Merito, a Chapel Hill-based software company, raised $100,000 according to a filing with the Securities and Exchange Commission.
The company filed the Form D on Nov. 6 and did not disclose what it intended to do with the funds.
Merito’s software application can turn any game PC into a money-earning system by allows gamers to earn income passively and receive payouts via PayPal, Steam Games or through gift cards.
Evan Neal, Merito’s CEO and founder, graduated from East Chapel Hill High School in 2015. He has been experimenting in the “cryptocurrency” industry since he was a junior in high school and has founded several other similar companies prior to Merito.
The file can be found here.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.