{"data":{"type":"company_profile","id":119510,"entity_id":"wefunder:company:119510","attributes":{"canonical_url":"https://wefunder.com/crossnet","generated_at":"2026-06-10T03:19:28Z","updated_at":"2026-06-09T05:00:42Z","entity_ids":{"company":"wefunder:company:119510","slug":"wefunder:company_slug:crossnet"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-10T03:19:28Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-09T05:00:42Z","as_of":"2026-06-10T03:19:28Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-09T05:00:42Z","as_of":"2026-06-10T03:19:28Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-10T03:19:28Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-10T03:19:28Z","confidence":"medium"}}},"company":{"id":119510,"entity_id":"wefunder:company:119510","slug":"crossnet","name":"CROSSNET","tagline":"The Fastest Growing Backyard Game in History 🏐 🚀 ","elevator_pitch":"CROSSNET is the world's first four square backyard game. We've first reinvented the childhood classic four square and elevated it to add a volleyball spin. We now have expanded our product selection include pool games, soccer and pickleball versions. The objective is to do whatever you can to keep the ball alive and not land in your square. Games are played to 11 and you must win by 2.","story":"CROSSNET started as the world’s first four square volleyball game and has quickly developed into the industry leader in four-way backyard games including four-way soccer, pickleball, and more!\u0026nbsp;\u0026nbsp;Loved by retail consumers and institutional customers alike, CROSSNET is helping usher in the next phase of sports and active play. A focus on sustainable revenue growth with a digital-first approach to connect and engage with our customers. It all Started at a Small Town Sleepover...CROSSNET was founded in 2017 by three childhood friends: Chris Meade, Gregory Meade, and Michael Delpapa after they came up with the concept at a sleepover one night in their hometown of\u0026nbsp;Woodstock, CT. The very next day, they drove to their local Walmart to\u0026nbsp;build the very first prototype out of two volleyball nets, invited some friends over to test it out, and the rest is history.\u0026nbsp;In 2018, they pulled all the money they had to their name to fund CROSSNET and the rest is history. The three have been named Forbes 30u30 winners in 2021, as well as hosted a CROSSNET tournament on ESPN, and are now sold at top retailers across the globe.\u0026nbsp;L- Greg, Mike, Chris | R- Chris, Greg, MikeTHE FASTEST GROWING BACKYARD GAME COMPANYCROSSNET Available Worldwide:Our products are sold in over 3,000 retail locations and distributed in over 47 countries!America's New Favorite Game!We've been featured on Good Morning America, Ellen Degeneres, People Magazine's #1 Backyard Game \u0026amp; many more.\u0026nbsp;Strongest Social Media Presence in the MarketOur digital-first approach allows us to connect directly with our consumers, resulting in a strong consumer-brand relationship, unlike other legacy outdoor games companies.\u0026nbsp;\u0026nbsp; Target ConsumerMarket OpportunityAmericans are increasingly participating in outdoor recreation with a focus on volleyball.\u0026nbsp;153.6 million Americans participate in outdoor recreation, totaling 10.9 billion outings annually (The Outdoor Foundation, 2022).\u0026nbsp;37 million people participate in playing volleyball in the US. This is more than any other sport outside of basketball. Over 800M participate globally.\u0026nbsp;Market Size:\u0026nbsp;Volleyball: 800 Million Active Players\u0026nbsp;Soccer: 4 Billion Active PlayersPickleball: 4.2 Million Active PlayersCROSSNET's stats:\u0026nbsp;Forward-looking projections cannot be guaranteed.The Future of CROSSNETFinancial SuccessA focus on sustainable revenue growth with a digital-first approach to connect and engage with our customers.\u0026nbsp;Financial Overview:\u0026nbsp; \u0026nbsp;\u0026nbsp; \u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;","location":"Miami, FL","website":"https://crossnetgame.com","total_amount_raised":166622,"total_investors":156,"is_funded":true,"is_active":true,"quality_score":5,"related_urls":["https://wefunder.com/crossnet","https://crossnetgame.com"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/119510/xxl_cropped_CROSSNET_Founders.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/119510/large_cropped_CROSSNET_TM.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/119510/standard_cropped_CROSSNET_Founders.