General
What is the nature of the agreement between Honeycomb Credit and IFundWomen (IFW)?
Honeycomb Credit acquired IFundWomen, creating a comprehensive platform for small business funding.
When does this acquisition take effect?
The acquisition is effective immediately, with the IFW team joining Pittsburgh-based (PA) Honeycomb Credit.
What will happen to IFundWomen's brand and business?
IFW will continue its mission, now branded as "IFW by Honeycomb Credit".
What does IFW stand for now?
IFW has always been the acronym for IFundWomen, a company founded to help bridge the funding gaps business, especially for women founders. Our platform has supported all entrepreneurs since day one. By joining forces with Honeycomb, IFW’s services such as coaching and reward crowdfunding will reach even more people. Together, we can demonstrate our joint commitment to being a resource for all small business owners.
How will this acquisition benefit entrepreneurs?
Entrepreneurs and their businesses will now have access to a broader range of funding options, regardless of where they are on their funding journey. Honeycomb can now serve idea-stage entrepreneurs through growth-stage businesses by providing a platform to raise money through rewards crowdfunding, enterprise grants, and community-backed loans.
What funding amounts are available through the combined platform?
On IFW, entrepreneurs can raise as much as they need to get their businesses off the ground. Crowdfunding campaigns encompass a broad spectrum of raises, from $1,500 to $350,000. Sponsored grants range from $2,500 to $100,000, depending on the grant partner and the program.
- Approved businesses can raise between $25,000 and $500,000 through Honeycomb Credit.
How can individuals invest in businesses through this platform?
Individuals can start investing for as little as $100, with the potential for returns on Honeycomb Credit.
Leadership
What role will Karen Cahn, IFundWomen's Founder, play in the new organization?
Karen Cahn will join Honeycomb Credit as a Board Member and Principal Advisor and continuing her focus on advocacy for small businesses and areas where there are gaps in access to capital.
How will IFW's services be integrated into Honeycomb Credit?
All IFW services will be fully integrated into the Honeycomb Credit platform, providing a comprehensive suite of funding solutions. The platform will offer rewards crowdfunding, enterprise grants, coaching, an extensive network (community), and community capital investment opportunities.
Will corporate partners still have opportunities to support businesses?
Yes, Honeycomb Credit and IFW look forward to partnering with corporations, brands, and organizations to create custom grant opportunities for small business owners. This is a direct way for brand partners to collaborate and infuse capital grants into businesses at various growth stages.
Community
How large is the combined network of the two platforms?
Our reach is extensive. IFW brings a network of over 500,000 founders and funders, and Honeycomb Credit has a growing investor community of over 25,000.
What additional resources will be available to entrepreneurs?
Combining the expertise from Honeycomb Credit and IFW will offer community members more opportunities to learn how to get their businesses funded with the right type of capital for their business stage. We will have new coaching plans and more community events tailored to business stages.