Fast Bags Corp

Fast Bags Corp

Closed: Apr. 2024

About this raise

Fast Bags Corp, with a valuation of $9.54 million, is raising funds on Wefunder. The company makes biodegradable trash bags that break down in two years. The trash bags of Fast Bags Corp, BagUps, are patent-protected and offer ease of use, convenience, and a good experience to the customers. Fast Bags Corp increased its sales by 277% from January to July 2022, compared to the same period in 2021, and plans to introduce many new products in the future. Jack Licata founded Fast Bags Corp in January 2007. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $499,999. The campaign proceeds will be used for advertising and repayment of advanced advertising loans, production equipment, and R&D for new products.

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Investment Overview

Invested this round: $158,440

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
01/12/2023
Close Date
04/29/2024
Min. Goal
$50,000
Max Goal
$499,999
Min. Investment

$100

Security Type

Equity - Preferred

Company Stage

Early Stage

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$2.00

Early Bird Valuation

$8,588,599

Pre-Money Valuation

$9,542,888

Company & Team

Company

Year Founded
2007
Industry
Consumer Products, Goods & Services
Tech Sector
Cleantech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
Low
Location
Bernardsville, New Jersey
Business Type
Growth
Company Website
Visit Website

Team

Employees
1
Prior Founder Exits?
No
Founder Name
Jack Licata
Title
CEO

Financials

 Revenue
$270,850
as of FY2022
 Monthly Burn
$23,752
as of FY2022
 Runway
1.5 months
as of FY2022
 Gross Margin
73%
as of FY2022

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$560,032

$270,850

COGS

$153,922

$84,195

Tax

$1,085

$681

 

 

Net Income

$-285,027

$-74,039

Summary Balance Sheet

FY 2022 FY 2021

Cash

$34,552

$34,741

Accounts Receivable

$0

$0

Total Assets

$64,094

$64,572

Short-Term Debt

$344,464

$107,315

Long-Term Debt

$0

$0

Total Liabilities

$344,464

$107,315

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$104,667
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/29/2024 Wefunder $9,542,888 $158,440 Equity - Preferred Funded RegCF
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Add to portfolio
Fast Bags Corp on Wefunder 2023
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $9,542,888
Price per Share: $2.00

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