About this raise
SpongeBath, with a valuation of $10 million, is raising funds on Republic. The company has developed a patented sanitizing sponge holder. The device has been developed after years of research and development and uses its patented cleaning technology, SpongeCare, to kill bacteria and remove odors. SpongeBath uses safe and plant-based ingredients and is simple and easy to use. The business has generated $1.5 million in lifetime revenues and expects to reach $10.2 million in annual revenue in 2024. Matthew Flannery and Tod Maitland founded SpongeBath in August 2013. 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 to increase sales, expand into retail outlets, and increase brand awareness through social influencers and content marketing.
Investment Overview
Invested : $64,800
Deal Terms
Total Commitments
- Platform
- Republic
- Start Date
- 02/01/2023
- Close Date
- 04/30/2023
$25,000
$1,235,000
$150
SAFE
Seed
RegCF
$10,000,000
0%
Company & Team
Company
- Year Founded
- 2013
- Industry
- Consumer Products, Goods & Services
- Tech Sector
- Distribution Model
- B2C
- Margin
- High
- Capital Intensity
- Low
Financials
- Revenue +152% YoY
- $353,500
- Monthly Burn
- $5,317
-
Runway
- 6.6 months
- Gross Margin
- 79%
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Company Funding & Growth
Funding history
- Total Prior Capital Raised
- $1,400,000
- VC Backed?
- No
| Close Date | Platform | Valuation | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|
| 04/30/2023 | Republic | $10,000,000 | $64,800 | SAFE | Funded | RegCF |
| 03/08/2019 | SeedInvest | $5,000,000 | $24,000 | Convertible Note | Not Funded | RegCF / RegD 506(c) |