Scott – I believe what you said to be mostly correct. Per the Lead Investor Founder FAQ page:
- The issuer chooses the lead investor, with the approval of Wefunder (must be mutually agreed upon)
- Wefunder will “almost always approve a Lead Investor that invests $20,000 or more on the same terms as other Wefunder investors, provided there is no conflict of interest or family ties.”
- Otherwise, they only ask that a Lead Investor invests at least $1,000 in the company on the same terms
- Looks like the only major disqualifier is that they can’t be a family member