LockedBrands
Early Stage
Smart Lockbox Systems that Make Communities and Households Safer
Overview
Raised: $194,065
Total Commitments ($USD)
Platform
Wefunder
Start Date
08/27/2020
Close Date
01/31/2021
Min. Goal
$150,000
Max. Goal
$1,070,000
Min. Investment
$250
Security Type
Convertible Note
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$7,000,000
Discount
15%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
01/30/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,244
# of Investors
54
Momentum
Funded
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Year Founded
2019
Industry
Security, Cybersecurity, & Defense
Tech Sector
Hardwaretech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
High
LockedBrands, with a $7 million valuation cap, is raising funds on Wefunder. The company makes smart lockbox systems that make households safer by providing secure storage for opioids. The Gen 1 device of LockedBrands, The Pillar, stores medicines and valuables in an app-controlled and voice-activated personal lockbox. The second-generation device, Secure Med Manager, helps in secure storage and dispensing of medicines. Justine Monger founded LockedBrands in June 2019 and has raised over $1 million since its inception. The proceeds of the current crowdfunding round, with a minimum target of $150,000 and a maximum target of $1,070,000, will be used for marketing, Pillar product development, and detailed design and prototype development of Secure Med Manager. LockedBrands is led by a team of senior tech professionals, doctors, and entrepreneurs and is reaching a huge market.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$26,392 |
$0 |
|
COGS |
$37,831 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-281,781 |
$0 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$103,856 |
$25,032 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$463,007 |
$217,436 |
|
Short-Term Debt |
$19,416 |
$27,964 |
|
Long-Term Debt |
$34,372 |
$23,000 |
|
Total Liabilities |
$53,788 |
$50,964 |
Financials as of: 08/27/2020
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