A first close of $274,000 was initiated by Internet Pawn Inc. on its fundraising effort started this month. 55% of the $500,000 non-brokered convertible promissory note offering was placed with four investors. The company expects to raise an additional $226,000 to close the offering within a year. The company had raised an estimated $7.8 million via four offerings up to this point. The company is backed by Daylight Partners, a Texas focused investor, Access Venture Partners and Lightbank.
The company develops and markets an online pawn shop platform called Pawngo. The full-service website provides asset-based loans to individuals with transparent rates and terms online. The company offers loans from $500 up to $1 million which is directly deposited into the client’s bank account upon the item’s final valuation.
James W. McHose III (Founder, President, CEO & CFO) leads the Centennial CO based company which was founded in 2009 and launched in 2011. Internet Pawn Inc. elected not to disclose its revenues and has less than fifty employees. The executive team includes Brett Mitchell (COO and CTO). The board of directors includes Todd A. Hills (Founder and Chairman) , Brian Wallace, Rocky Mountain (Daylight Partners), Brad Keywell, Paul Lee and William Pescatello.
Status: First close
Company: Internet Pawn Inc.
Amount offered: $500,000
Amount placed: $274,000