Mr Bing Foods
Early Stage
Bringing the spice + excitement of Chinese street food to adventurous US palates.
Overview
Raised: $40,984
Total Commitments ($USD)
Platform
Republic
Start Date
12/16/2022
Close Date
02/20/2023
Min. Goal
$25,000
Max. Goal
$1,240,000
Min. Investment
$150
Security Type
SAFE
Series
Seed
Funding Type
RegCF
Valuation Cap
$10,000,000
Discount Rate
20%
Rolling Commitments ($USD)
Status
Active
Reporting Date
02/01/2023
Days Remaining
19
% of Min. Goal
164%
% of Max. Goal
3%
Likelihood of Max
Avg. Daily Raise
$872
# of Investors
55
Momentum
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Location
New York, New York
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
Low
Mr. Bing Foods, with a valuation of $10 million, is raising funds on Republic. Mr. Bing captures the most exciting elements of modern Chinese food and interprets them into accessible condiments and ingredients for the modern foodie and everyday cook. Mr. Bing Chili Crisp launched as a healthy replacement to the massively popular, billion-dollar Laoganma Chili sauce. The company was established in April 2021 by Ben Duvall and Brian Goldberg. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $ 1.24M. The campaign proceeds will be used for sales and marketing, manufacturing and warehousing and product development.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$206,718 |
$249,875 |
|
COGS |
$166,232 |
$168,602 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-337,660 |
$-6,709 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$92,257 |
$2,968 |
|
Accounts Receivable |
$20,628 |
$9,203 |
|
Total Assets |
$390,122 |
$55,275 |
|
Short-Term Debt |
$103,322 |
$5,337 |
|
Long-Term Debt |
$423,421 |
$43,816 |
|
Total Liabilities |
$526,743 |
$49,153 |
Financials as of: 12/16/2022
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