Overview

Raised to Date: Raised: $61,944

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Total Commitments ($USD)

Platform

StartEngine

Start Date

05/03/2022

Close Date

10/31/2022

Min. Goal

$10,000

Max. Goal

$890,000

Min. Investment

$250

Security Type

Equity - Common

Series

Seed

SEC Filing Type

RegCF    

Price Per Share

$0.39

Pre-Money Valuation

$9,803,251

Rolling Commitments ($USD)

Status

Funded

Reporting Date

11/05/2022

Days Remaining

Funded

% of Min. Goal

Funded

% of Max. Goal

Funded

Likelihood of Max

Funded

Avg. Daily Raise

$344

# of Investors

68

Momentum

Funded

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Localvore

Year Founded

2011

Industry

Food, Beverage, & Restaurants

Tech Sector

Foodtech

Distribution Model

B2B/B2C

Margin

High

Capital Intensity

Low

Location

Burlington, Vermont

Business Type

High Growth

Company Website

Localvore, with a valuation of $9.8 million, is raising funds on StartEngine. The company has developed a scalable platform to connect conscious consumers with local restaurants, support local restaurants, and enable free meals for people with food insecurity. The platform works for local restaurants that support local food producers, and comes with an added functionality of letting hungry people order food from restaurants associated with the Everyone Eats program. Daniel White and Michael Nedell founded Localvore in October 2011. The current crowdfunding campaign has a minimum target of $9,999.99 and a maximum target of $889,999.89. The campaign proceeds will be used for growth and expansion.

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$405,752	$118,008
COGS	$4,981	$6,439
Tax	$0	$0
Net Income	$-35,035	$-183,764

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$239,091	$122,014
Accounts Receivable	$228,690	$0
Total Assets	$581,853	$394,749
Short-Term Debt	$332,683	$59,251
Long-Term Debt	$760,960	$665,070
Total Liabilities	$1,093,643	$724,321

Financials as of: 05/03/2022

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Localvore Founder Dan White on the Value of Local Food

In a market mostly dominated by big-name chains, local restaurants often struggle to attract customers. They have less funds to work with, and less money means fewer marketing opportunities. Local restaurants could benefit from a chance to show off their businesses on a more even playing field.

Localvore offers a platform that puts local businesses – like restaurants and food producers – in the spotlight. The company has also partnered with several charitable organizations in order to tackle hunger, getting free meals to those who truly need them. We reached out to co-founder and CEO Daniel “Dan” White to learn about some of the challenges he faced and the positive impact of Localvore.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Read Founder Interview