Knack
Early Stage
Bags by, and for, mobile workers
Overview
Raised: $111,710
Total Commitments ($USD)
Platform
StartEngine
Start Date
07/20/2020
Close Date
01/13/2021
Min. Goal
$10,000
Max. Goal
$1,069,998
Min. Investment
$248
Security Type
Equity - Common
Series
Seed
SEC Filing Type
RegCF
Price Per Share
$0.80
Pre-Money Valuation
$6,540,000
Rolling Commitments ($USD)
Status
Funded
Reporting Date
01/30/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$635
# of Investors
177
Momentum
Funded
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Year Founded
2018
Industry
Apparel & Fashion
Tech Sector
Non-Tech
Distribution Model
B2C
Margin
Medium
Capital Intensity
Low
Knack, with a pre-money valuation of $6.5 million, is raising funds on StartEngine. The company makes patent-pending backpacks for mobile workers. The styling and multi-purpose bags of Knack can be used to carry many different things, all in one place. They work as laptop bags and also have a hidden compartment that opens to form a suitcase when needed. Knack was founded by Chad Mellen and Keith Bristol in 2018. The company’s current crowdfunding round has a minimum target of $10,000 and a maximum target of $1,069,998.40. The proceeds will be used to continue to create innovative bags and accessories and spread the word about the company. Knack has already shipped over 9,500 units and generated over $1 million in sales in the first 17 months of shipping.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$686,288 |
$109,311 |
|
COGS |
$277,589 |
$40,129 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-784,643 |
$-449,410 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$414,667 |
$468,336 |
|
Accounts Receivable |
$4,229 |
$13,081 |
|
Total Assets |
$908,630 |
$741,672 |
|
Short-Term Debt |
$139,198 |
$91,078 |
|
Long-Term Debt |
$1,224 |
$876 |
|
Total Liabilities |
$140,422 |
$91,954 |
Financials as of: 07/20/2020
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