Strong’s Cleaners

Strong’s Cleaners

90 Year Strong, Black Owned Business

90 Year Strong, Black Owned Business

Overview

Raised to Date: Raised: $25,000

Total Commitments ($USD)

Platform

Honeycomb

Start Date

05/07/2020

Close Date

06/18/2020

Min. Goal
$10,000
Max. Goal
$25,000
Min. Investment

$100

Security Type

Debt

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Rolling Commitments ($USD)

Status
Funded
Reporting Date

06/29/2020

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$610

# of Investors

40

Momentum
Funded
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Year Founded

2014

Industry

Travel and Hospitality

Tech Sector

Non-Tech

Distribution Model

B2C

Margin

Low

Capital Intensity

High

Location

Pittburgh, Pennsylvania

Business Type

Life Style

Strong’s Cleaners, a 90-year old dry-cleaning business in Pittsburgh, PA, is raising funds on Honeycomb. The family-owned fabric care business provides dry cleaning, suede and leather cleaning, laundry service, and alterations and repairs. It has both a brick-and-mortar service and a valet pick-up and delivery and serves thousands of professionals, students, tourists, and workers. Strong’s Cleaners is owned by Justin Strong and was founded in 2014. The proceeds of the current crowdfunding campaign, with a minimum target of $10,000 and a maximum target of $25,000, will be used to scale up the business model, upgrade capacity to allow medical-grade cleaning, pay off debts. Strong’s Cleaners is one of the few companies deemed essential amidst COVID-19 and is experiencing higher medical uniform cleaning demand.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$147,508

$153,488

COGS

$72,073

$67,748

Tax

$0

$0

 

 

Net Income

$6,278

$-3,087

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$1,344

$497

Accounts Receivable

$2,200

$1,000

Total Assets

$43,894

$44,225

Short-Term Debt

$78,815

$15,022

Long-Term Debt

$11,082

$53,951

Total Liabilities

$89,897

$68,973

Financials as of: 05/07/2020
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Strong’s Cleaners on Honeycomb
Platform: Honeycomb
Security Type: Debt

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