Modtempo

Neutral
BETA

A customer-experience focused furniture shop

Analytics

Raised to Date: $5,900

Aggregate Commitments $
Platform

Honeycomb

Start Date

04/30/2020

Close Date

06/15/2020

Min. Goal

$15,000

Max. Goal

$43,500

Min. Investment

$100

Security Type

Debt

Funding Type

RegCF

Series

Seed

Weekly Commitments $
Status
Funded
Reporting Date

06/30/2020

Days Remaining
Funded
% of Min. Goal

39%

% of Max. Goal

14%

Likelihood of Max
Funded
Avg. Daily Raise

$128

# of Investors

3

Momentum
Funded
Location

Cleveland, OH

Industry

Consumer Products, Goods & Services

Tech Sector

Non-Tech

Distribution Model

B2B/B2C

Margin

Low

Capital Intensity

High

Business Type

Life Style

Modtempo, a furniture shop in Cleveland, OH, is raising funds on Honeycomb. The company provides furniture solutions focused on the customer experience and handles every aspect of the designing, buying, and the delivery process. Modtempo is creating its own lines of furniture with designer Kevin Busta and is partnering with John Schneider for sourcing. Modtempo was founded by David Reamensnyder in 2013. The proceeds of the current round of crowdfunding, with a minimum goal of $15,000 and a maximum goal of $43,500, will be used for growth and expansion. Modtempo has moved from one sale in year one to 1,100 orders by year three and has designed furniture for fashion designers, movie stars, and other celebrities. The company also has an augmented reality app for customers to try the furniture in their homes through their cell phones.

Summary Profit and Loss Statement
Most Recent Year Prior Year

Revenue

$81,799

$220,790

COGS

$32,748

$241,332

Tax

$0

$0

 

 

Net Income

$12,848

$-166,405

Summary Balance Sheet
Most Recent Year Prior Year

Cash

$3,372

$1,775

Accounts Receivable

$0

$0

Total Assets

$1,236,731

$1,775

Short-Term Debt

$34,097

$8,790

Long-Term Debt

$1,214,499

$0

Total Liabilities

$1,248,596

$41,838

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