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/119510/standard_cropped_CROSSNET_Founders.jpg","profile_video_url":"https://wefunder.wistia.com/medias/0ohiaj0uaj"},"links":{"company_url":"https://crossnetgame.com","twitter_url":"http://twitter.com/crossnetgame","facebook_url":"http://www.facebook.com/crossnetgame","instagram_url":"http://instagram.com/crossnetgame"},"highlights":[{"id":62736,"name":"notable_angel","url":"notableangel","presentable_name":"Notable Angel","description":"Raised $25k or more from a notable angel investor","image_url":"https://uploads.wefunder.com/2021/profile-highlights-check.svg"}],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"⭐️ Led by Forbes 30 Under 30 Owners who have the Passion for Building America's Next Great Sport"},{"index":2,"claim_id":"claim-fact-2","value":"💰 Over $24M in Sales"},{"index":3,"claim_id":"claim-fact-3","value":"🚀 100,000+ Active Players"},{"index":4,"claim_id":"claim-fact-4","value":"📦 Retail Distribution in 3000+ Doors"},{"index":5,"claim_id":"claim-fact-5","value":"🔑 Cash Flow Positive"},{"index":6,"claim_id":"claim-fact-6","value":"🏫 Played in over 10,000 Schools"},{"index":7,"claim_id":"claim-fact-7","value":"🌍 Sold Internationally in 47 Countries"},{"index":8,"claim_id":"claim-fact-8","value":"📺 As seen on ESPN, People Magazine, Good Morning America, QVC and more!"}],"team":[{"id":2878004,"entity_id":"wefunder:company_role:2878004","user_entity_id":"wefunder:user:2697770","role":"founder","name":"Gregory Meade","title":"Co-Founder \u0026 Chief Executive Officer","bio":"Greg is a Forbes 30 Under 30 Honoree in the Sports Category who is leading his second 7 figure business. He sets the vision for the dream team at CROSSNET to create the biggest backyard game in the world.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2878004/square_cropped_IMG_3398.jpg?1659708536","profile_url":"https://wefunder.com/gregory.meade","linkedin_url":"http://www.linkedin.com/in/gmeade","twitter_url":"http://twitter.com/woeismeade","related_urls":["https://wefunder.com/gregory.meade"]},{"id":2877552,"entity_id":"wefunder:company_role:2877552","user_entity_id":"wefunder:user:2704639","role":"founder","name":"Chris Meade","title":"Co-Founder \u0026 Chief Marketing Officer","bio":"Chris is an Ecommerce nerd \u0026amp; Forbes 30U30 Honoree who has built one of the fastest growing newsletters in the space. He drives the bus at CROSSNET while he continues to land some of the largest retail stores like Walmart, Sam's Club, \u0026amp; Dicks.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2877552/square_cropped_Headshot_New.jpg?1673045511","profile_url":"https://wefunder.com/chris.meade","linkedin_url":"http://www.linkedin.com/in/cjmeade","twitter_url":"http://twitter.com/chrismeadej","related_urls":["https://wefunder.com/chris.meade"]},{"id":2878005,"entity_id":"wefunder:company_role:2878005","user_entity_id":"wefunder:user:2697740","role":"founder","name":"Michael Delpapa","title":"Co-Founder and Product Specialist ","bio":"Mike is a Northeastern University engineering graduate and Forbes 30 Under 30 Honoree who developed the first ever CROSSNET. He led operations for the first 3 years as COO and now continues to lead the product development for the business.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2878005/square_cropped_Headshot.jpg?1662503481","profile_url":"https://wefunder.com/michaeldelpapa","linkedin_url":"https://www.linkedin.com/in/michael-delpapa-aa505b80/","twitter_url":"http://twitter.com/msdelpapa","related_urls":["https://wefunder.com/michaeldelpapa"]},{"id":2878013,"entity_id":"wefunder:company_role:2878013","user_entity_id":"wefunder:user:2706215","role":"employee","name":"Christopher Koop","title":"Chief Finance Officer","bio":"Before joining CROSSNET, Chris worked at PWC on projects for some of the largest banks, investment firms and insurance companies in the world. He is the Finance and Compliance genius behind the books of CROSSNET.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2878013/square_cropped_CROSSNET_-_Koop_Headshot.jpg?1657749008","profile_url":"https://wefunder.com/christopher.koop","linkedin_url":"https://www.linkedin.com/in/c-koop/","related_urls":["https://wefunder.com/christopher.koop"]},{"id":2878014,"entity_id":"wefunder:company_role:2878014","role":"employee","name":"Alexander Reynolds","title":"Chief Operations Officer","bio":"Alexander \"aka\" Sander, has spent the past 25 years in the sporting goods, product development and operations space. He is a creative leader who is the inventor of over 20 patents and now leads Operations and Product Development at CROSSNET.