Groomit
Early Stage
Groomit is an on-demand platform that connects pet owners with pet stylists.
Overview
Raised: $238,944
Total Commitments ($USD)
Platform
Wefunder
Start Date
08/31/2020
Close Date
02/19/2021
Min. Goal
$200,000
Max. Goal
$1,070,000
Min. Investment
$100
Security Type
SAFE
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$7,000,000
Discount
0%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
02/27/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,397
# of Investors
107
Momentum
Funded
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Year Founded
2020
Industry
Pet Health, Food, and Services
Tech Sector
MarketplaceTech
Distribution Model
B2B2C
Margin
Medium
Capital Intensity
Low
Groomit, with a $7 million valuation cap, is raising funds on Wefunder. It is an on-demand platform that connects pet owners with pet stylists. The platform offers same-day pet grooming bookings with customizable packages. The experience is personalized and safe, connected with an extensive network of certified groomers. Sohel Kapadia founded Groomit in January 2020 and has raised over $2.4 million since its inception. The proceeds of the current crowdfunding campaign, with a minimum raise of $200,000 and a maximum raise of $1,070,000, will be used for software development, hiring talent, and marketing and growth. Groomit has over 20,000 users and has completed more than 12,000 groomings. The company generated $1.5 million in revenue in the NY market and is easily scalable to major metro cities.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$596,470 |
$0 |
|
COGS |
$483,289 |
$0 |
|
Tax |
$9,762 |
$0 |
| ||
| ||
|
Net Income |
$-933,072 |
$0 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$49,345 |
$0 |
|
Accounts Receivable |
$1,071 |
$0 |
|
Total Assets |
$112,846 |
$0 |
|
Short-Term Debt |
$1,903,303 |
$0 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$1,903,303 |
$0 |
Financials as of: 08/31/2020
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