PromSocial

PromSocial

Closed: Apr. 2020

About this raise

PromSocial, the mobile app designed to make the prom planning process fun and stress-free, is raising funds on WeFunder. The PromSocial app uses technological solutions to bring all aspects of prom experience to the teen population in an integrated manner. The app includes powerful planning, social media, e-commerce, dating, and even logistics. PromSocial was founded by Ed Abdel-Malak, Michael Hudak, and Ravi Koltur in 2013 and was one of the finalists in Shark Tank Season 11. The current round of crowdfunding has a minimum goal of $50,000 and a maximum goal of $100,000, and the proceeds will be used for development, and sales & marketing. PromSocial launched its open beta in January 2019 and already has more than 3,000 users. The company also has a verbal commitment from a large high school to use the app for their Prom 2020.

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Investment Overview

Invested this round: $59,650

Deal Terms

Total Commitments ($USD)

Platform
Wefunder
Start Date
09/13/2019
Close Date
04/17/2020
Min. Goal
$50,000
Max Goal
$100,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$2,000,000

Discount

0%

Company & Team

Company

Year Founded
2019
Industry
Media, Entertainment & Publishing
Tech Sector
MarketplaceTech
Distribution Model
B2B/B2C
Margin
High
Capital Intensity
Low
Location
Old Bridge, New Jersey
Business Type
Life Style
Company Website
Visit Website

Team

Employees
3
Founder Name
Edward Abdel-Malak
Title
Co-Founder
Founder Name
Michael J. Hudak
Title
Co-Founder
Founder Name
Ravi Koltur
Title
Co-Founder
Founder Name
Darrel D. Frater
Title
VP of Growth and Marketing

Financials

 Revenue
$0
 Monthly Burn
$192
 Runway
24+ months

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$0

$0

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-2,300

$0

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$10,000

$0

Accounts Receivable

$0

$0

Total Assets

$10,000

$0

Short-Term Debt

$0

$0

Long-Term Debt

$0

$0

Total Liabilities

$0

$0

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Company Funding & Growth

Funding history

Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/17/2020 Wefunder $2,000,000 $59,650 SAFE Funded RegCF
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Add to portfolio
PromSocial on Wefunder
Platform: Wefunder
Security Type: SAFE
Valuation: $2,000,000

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Warning: according to the close date for this deal, PromSocial may no longer be accepting investments.

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