A few startups on Wefunder can raise funds from accredited investors with a WeFund under Regulation D. If this is the case, it will be clearly indicated on the invest page; otherwise, you are making a direct investment. A WeFund SPV is a series of an LLC that exists for the sole purpose of investing in one specific startup. All the investors pool their capital in the WeFund, which then invests as one entity in the startup. The startup only has one direct investor -- the WeFund. If you invest through a WeFund, you will hold an interest in the fund instead of holding the company's securities directly.