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Publicly advertising an investment opportunity is simply not allowed.

I thought the recent rule changes allowed this now... isn't this what Angel List is essentially doing?

The downside is, you still have to deal with investors and all that comes with them. Dealing with a lot of small investors is often a much bigger headache than dealing with one or two large investors.

Taking on ... 300 small investors is a nightmare. They require far more work on average per dollar invested than larger investors do.

Many countries have rules against publicly recommending a stock without a proper certification

In this particular case, they probably still don't need the money.