Richr
Early Stage
A seamless solution for turning a home sale into generational wealth
Overview
Raised: $1,036
Total Commitments ($USD)
Platform
StartEngine
Start Date
03/31/2024
Close Date
07/01/2024
Min. Goal
$14,998
Max. Goal
$1,234,999
Min. Investment
$499
Security Type
Equity - Preferred
Series
Seed
SEC Filing Type
RegCF
Price Per Share
$2.30
Pre-Money Valuation
$20,002,725
Rolling Commitments ($USD)
Status
Active
Reporting Date
05/14/2024
Days Remaining
47
% of Min. Goal
7%
% of Max. Goal
0%
Likelihood of Max
Avg. Daily Raise
$24
# of Investors
1
Momentum
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Year Founded
2018
Industry
Real Estate & Construction
Tech Sector
Fintech
Location
Aventura, Florida
Richr, with a valuation of $20 million, is raising funds on StartEngine. The company has developed a platform that helps in the seamless sale of homes. Richr enables sellers to sell their homes, close the transaction, and invest their home sale proceeds to build generational wealth. The business has title and RE brokerage services in five states and has partnered with RealManage, the second-largest property manager in the US. Richr reported a 58% year-over-year revenue growth in 2023, with a 65% gross margin and $2.5 million seller savings. Glenn Orgin and Jason Rubin founded Richr in October 2018. The current crowdfunding campaign has a minimum target of $14,998.30 and a maximum target of $1.23 million. The campaign proceeds will be used for marketing, company employment, technology, and expansion.
Summary Profit and Loss Statement
| FY 2023 | FY 2022 | |
|---|---|---|
|
Revenue |
$534,553 |
$331,492 |
|
COGS |
$88,346 |
$49,696 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-888,586 |
$-1,160,185 |
Summary Balance Sheet
| FY 2023 | FY 2022 | |
|---|---|---|
|
Cash |
$174,345 |
$634,047 |
|
Accounts Receivable |
$100,000 |
$750,976 |
|
Total Assets |
$323,264 |
$1,470,196 |
|
Short-Term Debt |
$206,638 |
$464,886 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$206,638 |
$464,886 |
Financials as of: 03/31/2024
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