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2878014/square_cropped_sander_reynolds_headshot.jpg?1657748973","linkedin_url":"https://www.linkedin.com/in/sander-reynolds-4841a92/","related_urls":[]}],"featured_investors":[{"id":4984,"entity_id":"wefunder:company_investor_profile:4984","investor_profile_id":2205678,"investor_profile_entity_id":"wefunder:investor_profile:2205678","subject_entity_id":"wefunder:user:2737192","name":"Alex Lieberman","avatar_url":"http://uploads.wefunder.com/uploads/user/avatar/2737192/medium_cropped_PortraitWebsiteTemplate-Alex.jpg","profile_url":"https://wefunder.com/alex.lieberman.2","investment_total":10000,"investment_info":"Invested $5,000 this round \u0026 $5,000 previously","is_lead_investor":true,"related_urls":["https://wefunder.com/alex.lieberman.2"]}],"investor_memos":[],"tab_counts":{"posts":0,"ask_questions":15,"featured_investors":1,"faq_entries":5},"active_fundraises":[{"id":66762,"entity_id":"wefunder:fundraise:66762","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"safe","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":50000.0,"funding_started_at":"2022-08-31T19:48:27Z","funding_closed_at":"2022-11-24T05:02:55Z","auto_close_at":"2022-11-24T04:59:59Z"},{"id":66763,"entity_id":"wefunder:fundraise:66763","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"ttw","security_type":"equity","currency":"USD","testing_the_waters":true,"min_purchase":100,"max_purchase":9,"funding_target":500000.0,"funding_started_at":"2022-07-12T17:26:49Z"}],"latest_fundraise":{"id":66762,"entity_id":"wefunder:fundraise:66762","state":"successful","offering_type":"4(a)(6)","structure":"safe","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2022-08-31T19:48:27Z","funding_closed_at":"2022-11-24T05:02:55Z","terms":{"eb":"$12.5M","nb":"$15M","txt":"valuation cap"}},"recent_posts":[],"q_and_a":[{"id":313352,"entity_id":"wefunder:comment:313352","question":"Just saw that crossnet was sold. Can you share more info on the acquisition and payouts?","author_name":"LIRAN HIRSCHKORN","votes":2,"created_at":"2025-08-20T02:37:52Z","canonical_url":"https://wefunder.com/crossnet#question-313352","answers":[]},{"id":313271,"entity_id":"wefunder:comment:313271","question":"Hello All@ congratulations on the acquisition! what does the exit mean for investors on the SAFE? GREAT STUFF!","author_name":"Sam Nebel","votes":2,"created_at":"2025-08-18T15:42:09Z","canonical_url":"https://wefunder.com/crossnet#question-313271","answers":[]},{"id":314260,"entity_id":"wefunder:comment:314260","question":"Hi all, Crossnet got acquired by Vivere Ltd. Congratz guys! What does this mean for the SPV investors via this platform WeFunder? Looking forward to receiving your update.","author_name":"Giel Bos","votes":1,"created_at":"2025-09-03T11:53:57Z","canonical_url":"https://wefunder.com/crossnet#question-314260","answers":[]},{"id":218449,"entity_id":"wefunder:comment:218449","question":"Great work guys! Quick question- What is the plan to repay your loans, especially the $1m JPM loan due 10/31/22? Timing, Source of Funds, etc. Or have they agreed to renew it / term it out?","author_name":"B Baum","votes":1,"created_at":"2022-09-12T18:17:58Z","canonical_url":"https://wefunder.com/crossnet#question-218449","answers":[{"id":218456,"entity_id":"wefunder:comment:218456","answer":"Hey there, Thanks for the question. We are finalizing a deal with JB Capital that will help us close out our JPM loan. Also, our team is looking to maintain/expand our relationship with JPM as they have been great partners to us. Let us know if you have any more questions.","author_name":"Gregory Meade","votes":0,"created_at":"2022-09-12T19:12:52Z"}]},{"id":214891,"entity_id":"wefunder:comment:214891","question":"Why give away equity now? It seems like you have sufficient sales traction to raise non-dilutive funding, and your CAC + margins seem sufficient to pay it back without much risk.","author_name":"Will McQuain","votes":1,"created_at":"2022-08-10T17:28:53Z","canonical_url":"https://wefunder.com/crossnet#question-214891","answers":[{"id":214900,"entity_id":"wefunder:comment:214900","answer":"We feel it is the best way to manage our capital needs and allow us to grow without taking on high interest debt and the least stress.","author_name":"Michael