Kingscrowd Podcast

10 Years of Reg CF, Reg Crypto, and the Future of Startup Investing

This week on the Kingscrowd Podcast, Brian Belley and Scott Kitun break down three major developments shaping the future of retail investing and online private markets. First, they reflect on the 10-year anniversary of Regulation Crowdfunding, exploring how the industry has evolved from an experimental framework into a market that has helped companies raise more than $13 billion from everyday investors. The conversation then shifts to the newly proposed CLARITY Act and the emergence of “Reg Crypto,” a potential new fundraising exemption designed specifically for blockchain-native projects. Brian and Scott discuss what the legislation could mean for tokenized assets, startup fundraising, liquidity, and the broader future of private investing. Finally, they examine the viral “Let’s Buy Spirit Airlines” campaign and what it says about retail investor appetite for collective ownership and crowd-powered finance. Chapters 00:13 Welcome Back + 10 Years of Reg CF 01:20 Crowdfunding by the Numbers 02:27 Retail Investing Has Changed Forever 04:42 The CLARITY Act Explained 05:29 What Is Reg Crypto? 07:40 Tokenized Investing & Crypto Markets 13:58 Tokenized Securities vs Crypto Assets 18:28 Could Reg CF Evolve Next? 20:02 The Future of Startup Investing 24:57 Can the Crowd Buy Spirit Airlines? 27:30 DAOs, Crowd Ownership & Retail Investing 31:16 The Rise of Ownership Culture

Evaluating Totem’s $15M Bet on Offline Navigation Tech

Brian Belley and Teddy Lyons open the episode with a reminder about Kingscrowd’s upcoming Atlanta Startup Showcase before diving into Totem [https://kingscrowd.com/totem-on-wefunder-2025/], a consumer hardware startup building wearable offline tracking devices for concerts, festivals, cruises, and crowded venues (00:00-01:32). Teddy explains how Totem’s proprietary mesh network technology allows users to locate friends and family without relying on cellular service, GPS, or Wi-Fi, and why the product immediately resonated with live event audiences (01:32-05:06). The conversation then shifts toward Totem’s early traction, including 52,000 users, $1.7 million in 2025 revenue, and more than 600 million organic social media views generated with virtually no paid advertising (05:06-08:46). Brian and Teddy debate whether the company’s virality can translate into long-term scalable growth, discussing subscription potential, venue partnerships, hardware margins, and rental opportunities across festivals, cruises, and amusement parks (08:46-14:31). Léa Bouhelier-Gautreau joins later in the episode to question Totem’s customer acquisition durability, pricing strategy, and adoption hurdles, while the team explores how the company may evolve from a viral gadget into a broader consumer platform with recurring venue and analytics opportunities (14:31-17:52).

Why Private Market Funds Are Exploding in 2026

Brian Belley and Scott Kitun open the episode by discussing Scott’s new role and the launch of GigaStar Capital before zooming out to a larger trend: the rise of private market funds for both accredited and retail investors (00:00–03:40). Scott explains how the new creator-focused fund is built around revenue streams, monthly payouts, and the idea of creator income as a kind of “digital real estate,” while Brian compares the fund structure to broader shifts happening across Fundrise, AngelList, Robinhood, Republic, and other private market products (03:40–11:25). The conversation then breaks down why GigaStar chose a permanent capital vehicle structure, how evergreen funds differ from traditional venture funds, and why liquidity, secondary markets, and flexible fund mechanics may matter more as private markets mature (11:25–20:12). Brian and Scott close by debating whether these fund products compete with traditional crowdfunding or expand the overall market, why retail investors may prefer diversified baskets over one-off startup picking, and how platforms like Kingscrowd could help investors compare the growing universe of private market funds (20:12–40:20).

KC Podcast: AngelList’s USVC Fund + Alaffia Deal Review — What Retail Investors Need to Know

AngelList just launched a new registered fund that allows retail investors to access top-tier private companies like OpenAI and Anthropic with just a $500 minimum. In this episode, Brian Belley and Scott Kitun break down what this means for the future of private market investing — and why investors need to look closely at fees, structure, and timing before jumping in. Then, Teddy Lyons and Léa Bouhelier-Gautreau dive into a unique deal review of Alaffia, a clean beauty brand rebuilding after a private equity acquisition disrupted its supply chain. With the founder back and a new team in place, the question becomes: can this company reclaim its growth — and exceed it?   02:30 — What the USVC fund actually is 04:00 — Why this is a big moment for retail investing 06:30 — The hidden issue: secondary exposure 09:00 — Are retail investors buying too late? 11:00 — Fees, carry, and layered fund structures 14:00 — Funds vs picking individual startups 16:00 — Why portfolios may outperform retail investors 18:00 — Long-term expectations (and reality check) 20:00 — Where private market investing is heading 24:30 — Deal review intro: Alaffia 25:30 — Alaffia origin story & private equity impact 28:00 — Financials breakdown & revenue drop 30:00 — Key concern: growth ceiling 32:00 — Private equity case study (Toys “R” Us comparison) 34:00 — Why the new team matters 36:00 — Valuation analysis (~1x revenue) 38:00 — Final takeaways: betting on the team

Why Crowdfunding Is Bigger (and More Confusing) Than Ever

Brian and Scott kick things off by recapping Investment Crowdfunding Week and the growing expansion into new asset classes like creators and collectibles (01:40). They introduce the core idea that crowdfunding has become a “buffet” of opportunities — spanning startups, SMBs, fractional assets, and more (03:05). The conversation then shifts to platform innovation, including new security types, revenue-share structures, and acquisitions like StartEngine’s move into wine investing via Vinovest (07:54). Midway through, Brian shares insights from a global crowdfunding research conference, highlighting how Europe’s market has evolved differently — with more debt-focused investing and less startup-driven hype (22:25). The episode closes with a critical discussion on why crowdfunding hasn’t fully met expectations: retail investors invest too infrequently, with too little capital, and often misunderstand venture-style outcomes — making repeat behavior and portfolio construction the real missing pieces (27:45).