Spinn

Spinn

Closed: Oct. 2023

About this raise

Spinn is raising funds on Wefunder. The company has developed a connected ecosystem for exceptional specialty coffee. The business aims to elevate the in-home coffee experience with its easy-to-use and sustainable coffee brewing options. Spinn’s coffee maker uses proprietary technology that uses a unique centrifugal brewing process to extract the flavor and aroma of coffee beans and does not create waste. Roderick de Rode founded Spinn in March 2015. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $400,000. The campaign proceeds will be used for inventory financing, customer acquisition, and operations.

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Investment Overview

Invested this round: $1,124,075

Deal Terms

Total Commitments

Platform
Wefunder
Start Date
07/13/2023
Close Date
10/20/2023
Min. Goal
$50,000
Max Goal
$1,235,000
Min. Investment

$100

Security Type

SAFE

Company Stage

Growth Stage

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

Uncapped

Discount

20%

Company & Team

Company

Year Founded
2015
Industry
Food, Beverage, & Restaurants
Tech Sector
Foodtech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
Low
Location
SAN FRANCISCO, California
Business Type
Growth
Company Website
Visit Website

Team

Employees
40
Prior Founder Exits?
Yes
Founder Name
Roderick de Rode
Title
CEO
Founder Name
Serge de Warrimont
Title
CIO

Financials

 Revenue +129% YoY
$9,375,178
as of FY2022
 Monthly Burn
$745,749
as of FY2022
 Runway
4.7 months
as of FY2022
 Gross Margin
22%
as of FY2022

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$9,375,178

$4,101,403

COGS

$7,338,177

$5,389,008

Tax

$21,381

$-24,894

 

 

Net Income

$-8,948,990

$-12,272,796

Summary Balance Sheet

FY 2022 FY 2021

Cash

$3,515,008

$2,464,488

Accounts Receivable

$121,281

$0

Total Assets

$10,836,538

$12,452,787

Short-Term Debt

$9,641,175

$8,023,859

Long-Term Debt

$5,961,071

$0

Total Liabilities

$15,602,246

$8,023,859

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$44,470,000
VC Backed?
Yes
Close Date Platform Valuation Total Raised Security Type Status Reg Type
10/20/2023 Wefunder - $1,124,075 SAFE Funded RegCF
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Spinn on Wefunder 2023
Platform: Wefunder
Security Type: SAFE

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