PromSocial
Early Stage
Mobile app that makes the entire prom experience fun & stress-free
Overview
Raised: $59,650
Total Commitments ($USD)
Platform
Wefunder
Start Date
09/12/2019
Close Date
04/17/2020
Min. Goal
$50,000
Max. Goal
$100,000
Min. Investment
$100
Security Type
SAFE
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$2,000,000
Discount
0%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
04/29/2020
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$275
# of Investors
88
Momentum
Funded
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Year Founded
2019
Industry
Media, Entertainment & Publishing
Tech Sector
MarketplaceTech
Distribution Model
B2B/B2C
Margin
High
Capital Intensity
Low
PromSocial, the mobile app designed to make the prom planning process fun and stress-free, is raising funds on WeFunder. The PromSocial app uses technological solutions to bring all aspects of prom experience to the teen population in an integrated manner. The app includes powerful planning, social media, e-commerce, dating, and even logistics. PromSocial was founded by Ed Abdel-Malak, Michael Hudak, and Ravi Koltur in 2013 and was one of the finalists in Shark Tank Season 11. The current round of crowdfunding has a minimum goal of $50,000 and a maximum goal of $100,000, and the proceeds will be used for development, and sales & marketing. PromSocial launched its open beta in January 2019 and already has more than 3,000 users. The company also has a verbal commitment from a large high school to use the app for their Prom 2020.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$0 |
$0 |
|
COGS |
$0 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-2,300 |
$0 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$10,000 |
$0 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$10,000 |
$0 |
|
Short-Term Debt |
$0 |
$0 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$0 |
$0 |
Financials as of: 09/12/2019
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