Solubag
Growth Stage
Environmentally friendly & dissolvable plastic alternatives company
Overview
Raised: $108,837
Total Commitments ($USD)
Platform
Microventures
Start Date
06/20/2023
Close Date
11/13/2023
Min. Goal
$25,000
Max. Goal
$1,235,000
Min. Investment
$250
Security Type
Convertible Note
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$50,000,000
Discount
0%
Rolling Commitments ($USD)
Status
Active
Reporting Date
09/28/2023
Days Remaining
46
% of Min. Goal
435%
% of Max. Goal
9%
Likelihood of Max
Avg. Daily Raise
$1,088
# of Investors
153
Momentum
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Year Founded
2021
Industry
Consumer Products, Goods & Services
Tech Sector
Cleantech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
Low
Solubag, with a valuation of $50 million, is raising funds on MicroVentures. The company is the exclusive licensee of a patented raw material that can be used to make plastic-like products without plastic. The plastic-like material of Solubag is dissolvable in water and can be used to make dog waste bags, grocery bags, liquid laundry detergent, and more. Solubag reported a 1,500% growth in sales to $350,133 in 2022. Cristian Olivares founded Solubag in December 2021. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $1.24 million. The campaign proceeds will be used for pilot projects, new infrastructure hires, IT platform, delivery and execution, inventory, rigid extrusion pilot, carbon footprint reduction, and certification and testing.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$350,133 |
$20,937 |
|
COGS |
$330,695 |
$75,507 |
|
Tax |
$300 |
$48,691 |
| ||
| ||
|
Net Income |
$-617,204 |
$-877,243 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$176,183 |
$220,539 |
|
Accounts Receivable |
$117,410 |
$136,529 |
|
Total Assets |
$353,364 |
$574,789 |
|
Short-Term Debt |
$218,423 |
$97,643 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$218,423 |
$97,643 |
Financials as of: 06/20/2023
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