CrossNet

CrossNet

Growth Stage

The Fastest Growing Backyard Game in History

The Fastest Growing Backyard Game in History

Overview

Raised this Round: Raised: $171,872

Total Commitments ($USD)

Platform

Wefunder

Start Date

08/31/2022

Close Date

11/24/2022

Min. Goal
$50,000
Max. Goal
$1,070,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$12,500,000

Valuation Cap

$15,000,000

Discount

0%

Year Founded

2017

Industry

Media, Entertainment & Publishing

Tech Sector

MediaTech

Distribution Model

B2B/B2C

Margin

Medium

Capital Intensity

Low

Location

Miami Beach, Florida

Business Type

Growth

CrossNet, with a valuation of $15 million, is raising funds on Wefunder. It is a fast-growing backyard game that works as a four-square volleyball game. The game has over 100,000 active players and is played in more than 10,000 schools. CrossNet products are also sold internationally in 47 countries and have generated $24 million in sales. The business has a digital-first approach of connecting and engaging with customers and has achieved a 316% revenue growth since 2019. Gregory Meade, Chris Meade, and Michael Delpapa founded CrossNet in September 2017. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.07 million. The campaign proceeds will be used for funding additional inventory in several new SKUs and marketing.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$8,180,488

$9,099,583

COGS

$3,306,100

$3,637,232

Tax

$0

$0

 

 

Net Income

$-1,725,997

$1,718,900

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$131,636

$455,286

Accounts Receivable

$193,022

$299,719

Total Assets

$1,293,301

$2,640,949

Short-Term Debt

$1,609,527

$604,120

Long-Term Debt

$0

$0

Total Liabilities

$1,609,527

$604,120

Financials as of: 08/31/2022
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CrossNet on Wefunder 2022
Platform: Wefunder
Security Type: SAFE
Valuation: $15,000,000

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