Solace (2021)

About this raise

Solace, with a $6.5 million valuation cap, is raising funds on SeedInvest. The company provides simple, human-powered, and tech-enabled funeral services to make the tough times easier for the families. It offers direct funeral services, with no viewing or service, and takes care of all the digital and secure paperwork. The partners of Solace also work for the removal of the dead, cremation, and return of the remains. Solace was founded by Keith Crawford, David Odusanya, and Jeremy Frank in 2018. The current round of crowdfunding has a minimum goal of $25,000 and a maximum goal of $850,000, and the funds will be used for hiring digital marketing staff and tech lead and entering the California market. Solace has already served over 225 families and generated more than $225,000 in revenue to date. The company is continuously reducing its costs and growing from quarter to quarter.

Investment Overview

Invested this round:

$253,021 - RegCF
$545,285 -

Deal Terms
Company & Team

Total Commitments

Platform: SeedInvest
Start Date: 05/25/2020
Close Date: 03/31/2021

Min. Goal
$25,000

Max Goal
$850,000

Min. Investment

$1,000

Security Type

Convertible Note

Company Stage

Early Stage

SEC Filing Type

RegCF / RegD 506(c)

Valuation Cap

$6,500,000

Discount

20%

Company

Year Founded: 2018
Industry: Consumer Products, Goods & Services
Tech Sector: Non-Tech
Distribution Model: B2C
Margin: Low
Capital Intensity: Low
Location: Portland, Oregon
Business Type: Growth
Company Website: Visit Website

Team

Employees: 5

Founder Name: Keith Crawford
Title: CEO

Founder Name: David Odusanya
Title: Chief Creative Officer

Founder Name: Jeremy Frank
Title: Chief Operating Officer

Financials

Revenue: $136,760
Monthly Burn: $35,525
Runway: 0.9 months
Gross Margin: 39%

View Detailed Financials

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$136,760	$0
COGS	$83,187	$0
Tax	$0	$0


Net Income	$-426,305	$-31,433

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$31,719	$52,035
Accounts Receivable	$0	$0
Total Assets	$33,923	$52,035
Short-Term Debt	$55,693	$0
Long-Term Debt	$0	$0
Total Liabilities	$55,693	$0

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Close Date	Platform	Valuation	Total Raised	Security Type	Status	Reg Type
03/31/2021	SeedInvest	$6,500,000	$545,285	Convertible Note	Funded	RegCF / RegD 506(c)
04/24/2020	SeedInvest	$5,200,000	$110,000	Convertible Note	Funded	RegD 506(b)
12/31/2019	Self Managed	$3,000,000	-	Equity - Common	Funded	RegD 506(c)

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Revenue
Valuation
Employees

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

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View on SeedInvest

Conv. Note, $6.5M • Closed

6 Following

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28 Invested

Deal Considerations

2
Key Challenges
- Try Edge free for 7 days
Other Risks
- No other risks found

Solace (2021)

Solace (2021)

About this raise