Yillio expects to sell $220,000 worth of equity to investors in a non-brokered financing round. The equity offered hasn’t been subscribed yet by investors. Based on the information disclosed, the $220,000 offering is structured to remain open until February 2015 or when the fundraising cap is reached, whichever one comes first. The equity offering’s estimated net proceeds will amount to $150,000 which excludes $70,000 to be paid toward officers’ salaries. Up to now Yillio had raised an estimated $300,000 in unregistered securities via one previous financing round.
The company offers an online and mobile application (app) that allows users to discover, save and share merchants and gas stations offering promotions and deals based on their device’s GPS. The app is free for users and available for iOS and Android. Yillio plans on monetizing the app on the merchant side.
M Reid Overcash (CEO) leads the Raleigh NC based company which was registered in 2012. Yillio elected to keep its revenues undisclosed.
The executive team includes Michael Wanyo, Tully Ryan and Vadim Droznin.
The board of directors includes Richard R Beaty and Robert K Adams.
Industry: Other Technology
Amount offered: $220,000