Groomit

Groomit

Closed: Feb. 2021

About this raise

Groomit, with a $7 million valuation cap, is raising funds on Wefunder. It is an on-demand platform that connects pet owners with pet stylists. The platform offers same-day pet grooming bookings with customizable packages. The experience is personalized and safe, connected with an extensive network of certified groomers. Sohel Kapadia founded Groomit in January 2020 and has raised over $2.4 million since its inception. The proceeds of the current crowdfunding campaign, with a minimum raise of $200,000 and a maximum raise of $1,070,000, will be used for software development, hiring talent, and marketing and growth. Groomit has over 20,000 users and has completed more than 12,000 groomings. The company generated $1.5 million in revenue in the NY market and is easily scalable to major metro cities.

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Investment Overview

Invested this round: $238,944

Deal Terms

Total Commitments ($USD)

Platform
Wefunder
Start Date
09/01/2020
Close Date
02/19/2021
Min. Goal
$200,000
Max Goal
$1,070,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$7,000,000

Discount

0%

Company & Team

Company

Year Founded
2020
Industry
Pet Health, Food, and Services
Tech Sector
MarketplaceTech
Distribution Model
B2B2C
Margin
Medium
Capital Intensity
Low
Location
Yonkers, New York
Business Type
Growth
Company Website
Visit Website

Team

Employees
20
Prior Founder Exits?
No
Founder Name
Anna Zege
Title
President
Founder Name
Sohel Kapadia
Title
CEO

Financials

 Revenue
$596,470
 Monthly Burn
$77,756
 Runway
0.6 months
Gross Margin
19%

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$596,470

$0

COGS

$483,289

$0

Tax

$9,762

$0

 

 

Net Income

$-933,072

$0

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$49,345

$0

Accounts Receivable

$1,071

$0

Total Assets

$112,846

$0

Short-Term Debt

$1,903,303

$0

Long-Term Debt

$0

$0

Total Liabilities

$1,903,303

$0

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
02/19/2021 Wefunder $7,000,000 $238,944 SAFE Funded RegCF
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Groomit on Wefunder
Platform: Wefunder
Security Type: SAFE
Valuation: $7,000,000

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