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Social referral network Troppin files intent to raise $6 million

July 20, 2010 by

Omaha-based Troppin, an online social referral network that gives users financial rewards for referring qualifying products, recently filed notice that the company aims to raise up to 6 million dollars in investment capital.

Troppin founder Greg Ladd confirmed his company’s SEC Form D filing (Notice of Exempt Offering of Securities) via email.*

To learn more about Form D, which Troppin filed on June 30, we spoke with David Milligan, a patent attorney with Advent IP. “It’s a common best practice for startup companies to file their SEC Reg D exemption notices at an early point in their fundraising,” Milligan said. “Once filed, their Form D filing will last for up to a year while the startup company completes its fundraising offering, although they may have to file update amendments for certain material changes to the offering.”

Along with Ladd listed as the manager and chairman of the company’s board of managers, the filing also lists Cleve Adams as president and CEO of the company and Thomas Schmitz as CFO and manager on the company’s board of managers.

Troppin was founded in 2009, and in addition to offering financial rewards, or “bounties,” to users, it offers its vendors a way to boost sales by driving repeat and referral-based business.

Here’s a “How It Works” infographic from Troppin’s about page:

To view Troppin’s SEC Form D filed on June 30, visit sec.gov/archives/edgar.

* 9:10 a.m. – Ladd quote removed, replaced with “confirmed.”

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