Going Public is a platform that aims to solve a challenge in the securities crowdfunding sector. Promoting online offerings to potential investors and, hopefully, raising sufficient funds to enable the issuer to execute its mission.
Online capital formation has been around for over a decade. Enabled under the JOBS Act of 2012, three separate exemptions allow a firm to raise money online in a private securities offering. The concept makes a lot of sense, just as e-commerce has taken over the retail world. The exemptions issuers may use to “generally solicit” include Reg CF (Regulation Crowdfunding), Reg A+ (Regulation A), and Reg D 506c. An issuer may raise up to $5 million using Reg CF, up to $5 million using Reg A, and an unlimited amount of funds under Reg D; however, investors must first be verified as accredited, thereby excluding much of the general public.
What each of these exemptions shares is a challenge to garner sufficient investors to support a securities offering. Some issuers sell shares on marketplaces, while others go it alone, and many opt to go straight to VCs and Angels. Regardless, it is a lot of work, and Going Public seeks to be a solution to generate enough interest in an offering by giving it a “reality TV” treatment.”
While Going Public’s mission has merit, the ride to success has been bumpy.
Last June, Barron’s filed a report on a firm using Going Public’s platform as having a “checkered past.” The article was probably spurred by the relationship Going Public had with Elon Musk’s social media platform X, where the shows were distributed during Season Three. One issuer is reportedly being investigated by the SEC and the state of Florida. Barron’s claims that the final show on Going Public was postponed following their investigation. The questionable issuer is no longer featured on the Going Public website. There have been no allegations of wrongdoing regarding Going Public’s capital-raising efforts for the entity.
More recently, the digital publication Crowdfund Watchdog took things a step further in its critique of Going Public. Crowdfunding Watchdog was founded by Shane Liddell, a well-known figure in the securities crowdfunding sector.
The publication states that the streaming series has “delivered sluggish raises, missing offerings and radio silence.” The publication claims that while the “exposure is enormous… the capital raised is not,” questioning the effectiveness of the Going Public’s crowdfunding strategy. It is noted that on X, over 100 million views were claimed during Season Three.
Several issuers are discussed: Employer.com and Omni Golf. Both were part of the Going Public program, but it is not clear if any funds have been raised.
Employer.com is reportedly pursuing a Reg D offering, which does not require filing with the SEC until two weeks after it has received its first investment.
Omin Golf is no longer on the Going Public website.
A third issuer, Nutcase, is currently seeking to raise $1 million under Reg CF by issuing a SAFE. The deadline for the offering is August 31, 2025. As of today, the offering page indicates that $200,300 has been raised.
Crowdfund Watchdog lambasts Going Public as “entertainment and not an investment infrastructure,” stating the outcome to date has been “a well-produced ad for offerings that either barely raise or don’t raise anything at all.”
CI reached out to Darren Marble, founder and CEO of Going Public, to give him a chance to respond. He said that while the amount of capital raised through the show is a KPI, it’s by no means the only one.
“Many outsiders don’t understand our strategy, and that’s OK with us,” said Marble. “The bigger picture is that we have upgraded our distribution with every season, and have now signed with one of the largest talent agencies in the US. In addition to representing Crush Capital, Paradigm Talent Agency represents Sydney Sweeney, Ed Sheeran, and Mike Tyson. We have learned valuable lessons in each season and believe we are better positioned than any other firm to make interactive investing shows mainstream. We have raised over $11 million to date and are backed by visionary investors, including billionaire Chris Burch and Long Journey Ventures’ Cyan Banister. We are playing the long game, and our 80+ investors are betting on our resilience. SpaceX experienced multiple rocket failures before succeeding in 2008. If Musk had quit, they wouldn’t be the juggernaut they are today. We are inspired by his tenacity and are just getting started.”
As everyone knows, most early-stage ventures fail, and raising capital is exceptionally hard. Going Public appears to be willing to fight and address shortcomings, learning from failures. Marble did allude to some future changes for next season, which may be able to generate better outcomes for the platform and its customers.
