8 Myles

Early Stage

A manufacturer of gourmet foods

Overview

Raised to Date: Raised: $36,150

Total Commitments ($USD)

Platform

Honeycomb

Start Date

11/07/2022

Close Date

12/30/2022

Min. Goal

$25,000

Max. Goal

$250,000

Min. Investment

$100

Security Type

Convertible Note

Series

Seed

Funding Type

RegCF

Valuation Cap

$4,500,000

Discount Rate

25%

Rolling Commitments ($USD)

Status
Funded
Reporting Date

01/01/2023

Days Remaining
Funded
% of Min. Goal

145%

% of Max. Goal

14%

Likelihood of Max
Funded
Avg. Daily Raise

$682

# of Investors

30

Momentum
Funded
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Location

Washington, District of Columbia

Industry

Food, Beverage, & Restaurants

Tech Sector

Non-Tech

Distribution Model

B2C

Margin

Low

Capital Intensity

Low

Business Type

Growth

8 Myles is raising funds on Honeycomb. The company manufactures wholesale foods and sells them to over 100 retailers, including Kings, Whole Foods, and Balducci’s. 8 Myles makes craveable, convenient, and clean comfort food and has an incredible line of Mac N’ Cheeses. The business grew from $35,000 in revenue in 2020 to $330,000 in 2022 and has expanded from 75 to over 1,200 stores nationwide. Myles Powell founded 8 Myles in 2015. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $250,000. The campaign proceeds will be used for marketing, operating expenses, team hiring, a brand refresh, and equipment purchase.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$142,399

$44,407

COGS

$111,746

$26,399

Tax

$0

$0

 

 

Net Income

$-28,588

$-37,983

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$20,689

$14,615

Accounts Receivable

$15,968

$0

Total Assets

$36,657

$13,854

Short-Term Debt

$25,054

$19,984

Long-Term Debt

$78,658

$72,986

Total Liabilities

$103,712

$92,969

Financials as of: 11/07/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
8 Myles 12/30/2022 Honeycomb $4,500,000 $36,150 Convertible Note Funded RegCF
8 Myles 09/21/2020 Honeycomb - $37,500 Debt Funded RegCF
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8 Myles on Honeycomb 2022
$
Platform: Honeycomb
Security Type: Convertible Note
Valuation: $4,500,000
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