8 Myles (2020)

8 Myles (2020)

About this raise

8 Myles, a manufacturer of wholesale foods, is raising funds on Honeycomb. The company wholesales to over 100 retailers, including Kings, Whole Foods, and Balduccis. 8 Myles makes crave-able, convenient, and clean comfort food, and has an incredible line of Mac N’ Cheeses. Myles Powell founded 8 Myles in 2015. The current crowdfunding campaign has a minimum raise of $30,000 and a maximum raise of $65,000, and the proceeds will be used for expansion of sales and marketing efforts and increasing the retail reach. 8 Myles produces and distributes through Union Kitchen and its business model is based on grocery store sales.

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Investment Overview

Invested this round: $37,500

Deal Terms

Total Commitments

Platform
Honeycomb
Start Date
08/06/2020
Close Date
09/21/2020
Min. Goal
$30,000
Max Goal
$65,000
Min. Investment

$100

Security Type

Debt

SEC Filing Type

RegCF    Open SEC Filing

Company & Team

Company

Year Founded
2015
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
High
Location
Washington, District of Columbia
Business Type
Life Style
Company Website
Visit Website

Team

Employees
1
Founder Name
Myles Powell
Title
CEO

Financials

 Revenue +3% YoY
$40,384
 Monthly Burn
$2,883
 Runway
1 months
 Gross Margin
18%

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$40,384

$39,324

COGS

$33,088

$34,811

Tax

$0

$0

 

 

Net Income

$-34,599

$-27,333

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$2,966

$4,358

Accounts Receivable

$-722

$0

Total Assets

$1,901

$4,324

Short-Term Debt

$10,464

$157

Long-Term Debt

$24,853

$22,281

Total Liabilities

$35,317

$22,438

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
12/30/2022 Honeycomb $4,500,000 $36,150 Convertible Note Funded RegCF
09/21/2020 Honeycomb - $37,500 Debt Funded RegCF
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Growth Charts

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.

Employee History

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8 Myles on Honeycomb
Platform: Honeycomb
Security Type: Debt

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Warning: according to the close date for this deal, 8 Myles may no longer be accepting investments.

8 Myles Deal Report

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