8 Myles

8 Myles

Early Stage

A manufacturer of gourmet foods

A manufacturer of gourmet foods

Overview

Raised this Round: Raised: $36,150

Total Commitments ($USD)

Platform

Honeycomb

Start Date

11/06/2022

Close Date

12/30/2022

Min. Goal
$25,000
Max. Goal
$250,000
Min. Investment

$100

Security Type

Convertible Note

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$4,500,000

Discount

25%

Year Founded

2015

Industry

Food, Beverage, & Restaurants

Tech Sector

Non-Tech

Distribution Model

B2C

Margin

Low

Capital Intensity

Low

Location

Washington, District of Columbia

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: 11/06/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
8 Myles 12/29/2022 Honeycomb $4,500,000 $36,150 Convertible Note Funded RegCF
8 Myles 09/20/2020 Honeycomb - $37,500 Debt Funded RegCF
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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8 Myles on Honeycomb 2022
Platform: Honeycomb
Security Type: Convertible Note
Valuation: $4,500,000

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