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Will I be investing via the custodian or SPV?

It depends on the offering. If the company is using the custodian or SPVs, that will be clearly indicated in the legal disclosures in their Form C.

As of March 15th 2021, we have seen many companies use SPVs, although some companies still choose to use the custodian.

Most raises that launched between May 2020 and March 15th, 2021 used the custodian.