Get Maine Lobster

Get Maine Lobster

[Closed for Investment] Get Maine Lobster, with a valuation of $40.5 million, is raising funds on StartEngine. The business delivers fresh seafood directly from the bounty of the Maine coast to the customers. Get Maine Lobster’s offerings include sweet diver scallops, wild-caught swordfish, and other high-quality and premium seafood shipped straight from the icy waters of Portland, Maine. The business has a loyal customer base and has generated $82.9 million in lifetime revenues, with $12.3 million in 2023. Mark Murrell founded Get Maine Lobster in September 2016. The current crowdfunding campaign has a minimum target of $14,998.62 and a maximum target of $617,998.62. The campaign proceeds will be used for inventory and marketing.

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Investment Overview

Raised this Round: Raised: $439,661

Deal Terms

Total Commitments ($USD)

Platform
StartEngine
Start Date
06/28/2024
Close Date
11/25/2024
Min. Goal
$14,999
Max. Goal
$617,999
Min. Investment

$249

Security Type

Equity - Preferred

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$4.02

Pre-Money Valuation

$40,470,522

Company & Team

Company

Year Founded
2016
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2C
Margin
Medium
Capital Intensity
High
Location
Portland, Maine
Business Type
Growth
Company Website
Visit Website

Team

Employees
16
Prior Founder Exits?
No
Founder Name
Mark Murrell
Title
CEO

Financials

as of May 31, 2024
 Revenue +2% YoY
$12,398,166
 Monthly Burn
$63,978
 Runway
3.2 months
Gross Margin
58%
View Detailed Financials Expand

Summary Profit and Loss Statement

FY 2023 FY 2022

Revenue

$12,398,166

$12,117,927

COGS

$5,209,595

$4,959,376

Tax

$0

$21,010

 

 

Net Income

$-767,738

$-601,539

Summary Balance Sheet

FY 2023 FY 2022

Cash

$1,240,795

$1,276,005

Accounts Receivable

$286,203

$386,669

Total Assets

$3,210,164

$2,300,848

Short-Term Debt

$2,874,011

$1,885,263

Long-Term Debt

$2,371,800

$1,683,245

Total Liabilities

$5,245,811

$3,568,508
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Company Funding & Growth

Funding history

Total Prior Capital Raised
$792,920
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
11/25/2024 StartEngine $40,470,522 $439,661 Equity - Preferred Funded RegCF
10/19/2018 SeedInvest $9,000,000 $492,920 Equity - Preferred Funded RegCF / RegD 506(c)
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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.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Get Maine Lobster on StartEngine 2024
Platform: StartEngine
Security Type: Equity - Preferred
Valuation: $40,470,522
Price per Share: $4.02

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Warning: according to the close date for this deal, Get Maine Lobster may no longer be accepting investments.

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