Delpapa","votes":0,"created_at":"2022-08-10T18:54:38Z"}]},{"id":264067,"entity_id":"wefunder:comment:264067","question":"Good day! I would like to know if there are any update regarding the company and our investment?","author_name":"Paul L","votes":0,"created_at":"2023-10-04T09:08:21Z","canonical_url":"https://wefunder.com/crossnet#question-264067","answers":[{"id":264214,"entity_id":"wefunder:comment:264214","answer":"Hi Paul, we are working on publishing an investor update by the end of this year. In 2023 YTD, CROSSNET has done $4M in revenue and is profitable YTD with a 10-12% margin. We are continuing to pay down debt and improve the balance sheet. Amazon has been a strong selling channel this year. Retail sales at Dick's, Academy, Scheels are up YoY. We are stocked up and gearing up for a strong Q4 and summer selling season in Australia and are on target for $5M-6M in revenue in 2023 with profitability. We have $750,000+ in pre-orders in 2024 and will look to grow revenues while remaining profitable and improving the balance sheet in 2024. Our long-term debt term ends in 10/2025 so we are paying that down as we can so we are in a position to refinance at better terms / interest when that time comes.","author_name":"Michael Delpapa","votes":0,"created_at":"2023-10-05T14:11:58Z"}]},{"id":225847,"entity_id":"wefunder:comment:225847","question":"We are putting together an “South Florida Crowdfunding Summit\", specifically for SoFlo based WeFunder campaigns. Your founder Greg should have just received an email from justin@arkhaus.miami. Can you please check and confirm if you would like to participate? We are finalizing the partners in the next week.","author_name":"Sam Payrovi","votes":0,"created_at":"2022-11-17T16:49:57Z","canonical_url":"https://wefunder.com/crossnet#question-225847","answers":[]},{"id":218181,"entity_id":"wefunder:comment:218181","question":"Hi, first congrats on your success. To build a multi-million dollar business in a few years is truly remarkable. So no question on your execution, but a few questions on ownership. In the pitch video, you state you guys came up with the idea. But in the comments below, you mention you pay a patent royalty for each sell. In addition, there are other \"four square nets\" on Amazon and they don't even list Crossnet as the \"Amazon choice\" brand. Please clarify if 1. you came up with the idea, 2. you own the patent on \"four square nets\", and 3. can you challenge other brands in \"Amazon court\" to remove. Or is this simply an execution play with many other competitors?","author_name":"LD Freeman","votes":0,"created_at":"2022-09-09T03:21:26Z","canonical_url":"https://wefunder.com/crossnet#question-218181","answers":[{"id":218215,"entity_id":"wefunder:comment:218215","answer":"Hi LD! We were the first to bring the four square net to market in 2018. We do license rights to a patent and we intend to defend our IP. We have served lawsuits to some of our competition and plan to continue to serve more to other competitors. We expect the patent to be enforceable in the marketplace, but the process will be a slower (12+ months). We see it is as a win / win, if the patent is deemed unenforceable we will no longer pay royalties to the patent holder and if the patent is enforceable we will regain market share and win damages.","author_name":"Michael Delpapa","votes":1,"created_at":"2022-09-09T14:32:25Z"}]},{"id":218122,"entity_id":"wefunder:comment:218122","question":"Does the patent agreement expire? If so, when?","author_name":"Mark V.","votes":0,"created_at":"2022-09-08T18:28:07Z","canonical_url":"https://wefunder.com/crossnet#question-218122","answers":[{"id":218124,"entity_id":"wefunder:comment:218124","answer":"2031","author_name":"Gregory Meade","votes":1,"created_at":"2022-09-08T18:32:21Z"}]},{"id":217405,"entity_id":"wefunder:comment:217405","question":"Congrats on an outstanding summer. Have two Qs from your financials: 1. Are you planning to convert from the LLC structure to simplify your member distributions? 