XDATA – September 3rd 2014
BackFlip Technologies reported selling 64% of its debt issuance via a subscription which launched in July 2012. According to the information disclosed, seventeen subscribers ponied up $320,000 out of the $500,000 the company expected to raise. The offering, according to the information, is structured as indefinite and is to remain open until an additional $180,000 is raised. This is the first debt financing done by the company under a registration exemption.
BackFlip Technologies markets and develops a mobile application called iFlipd which allows users to rent e-books on a pay-as-you-go basis for $2 per book per week. The application is available for iOS enabled mobile devices.
The company was registered in 2013 and has its headquarters located in Lake Oswego OR. BackFlip Technologies kept its revenues undisclosed.
The executive team includes Dylan Anderson and Katherine Radziwon.
The board of directors includes Kevin Merritt.
Status: First close
Company: BackFlip Technologies
Industry: Other Technology
Amount offered: $500,000
Amount placed: $320,000
First sale: 07-13-2012
Data as of: 04-23-2014
Change: offered +0% / raised +1,420% / placed 38%
XDATA – August 29th 2014
ZeoGas completed 38% of its planned $20 million debt financing. A total of twenty-nine additional backers invested $7.1 million in the company’s offering. The prior information, filed last December, stated one investor had committed $500,000. ZeoGas‘ offering has $12.4 million left up for subscription. The private placement, excluding $1.13 million to be paid toward officers’ salaries and $15 million to be paid in placement fees, should bring in expected net proceeds of $3.88 million once fully subscribed. The subscription will close either once the offering is sold in full or in the last couple of months, whichever one comes first. This is the first offering by ZeoGas done under a registration exemption.
The company is developing a portfolio of plants to convert natural gas to gasoline employing proven component technologies like ExxonMobil’s MTG and Air Liquide’s MegaMethanol technology.
Timothy D Belton (President) leads the Houston TX based company which was registered in 2012. Revenues were not reported.
The executive team includes Jeri Pharis Wechsler and Robert David Muse.
Status: Intermediary close
Industry: Other Energy
Amount offered: $20 million
Amount placed: $7.6 million
First sale: 11-25-2013
Data as of: 08-29-2014
Hulafrog, Inc. partially closed on 70% of its non-brokered convertible promissory note offering. The company is looking for another 6 investors at most to close the financing within a year.
The company created a web platform to provide an exhaustive and local source of information for parents (and specifically for suburban mothers) about all things to do with (or for) their kids. The company enlists local publishers to manage, grow and publicize a local website to businesses and parents in the vicinity. Hulafrog’s main source of revenues is advertising. The company plans to grow nationally one locality at a time.
The Atlantic Highlands NJ based company was founded by Sherry Szydlik (CEO and President) and Kerry Massaro Bowbliss (Executive vice president) in February 2010.
VentriPoint Diagnostics, Ltd., formerly known as Luca Capital Inc., completed a $748,000 offering of 12% non-convertible secured debentures (debentures) due July 18, 2014 with one investor. This investor is most likely BluMont Innovation PE Strategy Fund I, a fund managed by BluMont Capital. The company is trading on the TSX Venture Exchange (Canada) and over the counter (OTC) in the US. The company trades under the symbols VPT and VPTDF, its last trading price was $0.09 on both exchanges which sets its market capitalization at around CAD$12.75 million. The stock traded between CAD$0.08 and 0.16 over the last fifty-two weeks. The debentures are secured by a general security agreement against substantially all of the assets of the company’s wholly-owned subsidiary, VentriPoint, Inc., including its intellectual property, as a first charge. All debentures rank equally with one another. Further details on the debentures can be found in the press release.
This non-brokered private placement is the first of two previously announced financing events. The company expects to place USD$1 million worth of units. Each unit will consist of USD$1,100 principal amount of 3 year non-convertible secured debentures and 2,000 common shares.
VentriPoint designed and markets diagnostic tools to monitor patients with heart disease. Its main product, Angelo VMS, is a 2D ultrasound diagnostic tool for measuring right ventricle heart function. The company has a suite of applications for all major heart diseases and imaging modalities including congenital heart disease, left or right heart failure and normal hearts. VMS has been cleared for clinical use in Canada and Europe, it is currently waiting for FDA clearance in the US.
The company had insignificant revenues amounting to $374,000 for the year ending on December 31st 2012. VentriPoint, founded by Florence H. Sheehan (CSO – Chief Scientist Officer), is registered in Canada with headquarters in Seattle, WA. The company is lead by George Adams (CEO), Ellen Briant (CFO), Amol Karnick (VP – Sales), Scott Ashley (VP – R&D) and Eyal Schwartz (Chief Architect).
RealTech Holdings Inc., which does business as Suitey, raised 40% of its $500,000 debt offering. No placement agent was hired for the debt placement. It is the first major fund raising event for the company which appears on Entrepreneurs Roundtable Accelerator‘s roster.
Suitey is an online real estate brokerage platform which offers a comprehensive search, display and associated services for renting or buying an apartment in New York City (NYC). The firm compiles the most comprehensive NYC listing which is displayed on a map. Properties can be saved and visited with the same agent who is paid on client satisfaction, not commission. To round the experience up, a concierge moving service is available upon closing. The online service is currently in beta.
The company, headquartered in New York, NY, was founded in January 2013 by David Walker (CEO) and Philip Lang. Richard “Rich” Littlehale founder of Elm City Labs sits on the board of directors.
After placing in full a $400,000 equity offering in January 2012, Industry Dive, Inc. completes a $500,000 placement of equity and debt instruments among 6 investors. Both offerings were direct placements.
The company, founded in November 2011, is headquartered in Washington, DC. It is lead by co-founders Michael “Sean” Griffey (CEO), Ryan Willumson (COO) and Eli Dickinson (CTO).
Industry Dive, Inc. offers free mobile apps for iPhone and Android as well as websites for executives “on the go” to keep up with industry specific main trends and news. The sites also feature original content and aggregate data items filtered by industry such as stock prices, jobs, tweets etc…Each industry has a dedicated website and mobile app while the template and feel remain the same. Industries include: construction, education, food, marketing, retail, utility and waste. The company also offers marketing services that leverages its industry specific newsletters’ subscribers and platforms.
Impact Driven, Inc. is launching the beta version of an application which curate news, associate it with research papers and aggregate data on impact investing and its many approaches. Impact investments are investments aiming to generate measurable social and environmental impact as well as financial returns. The company is currently extending invitations until May 31st to test its product and give feedback.
Impact Driven, Inc. launched a direct $300,000 debt offering, placing $35,000 with 2 investors. The minimum investment set for the offering stands at $5,000. The company was founded by Adam Hevenor (CEO) in January 2013 and is located in Boulder, CO.
Aireum, Inc. successfully closed on a $118,000 financing 85% of which was in the form of debt issuance and the balance in equity. Aireum develops and markets Conspire an app which enables users to search, find, download, send and edit email attachments and cloud documents such as Dropbox, Google Drive from one single place. The company was founded by Paul McReynolds and Alex Devkar in December 2012 and is headquartered in Palo Alto, CA. TechStars is an investor in the startup which is housed by incubator First Floor Labs.
An estimated 1,700 companies hit the market during Q1 2013 with offerings below $1 million according to our research. The total amount these companies offered reached $753 millions during Q1. The number of offerings and amounts offered remained strong and consistent month to month with the technology sector remaining in the lead.