Our mission at PicMii is to make early investing in startup companies simple. Simplifying the investment process allows everyone, regardless of economic status, to find their inner venture capitalist.
Easy Investment Process
The more payment options available, the more inclusive the platform. For that reason, we include as many payment methods as we can!
We accept most types of credit cards. Simply enter your card information when prompted to complete your purchase of up to $5,000. For amounts exceeding $5,000, you must consider another payment method.
ACH stands for Automated Clearing House. It is a network that coordinates electronic payments to pull funds directly from your checking account. Simply input the requested banking information when prompted to complete your purchase. Once opened, it may take 2-3 business days for the funds to be debited from your account. You will be notified via email once the funds have been taken from your account.
Wire Transfers are a method to electronically transfer funds from one person/entity to another. Wire transfers are especially beneficial for larger investments (Greater Than $5,000). Completing your wire transfer occurs independently of PicMii, however we will provide directions through email if Wire Transfer is your selected payment method. Your investment status will remain “incomplete” until the wire transfer is received.
All the required investment steps have not yet been completed. For example, if an investor chooses wire transfer as their payment method, but has not yet completed the wire transfer, their investment status would read “Incomplete”.
Investment has been submitted, however has not been processed yet. Therefore, no funds will have been removed from your account yet. This will occur while your payment is being processed.
Once your payment is received, funds are taken from your account and placed into the company’s escrow account. Equity purchased in the company will appear in your virtual portfolio on the platform. You are still able to receive a refund at this time if so desired.
Once the company you invested in disburses funds from the escrow account, your investment is official. You will receive a countersigned version of the subscription agreement. Refunds are no longer possible at this point.
The Investor's Right to Cancel an Investment
Refunds are possible on any Regulation Crowdfunding investment up until 48 hours before the company you invested in plans to disburse funds from escrow. You will be notified by email 5 days in advance warning you of a company’s plan to disburse funds. If your investment is not cancelled prior to 48 hours before disbursement, refunds are no longer possible.
In the event of a material change to the offering or offering material, all investors in the offering will be notified and asked to reconfirm their investment. If you do not reconfirm within 5 business days, then your investment will be cancelled and promptly returned to you.
Additionally, if a company does not meet its minimum funding goal, you will be refunded your investment within 10 business days of the end of the campaign.
Investment Limits Based On Regulation
Investment limits are imposed by the regulation the offering is under. For regulation crowdfunding, individual investors are limited in the amount they are allowed to invest over a 12 month period:
- If either of an investor’s annual income or net worth is less than $124,000, then the investor’s investment limit is the greater of: $2,500 or 5 percent of the greater of the investor’s annual income or net worth.
- If both annual income and net worth are equal to or more than $124,000, then the investor’s limit is 10 percent of the greater of their annual income or net worth.
- During the 12-month period, the aggregate amount of securities sold to an investor through all Regulation Crowdfunding offerings may not exceed $124,000.
* These limits are not imposed on accredited investors as described by Reg. CF Rule 100(a)(2).
Selling Your Equity
Securities purchased in a crowdfunding transaction generally cannot be resold for a period of one year, unless the securities are transferred:
- (1) to the issuer of the securities;
- (2) to an “accredited investor”;
- (3) as part of an offering registered with the Commission; or
- (4) to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.
After an offering closes and your investment is complete, the issuing company will provide you with information regarding the location of official records of your Security purchase. They will also provide you with instructions for creating an account at this Transfer Agent. PicMii does not provide a market for selling securities once an offering closes.