Idle

Idle

Closed: Jan. 2022

About this raise

Idle, with a $5 million valuation cap, is raising funds on Wefunder. The company has developed a peer-to-peer smartphone app that allows users to rent and rent out their idle goods. The platform brings owners and renters together, allows users to rent anything and earn any time, and simplifies the process. Nicholas Luft founded Idle in May 2017. The proceeds of the current crowdfunding round, with a minimum goal of $50,000 and a maximum goal of $250,000, will target marketing, business development, social media campaigns, and overheads. Idle has an existing user base with over 175,000 installs. The app allows users to participate in the shared economy and reduce CO2 emissions and waste.

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Investment Overview

Invested this round: $54,228

Deal Terms

Total Commitments ($USD)

Platform
Wefunder
Start Date
06/24/2021
Close Date
01/23/2022
Min. Goal
$50,000
Max Goal
$250,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$4,000,000

Valuation Cap

$5,000,000

Discount

15%

Company & Team

Company

Year Founded
2017
Industry
Consumer Products, Goods & Services
Tech Sector
MarketplaceTech
Distribution Model
C2C
Margin
Low
Capital Intensity
Low
Location
Marietta, Georgia
Business Type
Growth
Company Website
Visit Website

Team

Employees
2
Prior Founder Exits?
Yes
Founder Name
Nicholas Luft
Title
CEO
Founder Name
Jon Harris

Financials

 Revenue
$19,709
 Monthly Burn
$9,988
 Runway
0 months

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$67,508

$2,306

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-119,851

$-114,249

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$0

$52,343

Accounts Receivable

$0

$0

Total Assets

$0

$52,343

Short-Term Debt

$67,508

$0

Long-Term Debt

$0

$0

Total Liabilities

$67,508

$0

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
01/23/2022 Wefunder $5,000,000 $54,228 SAFE Funded RegCF
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Add to portfolio
Idle on Wefunder 2021
Platform: Wefunder
Security Type: SAFE
Valuation: $5,000,000

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

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