A local agricultural firm, California Safe Soil (CSS), has decided to use the innovative crowdfunding business AgFunder in an attempt to obtain about $6m.
CSS has the ambition of constructing a new building within McClellan Business Park. Such a big move would involve spending more than $7m. A new plant could facilitate the growth of the company.
AgFunder is not a typical crowdfunding organization, because it gives ownership stakes to individuals who put their money behind a project. Based in San Francisco, AgFunder could use printing services in West Sacramento to attract people to look at the prospects of CSS.
Rob Leclerc, the chief executive officer at AgFunder, has told the Sacramento Business Journal:
“We think that this has been an under-served area. People are becoming more interested in where their food comes from.”
There are rules to stipulate who can and cannot invest in the venture. Due to regulations imposed by the Securities and Exchange Commission, an investor must have a total wealth of $1m more than their home is worth, or an annual income of $200,000 as a minimum.
CCS wants to collect large volumes of waste from grocery stores in the region, but will not charge for this service. It will employ enzymes to digest the waste quickly to enable swift reuse in what it believes to be a more efficient move than conventional composting.
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