Queens
Early Stage
A Korean American Food Brand That's Good For People & The Planet
Overview
Raised: $104,600
Total Commitments ($USD)
Platform
Wefunder
Start Date
08/13/2023
Close Date
11/01/2023
Min. Goal
$50,000
Max. Goal
$124,000
Min. Investment
$100
Security Type
Convertible Note
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$3,500,000
Discount
0%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
11/29/2023
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,324
# of Investors
117
Momentum
Funded
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Year Founded
2015
Industry
Food, Beverage, & Restaurants
Tech Sector
Non-Tech
Distribution Model
B2B/B2C
Margin
Medium
Capital Intensity
Low
Queens, with a valuation of $3.5 million, is raising funds on Wefunder. It is a Korean American food brand that is good for people and the planet. Queens sells Korean food made using Northern California ingredients in a thoughtful and sustainable manner. The business has grown from a storefront to a brand and is known for its fresh daily banchan, ferments, cold and hot foods, Ssam Jang, and many more house-made products. Eddo Kim and Clara Lee founded Queens in March 2015. The current crowdfunding campaign has a minimum target of $15,000 and a maximum target of $3 million. The campaign proceeds will be used for new equipment and partial operations.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$617,472 |
$739,223 |
|
COGS |
$217,332 |
$243,115 |
|
Tax |
$25,484 |
$21,484 |
| ||
| ||
|
Net Income |
$-11,299 |
$-6,222 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$3,745 |
$22,652 |
|
Accounts Receivable |
$53,120 |
$96 |
|
Total Assets |
$372,173 |
$355,550 |
|
Short-Term Debt |
$174,956 |
$29,033 |
|
Long-Term Debt |
$810,000 |
$810,000 |
|
Total Liabilities |
$984,956 |
$839,033 |
Financials as of: 08/13/2023
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