Old Flame Mending

Old Flame Mending

Closed: Sep. 2023

About this raise

Old Flame Mending is raising funds on Honeycomb. It is a sewing service in Pittsburgh, Pennsylvania that offers services including tailoring, clothing repair, alterations, and custom work. Old Flame Mending works out of its shop in Avalon and also offers mending kits, classes, and a seasonal cloth swap event. The business has serviced more than 6,000 garments and won the 2022 Best of Pittsburgh Award for Tailors. Rebecca Harrison founded Old Flame Mending in August 2019. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $50,000. The campaign proceeds will be used for purchasing industrial sewing machines, refinancing loans, employee education and training, marketing, exterior signage, and working capital.

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Investment Overview

Invested this round: $50,000

Deal Terms

Total Commitments

Platform
Honeycomb
Start Date
08/03/2023
Close Date
09/02/2023
Min. Goal
$25,000
Max Goal
$50,000
Min. Investment

$100

Security Type

Debt

Payment Schedule

Quarterly

SEC Filing Type

RegCF    Open SEC Filing

Interest Rate

14.00%

Term Length

5.0 years

Company & Team

Company

Year Founded
2019
Industry
Consumer Products, Goods & Services
Tech Sector
Non-Tech
Distribution Model
B2C
Margin
High
Capital Intensity
Low
Location
PITTSBURGH, Pennsylvania
Business Type
Growth
Company Website
Visit Website

Team

Employees
9
Prior Founder Exits?
No
Founder Name
Rebecca Harrison
Title
Founder and Lead Sewist

Financials

 Revenue
$12,625
as of FY2022
 Monthly Burn
Profitable
as of FY2022
 Cash on Hand
$1,971
as of FY2022
 Gross Margin
94%
as of FY2022

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$58,698

$32,563

COGS

$3,363

$2,070

Tax

$0

$0

 

 

Net Income

$19,367

$6,269

Summary Balance Sheet

FY 2022 FY 2021

Cash

$1,971

$552

Accounts Receivable

$0

$0

Total Assets

$8,958

$2,138

Short-Term Debt

$10,294

$0

Long-Term Debt

$12,625

$0

Total Liabilities

$22,919

$0

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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
09/02/2023 Honeycomb - $50,000 Debt Funded RegCF
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Old Flame Mending on Honeycomb 2023
Platform: Honeycomb
Security Type: Debt

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