Mae's

Mae's

Closed: Oct. 2024

About this raise

Mae’s is raising funds on Honeycomb. It is a vibrant BYOB located in West Chester, Pennsylvania. Mae’s is focused on using locally sourced ingredients to create a memorable dining experience and features a variety of dishes that highlight the products of local farmers and artisans. The business has a loyal customer base and plans to acquire the Pennsylvania brewers license and add two additional locations on the same license. Josh Taggart founded Mae’s in February 2020. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $30,000. The campaign proceeds will be used to purchase an ice machine, a kegerator, a beverage fridge, brewing equipment, glassware, smallwares, bar stools, and a bar sink, and fund working capital.

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Investment Overview

Invested this round: $29,605

Deal Terms

Total Commitments

Platform
Honeycomb
Start Date
08/20/2024
Close Date
10/30/2024
Min. Goal
$25,000
Max Goal
$30,000
Min. Investment

$100

Security Type

Debt

Series

Pre-Seed

SEC Filing Type

RegCF    Open SEC Filing

Interest Rate

11.50%

Term Length

3.0 years

Company & Team

Company

Year Founded
2020
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2C
Margin
Low
Capital Intensity
Low
Location
West Chester, Pennsylvania
Business Type
Life Style
Company Website
Visit Website

Team

Employees
15
Prior Founder Exits?
No
Founder Name
Josh Taggart
Title
Owner/President

Financials

as of Fiscal Year 2023
 Revenue -7.5% YoY
$493,081
 Monthly Burn
Profitable
 Cash on Hand
$4,361
Gross Margin
62%

Summary Profit and Loss Statement

FY 2023 FY 2022

Revenue

$493,081

$533,178

COGS

$188,182

$216,758

Tax

$0

$0

 

 

Net Income

$44,712

$49,036

Summary Balance Sheet

FY 2023 FY 2022

Cash

$4,361

$1,787

Accounts Receivable

$0

$0

Total Assets

$14,739

$12,165

Short-Term Debt

$69,181

$51,811

Long-Term Debt

$57,538

$49,230

Total Liabilities

$126,719

$101,041

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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
10/30/2024 Honeycomb - $29,605 Debt Funded RegCF
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Mae’s on Honeycomb 2024
Platform: Honeycomb
Security Type: Debt

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