting for May 28 when stockholders will vote on whether to change the name of the company. Faraday also said that after filing a Form D with the Securities and Exchange Commission on April 16, the company's stock fell below $1 per share, and rumors began circulating that it would initiate another reverse stock split. 'We resolutely oppose a reverse stock split and are fully committed to maintaining our Nasdaq listing,' the company said in a statement last week. Shares closed Monday at 87 cents, below the Nasdaq's minimum $1 per share requirement. In the past few years, Faraday has enacted several reverse stock splits to keep its shares trading above $1, but company officials said that there will be no reverse stock split proposal at the May 28 shareholder meeting. Sign up for Business First's free daily newsletter to receive the latest business news impacting Los Angeles. Reach Ben Miller at bwmiller@
Technical.ly
09-04-2025
- Business
- Technical.ly
Crowdfunding platform Honeycomb Credit seeks $3M in new funding round
A Pittsburgh-based startup that helps people invest in local small businesses is pursuing its next round of funding. Fintech company Honeycomb Credit is actively raising up to $3 million, according to a Form D filing with the US Securities and Exchange Commission (SEC) last week. The company has already secured more than $760,000 toward that goal, which the filing shows it received in late March. Honeycomb has not disclosed its current valuation. The total offering amount listed indicates an intent to raise $3 million, though the round is still in progress and not yet fully raised. Cofounder and CEO George Cook declined to share additional details at this time. The ongoing raise brings Honeycomb Credit's total funding to over $19 million, marking another milestone for the Pittsburgh fintech startup. The crowdfunding platform has steadily built momentum, with some of the biggest quarterly raises in Pittsburgh in recent years.. In June 2024, the company raised $6 million, following an $8.8 million round in December 2023 and $7 million in December 2022, according to prior reporting from Founded in 2017, Honeycomb provides a crowdfunding platform that allows everyday investors to support local businesses nationwide through debt-based financing. To date, the company has helped fund over 40 businesses nationally, including 90 in the Pittsburgh region. For example, it's helped sustainability startup Ecotone Renewables raise over $80,000 and healthtech company Korion Health raise over $105,000. A firm files Form Ds when it's raising money from private investors under an exemption from SEC registration requirements. Honeycomb Credit did not disclose investors in this latest round, as it's not required to do so. Honeycomb helps businesses secure small, crowdfunded loans Honeycomb was born out of firsthand frustration with the traditional lending system. During his time as a community banker, Cook saw many qualified local business owners denied loans from big commercial banks. Around the same time, fellow cofounder Ken Martin was struggling to secure funding for his juice shop — an experience that cemented the need for a better way to finance small businesses. Together, they launched Honeycomb Credit to fill that gap, specifically focusing on investing opportunities for small businesses. 'Instead of putting in $100 and getting a t-shirt or thank you note,' cofounder Cook told in 2019, 'someone can actually invest a hundred or a thousand dollars or more into a locally owned business, helping them grow while at the same time, earning a competitive rate on the investment.' Small businesses have also used the platform beyond the traditional crowdfunding route, like to consolidate debt. For example, when the owners of Iron Born Pizza in the Strip District and Millvale found themselves in over their heads with monthly payments from merchant cash advances, they used part of their campaign funding from Honeycomb to refinance the debt, making monthly payments more manageable and expansion possible. Honeycomb has also helped Pittsburgh's food scene grapple with inflation. North Side-based vegetarian restaurant EYV Hospitality opened in December 2022, coinciding with a 3% increase in pricing across the board on produce. Items such as napkins, chemicals and paper products also came with heftier price tags. Honeycomb users helped the restaurant open during that time with a campaign that raised over $47,000. Honeycomb's efforts have won it national attention and awards like the Pittsburgh Tech Council's 2019 Innovator of the Year in Fintech.
