Toros close Wefunder round at $73,116 from 126 fan investors
The San Antonio Toros have closed their Wefunder community round with $73,116 from 126 investors, according to the club’s public Wefunder page and an update the club sent investors on Oct. 1. The total clears the round’s $50,000 minimum by about 46%, but lands at roughly 59% of the $124,000 maximum the team was allowed to raise.
The numbers
According to the update the club sent investors, the round finished with 128 individual investments from 126 investors, an average investment of $571 and a median of $200. The final week added $2,000 and nine investors. The page also had 76 followers, and followers plus investors grew from 12 on Jan. 1 to 203 by the close.
The offering was a Regulation Crowdfunding raise filed with the SEC by Toros Ownership Group LLC. Investors bought a SAFE (simple agreement for future equity), per the company’s Form C, with a $100 minimum on Wefunder. Wefunder lists a $3 million post-money valuation cap, with an early-bird cap of $2.7 million. In a Q&A answer on the campaign page, Mair also described a 20% discount on future priced rounds. The Form C says Wefunder’s portal takes 7.9% of the amount raised in a successful round. Under SEC rules, a company can raise up to $5 million in 12 months through Reg CF, so the $124,000 ceiling was the team’s own choice, not a legal limit.
How it was raised
Most of the money came in fast. Wefunder records show the SAFE round opened for funding on June 2, the same day the Form C was filed, and auto-closed at the end of Sept. 30. Before that, the page was in a testing-the-waters phase, collecting reservations; the San Antonio Express-News reported $63,261 from 91 investors as of May 24. The funding chart in the investor update climbs steeply through June, reaching about $60,000 by early July. After that it rises slowly for three months.
The club’s update points to the $200 median as evidence of a fan-built round, and the numbers support that. Half of the investments were $200 or less, in line with the $100 and $300 entry perk tiers listed on the campaign page. The average is almost three times the median, though, so a smaller group of bigger checks did a lot of the lifting. One featured investor on the public page put in $5,800. Public tallies were also briefly higher during the summer. In a July 9 LinkedIn post, Mair reported $75,941 from 124 investors, which means some money committed mid-round did not make it into the final total.
How it compares
Fan-ownership raises by lower-division and startup teams vary widely in size. The table below uses each campaign’s final public figures. Average check is dollars raised divided by investors.
| Team (type) | Platform, year | Raised | Investors | Avg. per investor |
|---|---|---|---|---|
| San Antonio Toros (CoFL football) | Wefunder, 2026 | $73,116 | 126 | $580 |
| Temecula FC (Calif. minor-league soccer) | Wefunder, 2023 | $67,962 | 83 | $819 |
| FCF Wild Aces (Fan Controlled Football) | Republic, 2021 | $297,553 | 618 | $481 |
| Chattanooga FC (soccer, then NPSL) | Wefunder, 2019 | $872,375 | 3,254 | $268 |
| Minnesota Aurora FC (women’s soccer, USL W) | Wefunder, 2021 | $1,000,000 | 3,080 | $325 |
| Detroit City FC (soccer) | Wefunder, 2020–21 | $1,485,000 | 2,708 | $548 |
Temecula FC is the closest match. It used the same $50,000 minimum and $124,000 maximum and ran for about three months in 2023. The Toros finished ahead on both dollars and investors. The million-dollar raises all came from clubs with years of supporter culture behind them. Chattanooga, for example, pitched a decade of top NPSL attendance. At the top end, Oakland Roots says 5,000-plus investors put $3.1 million into its 2023 Wefunder round, which the club calls a record for U.S. sports equity crowdfunding.
Our take
For a first-year team in a relaunched league, this was a solid result. The Toros signed up 126 investors in their first year, cleared their minimum and beat the closest comparable raise. That happened in a city where, as the Express-News noted, at least 11 outdoor and three indoor pro teams have come and gone since the original Toros. The investor count shows real local buy-in.
The limits are just as clear. The round reached about three-fifths of its maximum. Nearly all of the momentum came in the first month, and the final three months added relatively little, even through a 5-0 championship season. In total dollars, $73,116 is small next to the soccer clubs above. It is also roughly a tenth of the $600,000 to $700,000 in Year 1 expenses the team projected to the Express-News. The raise helps, but sponsorships, tickets and the planned training facility will have to carry most of the business plan. A future round would be a test of whether a title team can grow its fan base beyond the early believers.
What’s next
“We’re thankful for our investors, the community’s support, our admin team, and our football players and staff,” said Joshua Mair, Managing Partner and Team President of the Toros. “We won a championship in 2026, and we’re working to defend it in 2027.”
Mair provided the statement to SA Snap Count on Oct. 1.
According to the update the club sent investors, the Toros are now preparing for the 2027 season. Coach and player announcements are set to start in January, and the club hopes to share training-facility news soon. Perk fulfillment and off-season planning are ongoing in the meantime.