FAVER

Early Stage

A word-of-mouth recommendations platform

Analytics

Raised to Date: Raised: $36,650

Aggregate Commitments $

Platform

Fundme

Start Date

01/15/2021

Close Date

06/29/2021

Min. Goal

$25,000

Max. Goal

$1,070,000

Min. Investment

$100

Security Type

SAFE

Funding Type

RegCF

Series

Pre-Seed

Valuation Cap

$10,000,000

Discount Rate

20%

Rolling Commitments $

Status
Funded
Reporting Date

07/04/2021

Days Remaining
Funded
% of Min. Goal

147%

% of Max. Goal

3%

Likelihood of Max
Funded
Avg. Daily Raise

$222

Momentum
Funded
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Location

American Fork, Utah

Industry

Consumer Products, Goods & Services

Tech Sector

MediaTech

Distribution Model

B2C

Margin

Low

Capital Intensity

Low

Business Type

Growth

FAVER, a word-of-mouth recommendations platform, is raising funds on FundMe. The platform helps people to give and get recommendations from their friends. The users ultimately get to spend their money on trusted things rather than wasting it on trial and error consumerism. Brandon Towner and David Spafford founded FAVER in 2017. The proceeds of the current crowdfunding raise, with a minimum goal of $25,000 and a maximum goal of $1,070,000, will be used towards product launch, team growth, marketing, app development, and other expenses. FAVER has already built its minimum viable product (MVP) and launched its beta test in the fall of 2020. The MVP iteration testing generated high engagement with the customers.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$0

$0

COGS

$0

$0

Tax

$1,175

$909

 

 

Net Income

$-13,764

$-12,901

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$193,947

$102,668

Accounts Receivable

$0

$0

Total Assets

$326,908

$140,672

Short-Term Debt

$0

$0

Long-Term Debt

$300,000

$100,000

Total Liabilities

$300,000

$100,000

Financials as of: 01/15/2021
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FAVER on FundMe
$
Platform: Fundme
Security Type: SAFE
Valuation: $10,000,000

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