Hundy (2020)

About this raise

Hundy, with a $5.5 million valuation cap, is raising funds on StartEngine. The mobile app helps people get microloans from people around them safely and quickly. The company is giving a unique approach to peer-to-peer lending and rewards good behaviour of people with higher creditworthiness. The borrowers can borrow up to $250, with a payback period of 31 days. Hundy was founded by Pete Budlong and Ram Hegde in 2016 and has raised over $900,000 since its inception. The proceeds of the current crowdfunding round, with a minimum target of $10,000 and a maximum target of $448,375, will be used to grow and expand the target audience. Hundy has already helped originate 7,000 loans on loan volume of $750,000. The app has a 92% active borrower retention rate and over 190,000 people on the waitlist.

Investment Overview

Invested this round: $136,375

Deal Terms
Company & Team

Total Commitments

Platform: StartEngine
Start Date: 06/05/2020
Close Date: 12/16/2020

Min. Goal
$10,000

Max Goal
$448,375

Min. Investment

$100

Security Type

Convertible Note

Series

Seed

SEC Filing Type

RegCF

Valuation Cap

$5,500,000

Discount

20%

Company

Year Founded: 2016
Industry: Financial & Insurance Products & Services
Tech Sector: Fintech
Distribution Model: C2C
Margin: High
Capital Intensity: Low
Location: Miami, Florida
Business Type: High Growth
Company Website: Visit Website

Team

Employees: 8

Founder Name: Pete Budlong
Title: CEO

Founder Name: Ramachandra Hegde
Title: VP Engineering

Financials

Revenue +1,112% YoY: $26,815
Monthly Burn: $11,730
Runway: 0.5 months

View Detailed Financials

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$26,815	$2,211
COGS	$0	$0
Tax	$0	$0


Net Income	$-140,760	$-134,647

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$5,525	$2,186
Accounts Receivable	$0	$0
Total Assets	$61,422	$18,597
Short-Term Debt	$98,869	$61,213
Long-Term Debt	$0	$0
Total Liabilities	$98,869	$61,213

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Ratings

Close Date	Platform	Valuation	Total Raised	Security Type	Status	Reg Type
07/27/2021	StartEngine	$5,750,000	$96,798	Convertible Note	Funded	RegCF
12/16/2020	StartEngine	$5,500,000	$136,375	Convertible Note	Funded	RegCF
11/30/2019	StartEngine	$4,000,000	$107,000	Convertible Note	Funded	RegCF

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Revenue
Valuation
Employees

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

Employee History

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View on StartEngine

Conv. Note, $5.5M • Closed

3 Following

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18 Invested

Deal Considerations

1
Key Challenges
- Try Edge free for 7 days
Other Risks
- No other risks found

Hundy (2020)

Hundy (2020)

About this raise