Mighty Quinn's Barbeque

Mighty Quinn's Barbeque

Growth Stage

Award-winning, fast casual group serving up authentic, slow-smoked barbeque

Award-winning, fast casual group serving up authentic, slow-smoked barbeque

Overview

Raised to Date:
$528,526 - RegCF
$1,323,526 - Total

Total Commitments ($USD)

Platform

SeedInvest

Start Date

02/24/2020

Close Date

04/22/2020

Min. Goal
$25,000
Max. Goal
$1,070,000
Min. Investment

$1,000

Security Type

Convertible Note

Series

Series B

SEC Filing Type

RegCF / RegD 506(c)    Open SEC Filing

Valuation Cap

$40,000,000

Discount

20%

Rolling Commitments ($USD)

Status
Funded
Reporting Date

05/02/2020

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$9,113

Momentum
Funded
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Year Founded

2014

Industry

Food, Beverage, & Restaurants

Tech Sector

Non-Tech

Distribution Model

B2B/B2C

Margin

Low

Capital Intensity

High

Location

Passaic, New Jersey

Business Type

Growth

Mighty Quinn’s Barbeque, with a $40 million valuation cap, is raising funds on SeedInvest. The restaurant serves authentic slow-smoked barbecue, made of the highest quality ingredients. Mighty Quinn’s Barbeque has a 13,000 square foot facility serving its corporate and licensed locations and has launched its US franchising program. The restaurant was founded by Micha Magid, Christos Gourmos, and Hugh Mangum in 2012 and raised $3 million in its Series A round of financing in 2017. The current crowdfunding round has a minimum target of $1,200,000 and a maximum target of $4,000,000, and the funds will be used for marketing and franchisee acquisition, corporate support, and general corporate purposes. Mighty Quinn’s Barbeque reported over $18 million of sales across its nine corporate locations in 2019 and achieved a 26% CAGR from 2013 to 2019.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$18,442,226

$16,636,021

COGS

$6,838,768

$6,001,567

Tax

$3,715

$6,575

 

 

Net Income

$-2,350,538

$-594,528

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$1,220,381

$2,430,970

Accounts Receivable

$0

$0

Total Assets

$7,291,893

$8,951,559

Short-Term Debt

$657,015

$236,352

Long-Term Debt

$2,377,004

$2,547,378

Total Liabilities

$3,034,019

$2,783,730

Financials as of: 02/24/2020
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Mighty Quinn’s Barbeque on SeedInvest
Platform: SeedInvest
Security Type: Convertible Note
Valuation: $40,000,000

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