Overview
Raised: $0
Total Commitments ($USD)
Platform
StartEngine
Start Date
06/02/2023
Close Date
06/30/2023
Min. Goal
$15,000
Max. Goal
$1,235,000
Min. Investment
$500
Security Type
Equity - Preferred
Series
Series A
SEC Filing Type
RegCF
Price Per Share
$1.01
Pre-Money Valuation
$20,050,551
Rolling Commitments ($USD)
Status
Not Funded
Reporting Date
06/30/2023
Days Remaining
Not Funded
% of Min. Goal
Not Funded
% of Max. Goal
Not Funded
Likelihood of Max
Not Funded
Avg. Daily Raise
$0
Momentum
Not Funded
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Year Founded
2018
Industry
Business Services, Software, & Applications
Tech Sector
EnterpriseTech
Distribution Model
B2B
Margin
High
Capital Intensity
Low
TurboPass, with a valuation of $20.05 million, is raising funds on StartEngine. The company has developed a platform to verify critical information for businesses. The platform provides instant access to recent and reliable data and creates a digital alternative for accessing the information instantly. TurboPass has gone from 23 signed businesses in 2020 to 3,489 in April 2023, with revenue growth of 740% from 2020 to 2023. Michael Jarman and Kenneth Jarman founded TurboPass in June 2018. The current crowdfunding campaign has a minimum target of $14,999 and a maximum target of $1.23 million. The campaign proceeds will be used for research and development, incentives, company employment, and working capital.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$2,257,591 |
$1,404,889 |
|
COGS |
$593,719 |
$401,591 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-530,114 |
$-144,105 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$1,403,657 |
$186,098 |
|
Accounts Receivable |
$35,727 |
$6,268 |
|
Total Assets |
$1,567,140 |
$306,650 |
|
Short-Term Debt |
$17,350 |
$0 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$17,350 |
$0 |
Financials as of: 06/02/2023
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Raise History
| Offering Name | Close Date | Platform | Valuation/Cap | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| TurboPass | 06/30/2023 | StartEngine | $20,050,551 | $0 | Equity - Preferred | Not Funded | RegCF |
| TurboPass Corporation | 01/31/2020 | Wefunder | $4,500,000 | $80,701 | Convertible Note | Funded | RegCF |
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