FAVER
Early Stage
A word-of-mouth recommendations platform
Overview
Raised: $36,650
Total Commitments ($USD)
Platform
Fundme
Start Date
01/14/2021
Close Date
06/29/2021
Min. Goal
$25,000
Max. Goal
$1,070,000
Min. Investment
$100
Security Type
SAFE
Series
Pre-Seed
SEC Filing Type
RegCF
Valuation Cap
$10,000,000
Discount
20%
Rolling Commitments ($USD)
Status
Not Funded
Reporting Date
07/03/2021
Days Remaining
Not Funded
% of Min. Goal
Not Funded
% of Max. Goal
Not Funded
Likelihood of Max
Not Funded
Avg. Daily Raise
$222
Momentum
Not Funded
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Year Founded
2017
Industry
Consumer Products, Goods & Services
Tech Sector
MediaTech
Distribution Model
B2C
Margin
Low
Capital Intensity
Low
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: 01/14/2021
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