Mighty Quinn's Barbeque
Growth Stage
Award-winning, fast casual group serving up authentic, slow-smoked barbeque
Overview
$528,526 - RegCF
$1,323,526 - Total
$1,323,526 - Total
Total Commitments ($USD)
Platform
SeedInvest
Start Date
02/24/2020
Close Date
04/23/2020
Min. Goal
$25,000
Max. Goal
$1,070,000
Min. Investment
$1,000
Security Type
Convertible Note
Series
Series B
SEC Filing Type
RegCF
/ RegD 506(c)
Valuation Cap
$40,000,000
Discount
20%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
05/02/2020
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$9,113
Momentum
Funded
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Year Founded
2014
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
High
Mighty Quinn’s Barbeque, with a $40 million valuation cap, is raising funds on SeedInvest. The restaurant serves authentic slow-smoked barbecue, made of the highest quality ingredients. Mighty Quinn’s Barbeque has a 13,000 square foot facility serving its corporate and licensed locations and has launched its US franchising program. The restaurant was founded by Micha Magid, Christos Gourmos, and Hugh Mangum in 2012 and raised $3 million in its Series A round of financing in 2017. The current crowdfunding round has a minimum target of $1,200,000 and a maximum target of $4,000,000, and the funds will be used for marketing and franchisee acquisition, corporate support, and general corporate purposes. Mighty Quinn’s Barbeque reported over $18 million of sales across its nine corporate locations in 2019 and achieved a 26% CAGR from 2013 to 2019.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$18,442,226 |
$16,636,021 |
|
COGS |
$6,838,768 |
$6,001,567 |
|
Tax |
$3,715 |
$6,575 |
| ||
| ||
|
Net Income |
$-2,350,538 |
$-594,528 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$1,220,381 |
$2,430,970 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$7,291,893 |
$8,951,559 |
|
Short-Term Debt |
$657,015 |
$236,352 |
|
Long-Term Debt |
$2,377,004 |
$2,547,378 |
|
Total Liabilities |
$3,034,019 |
$2,783,730 |
Financials as of: 02/24/2020
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