8 Myles
A manufacturer of gourmet foods
Overview
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
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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