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"Testing the Waters" FAQs

What is 'testing the waters' (TTW)?

'Testing the waters' lets founders gauge investor interest prior to completing legal compliance work. You're able to launch a pitch, spread the word (including these disclosures in all communications) and have supporters reserve spots in your offering.

How do I launch my pitch?

If you do not already have a pitch created, click the 'Start raising' button here and upload your pitch deck. 

Once you have a campaign page created, to start 'testing the waters,' go to and clicking "Get Started." There you'll be prompted to add a video, set your terms, and add a lead investor (all optional but recommended). Then, complete the rest of the prompted steps until you see the "Launch" button. Once you click that, it will enable your pitch page to start accepting reservations and you can share your page link to the universe!

What's a reservation?

A reservation is a non-binding commitment that doesn't become official until you file your Form C & the investor converts their reservation into an investment. Here's our full investor-facing guide to reservations.

How do reservations become investments?

Once your Form C is filed, we'll email everyone who has made a reservation directing them to your 'Invest' page ( They'll be able to formally make an investment by hitting that 'Invest' button again. We won’t be able to accept their reservation if they don't do this! 

What is the rate of conversion to investments?

It's a bit early in the implementation of this new flow to give an average rate of conversion. But us notifying everyone who makes a reservation via email, coupled with founders raising now sharing Updates and other communications to also prompt people to convert their reservation, we're optimistic that there will be substantial follow-through.

When do investors fund their investments?

Investors will need to fund their Wefunder Cash account (via bank account or wire transfer) when they make a reservation. They can later use the balance in this account to fund their investment (if they haven't already spent or withdrawn it). 

Can I be featured in Wefunder marketing while in TTW?

You're eligible to be featured in our email newsletter once you hit $50K in reservations, though companies with Form C's filed will take priority.

Filing your Form C is not required to be featured on our social media platforms but we prioritize companies which have.

Are there special marketing rules I need to abide by while in TTW?

Yup! You must include these disclosures in all communications (you'll have to include screenshots of 'em with your Form C!). If your communication is in a character-limited medium like Twitter, you can hyperlink the disclosure with “See legal disclosures here.”

How do Early Bird terms work?

Since your initial investors are placing reservations (instead of actual commitments), we can’t guarantee terms for anyone until after your Form C is filed. That means that Early Bird terms are filled first-come, first-serve* once the Form C is filed. 

Everyone who have made a reservation will get an email notifying them once your Form C is filed, giving them the opportunity to confirm their investments quickly and get those Early Bird terms*. If you'd like, we can hold off on blasting that email if you’d like to give a few specific investors the opportunity to rollover first (thus securing their Early Bird terms before the rest jump in).

* Wefunder VIP Members can still access early bird terms, as available, at any time through the raise.

How do I keep track of my investors? 

Add /manage to your url (

My largest investments aren’t being counted! What gives?

We automatically hide large investments to prevent founders from inflating their totals. As larger investments come through, you’ll see the yellow triangle appear next to their name on the /manage page. Ping your Account Manager to “whitelist” the investment and have it counted towards your total. 

Woot – I've raised some funds! What's next?

Congrats! Once you’ve raised at least $50K, your Account Manager will work with you to file the Form C (where you’ll add financials and set the terms). Then, you’ll be introduced to our Closing team to schedule a disbursement. 

*Legal note! The law requires you wait at least 21 days after your Form C is filed before you do a closing, and it can take 3-4 weeks after that to receive your first wire. So, we recommend getting the ball rolling on getting us this paperwork as early as possible.

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