MyNetwork is in the market with a $650,000 non-brokered mezzanine offering. The offering is expected to close within a year. It is the first time the company is raising funds on the private placement market. The mezzanine offering’s expected net proceeds will amount to $580,000 which excludes $70,000 to be paid toward officers’ salaries. The company is affiliated with Ben Franklin Technology Partners and Leigh Valley Economic development.
MyNetwork is developing a personal relationship management (PRM) application to be used in conjunction with social networks. The application brings granularity in assessing the users relationships within their network and provides management and visualization tools. The application “wraps around” the users’ social network and e-mail account. The company is currently coding the program and is looking for additional people to beta test versions. The app launch is scheduled for January 14th 2014. The app is also available for mobile devices.
The company, headquartered in Allentown PA, was registered this year. The company did not report revenues.
The executive team includes Andy Fine (CEO) and Drew Riley (COO).
Amount offered: $650,000
Amount placed: $0