It may be summer, but regular people all over the nation have a chance to invest in heated jackets.

Provo-based Ravean opened both a Regulation Crowdfunding and a Regulation D seed investment rounds July 27. Regulation Crowdfunding, also known as a Reg. CF round, is a Securities and Exchange Commission approved securities crowdfunding avenue for non-accredited investors – allowing them to become stakeholders in pre-IPO companies, an opportunity that was not available until 2016. Regulation D investments are restricted to accredited investors.

Ravean, a young startup specializing in heated and smartphone friendly outerwear, is offering its investment through SeedInvest, for as little as $500. According to SeedInvest documents, the company is currently valued at $5.4 million.

Ravean cofounder Bryce Fisher said he and fellow cofounders took this step as a way to allow their backers and customers the opportunity to be some of the first investors in Ravean. Fisher and team are no strangers to bringing in million-dollar sales – the company has two successful Kickstarter campaigns that totaled more than $2 million. Fisher said in just the two years that Ravean has been in business, it’s generated more than $4.5 million in sales.

“And we’re ready to grow,” Fisher said.

But growth is very expensive in the heated jacket industry. Fisher explained that the company has moved from ordering 8,000 jacket units to 30,000 each order. For Ravean, that’s a million dollar purchase order each time.

“It’s a lot of cash for a startup,” Fisher said.

The demand is there, though. Fisher said one of their orders in 2016 sold out in three months.

“We could barely hold onto our inventory. We’ve proven in the last two years that there is that sort of demand,” Fisher said.

So Ravean decided to go to the source of its past success – its backers.

“Our backers have been so supportive, so we decided to let them in first, let them be a part of this company first,” Fisher said. “They can become a part of this company and help build it.”

SeedInvest is an equity crowdfunding platform that provides individual investors with access to pre-vetted startup investment opportunities. SeedInvest has funded more than 160 startups and boasts a rapidly growing network of about 180,000 investors. Of the more than 13,000 startups apply to SeedInvest to raise capital, it has accepted less than 1 percent of those companies to feature on the platform.

Ravean is offering securities under Regulation CF and Rule 506© of Regulation D through SI Securities, LLC. The company has filed a Form C with the Securities and Exchange Commission in connection with its offering. Both the Regulation CF and Regulation D round will end Sept. 25.

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