Skillest

Skillest

Closed: Apr. 2023

About this raise

Skillest, with a valuation of $15 million, is raising funds on Wefunder. The company has developed a platform for remote golf coaching with video analytic tools, live zoom lessons, and real-time messaging. The platform has extensive domain expertise with six years of experience in space-building tools for coaches and is renowned for best coaches with millions of followers. Skillest is led by leading PGA professionals and has a loyal customer base with $2 million in lessons purchased in 2021. Brian Park, Baden Schaff, and Alan Gao founded Skillest in August 2018. The current crowdfunding campaign has a minimum target of $100,000 and a maximum target of $1.24 million. The campaign proceeds will be used for marketing, salaries, and compensation for contractors.

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Investment Overview

Invested this round: $445,923

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
12/12/2022
Close Date
04/30/2023
Min. Goal
$100,000
Max Goal
$1,235,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$15,000,000

Discount

10%

Company & Team

Company

Year Founded
2018
Industry
Education, Training, & Coaching
Tech Sector
EdTech
Distribution Model
B2C
Margin
Low
Capital Intensity
Low
Location
San Francisco, California
Business Type
Growth
Company Website
Visit Website

Team

Employees
6
Prior Founder Exits?
No
Founder Name
Alan Gao
Title
CTO
Founder Name
Baden Schaff
Title
President

Financials

as of Fiscal Year 2021
 Revenue +66% YoY
$1,965,859
 Monthly Burn
$41,620
 Runway
24+ months
Gross Margin
10%

Summary Profit and Loss Statement

FY 2021 FY 2020

Revenue

$1,965,859

$1,181,360

COGS

$1,775,223

$1,070,996

Tax

$0

$0

 

 

Net Income

$-499,441

$-133,954

Summary Balance Sheet

FY 2021 FY 2020

Cash

$1,427,973

$66,605

Accounts Receivable

$0

$0

Total Assets

$1,431,930

$67,701

Short-Term Debt

$142,738

$97,069

Long-Term Debt

$0

$50,000

Total Liabilities

$142,738

$147,069

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Ratings Kingscrowd Startup Rating Methodology Article

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Analyst Report Analyst Report Methodology Article

Golf is an incredibly technical sport that requires expensive lessons and equipment to improve. (If you want proof that pure “athleticism” won’t make you good at golf, here is NBA great Charles Barkley’s swing.)

Despite the difficulty of the game, golf’s popularity is skyrocketing. In 2020, the number of golfers in the U.S. grew by 2% -- the largest increase in 17 years. And by the end of 2020, there was a 14% increase in rounds recorded, the highest gain since 1997. 

Golf has also attracted a whole new demographic of players, particularly Gen Z. A recent study showed that Gen Z and younger millennials make up 27% of new golfers every year. The generation that grew up with smartphones and social media are picking up golf in droves.

Capitalizing on this shift is Skillest, a remote golf-coaching app with hundreds of qualified coaches providing high-quality video lessons.

Company Funding & Growth

Funding history

Total Prior Capital Raised
$2,015,000
VC Backed?
Yes
Close Date Platform Valuation Total Raised Security Type Status Reg Type
04/30/2023 Wefunder $15,000,000 $445,923 SAFE Funded RegCF
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Add to portfolio
Skillest on Wefunder 2022
Platform: Wefunder
Security Type: SAFE
Valuation: $15,000,000

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

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