2. What is your royalty situation? It sounds like you have a manufacturing partner that owns the rights? Do you have the option to buy them out in the future?","author_name":"Owen Y","votes":0,"created_at":"2022-09-02T06:26:56Z","canonical_url":"https://wefunder.com/crossnet#question-217405","answers":[{"id":217920,"entity_id":"wefunder:comment:217920","answer":"Hi Owen! We plan to remain a partnership as an LLC. We will use the SAFE agreement with all investors as a single line on the cap table. We have an exclusive licensee agreement for the patent named in the disclosures requiring us to pay royalties for each unit sold in the USA. We have discussed buying the rights to the patent before but have no come to a mutual agreement.","author_name":"Michael Delpapa","votes":0,"created_at":"2022-09-06T22:11:10Z"}]},{"id":215482,"entity_id":"wefunder:comment:215482","question":"Do we have access to your financial statements? I don't seem to find them in your campaign site.","author_name":"Juan Giraldo","votes":0,"created_at":"2022-08-16T02:35:45Z","canonical_url":"https://wefunder.com/crossnet#question-215482","answers":[{"id":215704,"entity_id":"wefunder:comment:215704","answer":"Hi Juan! We are currently in the process of filing our form C with Wefunder and this process will take two weeks until our financials are live. We of course have financials ready and prepared, so if you want to shoot me an email at chris@crossnetgame.com we can send them over for your review.","author_name":"Chris Meade","votes":0,"created_at":"2022-08-17T16:26:52Z"}]},{"id":215036,"entity_id":"wefunder:comment:215036","question":"Could you outline revenue growth through the past 2-3 years? You mention $6M TTM but there is no revenue data prior to that. Additionally, looks like there was a failed Kickstarter for Crossnet Soccer (only $10k raised) last year. What happened there, and why is Crossnet Soccer outlined as a growth avenue when it seems the market has already indicated there is limited appetite for this product?","author_name":"Curt Nichols","votes":0,"created_at":"2022-08-11T17:28:27Z","canonical_url":"https://wefunder.com/crossnet#question-215036","answers":[{"id":215210,"entity_id":"wefunder:comment:215210","answer":"Hi Curt - Thanks for the question, below you'll find some revenue metrics. As you can see the leap from 2019 to 2020 was massive for our company and simply staying in stock was our largest challenge. We simply couldn't create product fast enough. Our goal like the majority of the brands in the space was to simply maintain revenue levels and keep demand the space, while the COVID shock slowed down. 2019 - $2.25M 2020 - $9M (COVID SPIKE) 2021 - $8M CROSSNET Soccer has actually been selling exceptionally well since launch. We've sold over 1500 units in less than three months since launch. I do agree that the Kickstarter, was a \"fail\" even tho we reached our funding goal. As we reflect on the campaign the reason for its lack of success was two fold: 1) We launched a Kickstarter for a product six months before it was going to be released without any large discount or incentive. Customers were very familiar with our brand, new that the fate of the product did not rely on the success of the Kickstarter and it really make no sense for them to pre-buy something six months early with no early discount incentive 2) We only had one prototype of the game which was a major failure on our behalf when it came to creating marketing collateral and exciting content/buzz. We've since increased sampling volume to nearly 50 units to fully execute future launches As we grow not every product will be a slam dunk, but we've been successful in building one of the most popular pool games on the market in the past 24 months and will look to enter the pickleball market as well with the sport of CROSSNET.","author_name":"Chris Meade","votes":0,"created_at":"2022-08-12T19:06:10Z"}]},{"id":214890,"entity_id":"wefunder:comment:214890","question":"Is there an exit strategy in place with the capital raise? I understand the need for funds to expand inventory, distribution, etc. Say 2-3 years down the line, who are the acquirers of a business like this? Would it be a company like Hasbro?","author_name":"Mike Calvey","votes":0,"created_at":"2022-08-10T17:28:21Z","canonical_url":"https://wefunder.com/crossnet#question-214890","answers":[{"id":214899,"entity_id":"wefunder:comment:214899","answer":"We intend to sell the business in the mid to long-term. In the short term, we will begin new distribution opportunities (COSTCO), launch new products (Pickleball) and use our existing retail connections to scale our multi-SKU portfolio. Potential acquirers for a full exit include Hasbro, Wilson Sporting Goods, Franklin Sporting Goods, EastPoint Sports, Escalade Sports, and many of the other private and public companies in the sporting good space.","author_name":"Michael