Spinn
Growth Stage
Building the future of coffee
Overview
Raised: $1,344,187
Total Commitments ($USD)
Platform
Wefunder
Start Date
07/13/2023
Close Date
04/29/2024
Min. Goal
$50,000
Max. Goal
$1,235,000
Min. Investment
$100
Security Type
SAFE
Series
Series B
SEC Filing Type
RegCF
Valuation Cap
Uncapped
Discount
20%
Rolling Commitments ($USD)
Status
Active
Reporting Date
09/26/2023
Days Remaining
216
% of Min. Goal
2,688%
% of Max. Goal
109%
Likelihood of Max
Avg. Daily Raise
$17,922
# of Investors
802
Momentum
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Year Founded
2015
Industry
Food, Beverage, & Restaurants
Tech Sector
Foodtech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
Low
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.
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 |
Financials as of: 07/13/2023
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