BiddRocket completed a first close of $20,000 on its expected $260,000 non-brokered debt private placement. The company placed 8% of the offering with three investors. The company has a year to raise an additional $240,000 in funding. This debt offering is the first time the company taps into the US private placement market.
The company is behind the development of a mobile application (app) called “Cover countdown” which allows users to buy bar and nightclub covers online and provides promoters with the audience to broadcast their events to. Users can track what event their friends have bought and are planning to attend. An application for promoters allows for quick payment verification on smart phones at the door.
The company is headquartered in Chapel Hill NC. BiddRocket elected not to disclose its revenues. The executive team includes Brian Ley (Co-founder) and Bastian Lauer (Co-founder).
Status: First close
Amount offered: $260,000
Amount placed: $20,000