Delpapa","votes":1,"created_at":"2022-08-10T18:53:03Z"}]},{"id":212548,"entity_id":"wefunder:comment:212548","question":"What is your outlook for the next 12mo? What are you specifically focused on executing?","author_name":"Justin Turnbow","votes":0,"created_at":"2022-07-24T19:16:01Z","canonical_url":"https://wefunder.com/crossnet#question-212548","answers":[{"id":212559,"entity_id":"wefunder:comment:212559","answer":"The next 12 months will be massive for CROSSNET. We are gearing up to expand to over 1000 new retail locations, expand distribution to new door counts in stores we are already in, and now globally to 44 new countries via Europe \u0026amp; Australia. We will also be releasing pickeball \u0026amp; soccer, two sports that we know CROSSNET can become a household name in.","author_name":"Chris Meade","votes":0,"created_at":"2022-07-24T23:09:58Z"}]},{"id":212546,"entity_id":"wefunder:comment:212546","question":"Why is the company raising outside capital and what will it be used for?","author_name":"Justin Turnbow","votes":0,"created_at":"2022-07-24T19:14:53Z","canonical_url":"https://wefunder.com/crossnet#question-212546","answers":[{"id":212560,"entity_id":"wefunder:comment:212560","answer":"The goal of the capital raise will be to use funds for: - Staying in stock of inventory! Missed out on over $350,000 in revenue this summer by being out of stock - Expanding retail door count to 6000+ stores (Costco, Ace, Kohls, Canadian Tire) - Expanding into soccer, pickleball, and SKU count growing to 15+ - International expansion into new markets - Expanding CROSSNET into 20,000+ schools","author_name":"Chris Meade","votes":1,"created_at":"2022-07-24T23:10:53Z"}]}],"faq":[{"question":"Why is the company raising outside capital and what will it be used for?","answer":"The goal of the capital raise will be to use funds for: - Staying in stock of inventory! Missed out on over $350,000 in revenue this summer by being out of stock - Expanding retail door count to 6000+ stores (Costco, Ace, Kohls, Canadian Tire) - Expanding into soccer, pickleball, and SKU count growing to 15+ - International expansion into new markets - Expanding CROSSNET into 20,000+ schools"},{"question":"What is your outlook for the next 12mo? What are you specifically focused on executing?","answer":"The next 12 months will be massive for CROSSNET. We are gearing up to expand to over 1000 new retail locations, expand distribution to new door counts in stores we are already in, and now globally to 44 new countries via Europe \u0026amp; Australia. We will also be releasing pickeball \u0026amp; soccer, two sports that we know CROSSNET can become a household name in."},{"question":"Is there an exit strategy in place with the capital raise? I understand the need for funds to expand inventory, distribution, etc. Say 2-3 years down the line, who are the acquirers of a business like this? Would it be a company like Hasbro?","answer":"We intend to sell the business in the mid to long-term. In the short term, we will begin new distribution opportunities (COSTCO), launch new products (Pickleball) and use our existing retail connections to scale our multi-SKU portfolio. Potential acquirers for a full exit include Hasbro, Wilson Sporting Goods, Franklin Sporting Goods, EastPoint Sports, Escalade Sports, and many of the other private and public companies in the sporting good space."},{"question":"Why give away equity now? It seems like you have sufficient sales traction to raise non-dilutive funding, and your CAC + margins seem sufficient to pay it back without much risk.","answer":"We feel it is the best way to manage our capital needs and allow us to grow without taking on high interest debt and the least stress."},{"question":"Could you outline revenue growth through the past 2-3 years? You mention $6M TTM but there is no revenue data prior to that. Additionally, looks like there was a failed Kickstarter for Crossnet Soccer (only $10k raised) last year. What happened there, and why is Crossnet Socce...","answer":"Hi Curt - Thanks for the question, below you'll find some revenue metrics. As you can see the leap from 2019 to 2020 was massive for our company and simply staying in stock was our largest challenge. We simply couldn't create product fast enough. Our goal like the majority of the brands in the space was to simply maintain revenue levels and keep demand the space, while the COVID shock slowed down. 2019 - $2.25M 2020 - $9M (COVID SPIKE) 2021 - $8M CROSSNET Soccer has actually been selling exce..."}]}}}