Gullo Seafood

Gullo Seafood

Closed: Jun. 2024

About this raise

Gullo Seafood is raising funds on Honeycomb. It is a wholesale seafood business in Westbury, New York. Gullo Seafood caters to a variety of clients, including hospitals, airlines, hotels, and restaurants, and has been recognized as one of the Top 10 seafood distributors for its high quality and service. The business has been highlighted in various TV and radio talk shows and plans to open a retail location soon. Frank Gullo founded Gullo Seafood in December 2006. The current crowdfunding campaign has a minimum target of $60,000 and a maximum target of $124,000. The campaign proceeds will be used for inventory, the opening of the new retail space, and the purchase of equipment.

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Investment Overview

Not Funded: $8,350

Deal Terms

Total Commitments

Platform
Honeycomb
Start Date
05/27/2024
Close Date
06/27/2024
Min. Goal
$60,000
Max Goal
$124,000
Min. Investment

$100

Security Type

Debt

Series

Pre-Seed

SEC Filing Type

RegCF    Open SEC Filing

Interest Rate

12.50%

Term Length

3.0 years

Company & Team

Company

Year Founded
2006
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2B2C
Margin
Low
Capital Intensity
Low
Location
Westbury, New York
Business Type
Life Style
Company Website
Visit Website

Team

Employees
15
Prior Founder Exits?
No
Founder Name
Frank Gullo
Title
CEO

Financials

as of Fiscal Year 2023
 Revenue +172% YoY
$13,217,381
 Monthly Burn
$27,824
 Runway
24+ months
Gross Margin
30%

Summary Profit and Loss Statement

FY 2023 FY 2022

Revenue

$13,217,381

$4,853,110

COGS

$9,235,060

$3,689,381

Tax

$0

$0

 

 

Net Income

$-333,883

$-456,585

Summary Balance Sheet

FY 2023 FY 2022

Cash

$1,015,022

$462,393

Accounts Receivable

$1,221,925

$1,066,365

Total Assets

$2,808,796

$2,497,764

Short-Term Debt

$2,027,826

$1,831,175

Long-Term Debt

$2,342,214

$1,857,949

Total Liabilities

$4,370,040

$3,689,124

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$0
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
06/27/2024 Honeycomb - $8,350 Debt Not Funded RegCF
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Gullo Seafood on Honeycomb 2024
Platform: Honeycomb
Security Type: Debt

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