BOULDER, Colo., April 12, 2022 (Newswire.com) - Sweater, the fintech company seeking to revolutionize the venture ecosystem by opening the venture capital (VC) asset class to everyone, had the registration statement for its first fund officially declared effective by the SEC—the Sweater Cashmere Fund. Now any investor, regardless of their accreditation status, will be able to invest into a fully-managed VC fund.
The Sweater Cashmere Fund, which is available to the public, seeks to "generate long-term capital appreciation through an actively managed portfolio that provides investors with exposure to private, venture capital investments," as noted in its prospectus. "We identified a fund structure under SEC regulation that would allow us to meet our investment objectives without any loopholes, new rules, or special exemptions," said Jesse Randall, Sweater's CEO and Co-Founder of Sweater.
With the launch of their first fund, Sweater can start building their vision of a bigger, more engaged venture community—one that opens more opportunities to historically marginalized groups to participate in the venture process, be it through investing or founding the next world-changing company. On a mission to build a tight-knit community that brings investors, founders, and the companies they're building closer together, Sweater believes venture capital shapes the future and that everyone deserves the opportunity to be a part of shaping it.
Since the close of its pre-seed round in June of 2021, through the recent close of its $12 million seed round, Sweater has grown a waitlist of more than 60,000 individuals who believe in their mission. Sweater will now begin inviting those individuals to download the app to invest in the Sweater Cashmere Fund and join Sweater as Founding Members. As assets under management begin to grow, Sweater's investment team will begin deploying capital into early-stage startups that they've identified as having high growth potential.
"This moment is the equivalent of turning the lights on for the first time," said Randall. "Once you've experienced it, you can never go back. Venture is now open for anyone and everyone to participate, regardless of how wealthy you are. This is a major moment for the industry, and there is no going back."
In addition to providing access to venture capital as an asset class through the Sweater Cashmere Fund, Sweater is curating a vast library of educational content focused on the venture space—from helping investors better understand venture investing to assisting founders in building their visions. And when it comes to helping founders, their Member community of investors provides an unprecedented network to tap into.
Randall sums it up best, saying, "Venture capital is shaping the future for all people, so everyone should be allowed to take part in the process. We believe that Sweater, built by the community, will be a vehicle to shape the future for the community."
Visit SweaterVentures.com to learn more about Sweater and join their waitlist for the opportunity to invest and join Sweater as a Founding Member.
Sweater is the marketing name for Sweater Industries LLC and its parent company, Sweater, Inc. Sweater was founded by Jesse Randall, Chad Lewkowski, and Matthew Klein. Randall had initially set out to start his own venture fund, after over a decade of working as an entrepreneur and an analyst at an accelerator and VC fund. When he found himself locked out of venture investing by antiquated accreditation requirements, he made it his mission to open venture investing to everyone.
The Sweater mobile application gives investors direct access to one of the world's most exclusive asset classes—Venture Capital. Sweater's mission is to empower everyone to become investors in the next generation of venture-backed startups and engage directly with businesses they believe in. Through educational content and more holistic support for founders, they are weaving a new kind of venture community that brings investors and founders closer together to knit a better future. Learn more at Sweaterventures.com.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Sweater Cashmere Fund before investing. The prospectus contains this and other information about the Fund and can be obtained by calling 1-888-577-7987 or by visiting the Fund's website at www.sweaterventures.com/cashmerefund. Please read the prospectus carefully before investing. All investments involve risks, and there is no assurance that the Fund will achieve its investment objective. This press release is not an offer to sell the Fund's securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. Neither the SEC nor any state securities commission has approved or disapproved of the Fund's securities or determined if its prospectus is truthful or complete.