Sarbari reported launching a $2.12 million mezzanine private placement. According to the filing, 15% or $325,000 was sold to two backers almost two weeks ago. An additional $1.8 million in funding is to be raised until the offering draws to a close in May 2015. Sarbari is offering unregistered securities for the first time under regulation D of the Securities Act of 1933.
Sarbari develops and markets a food supply chain management application for restaurants and culinary professionals. The application (app) automates the task of shopping and tracking food purchases to cut down on administrative tasks and control costs. The app automatically matches invoiced quantities and prices, flags discrepancies and seamlessly loads approved invoices into accounting apps.
The company, headquartered in Haverhill MA, is led by Sebastian Serra (President and CEO). Sarbari kept its revenues undisclosed.
The board of directors includes Andrew Derr and Maura Topper.
Status: First close
Industry: Other Technology
Amount offered: $2.12 million
Amount placed: $325,000
First sale: 05-09-2014
Data as of: 05-22-2014