40% of Suitest IP Group‘s $500,000 unregistered private offering was placed a week ago. The non-brokered equity securities were subscribed by four investors. The first close garnered $200,000. The offering will remain open until February 2015 while an additional $300,000 worth of securities is sold to investors. The equity offering’s estimated net proceeds will amount to $460,000 which excludes $40,000 to be paid toward officers’ salaries. Up to now Suitest IP Group had raised an estimated $1 million in unregistered securities via one previous financing round.
The company develops and markets a “big data” hotel search engine to bring transparency to customers. Users can find hotel rooms using granular criteria and compare them based on transparent prices (hidden fees are taken into account). The engine lets users know how good of a deal hotel rooms are by leveraging a statistics engine that determines the fair value of each room on any set of nights. It will also provide price estimates for future reservations.
Jeremy Murphy (CEO) leads the Oak Park CA based company which was registered in 2012. Revenues on or below $1 million were reported by Suitest IP Group.
The executive team includes Michael Aucoin.
The company has raised an estimated total of $1.2 million via private unregistered security offerings.
Status: First close
Company: Suitest IP Group
Amount offered: $500,000
Amount placed: $200,000
First sale: 2014-02-14