Question 1

How did you come to offer a SAFE with a 5.5M valuation cap and no discount or interest? I appears that just this month you have offered Convertible Notes with the same valuation, a discount rate, and interest. A far better value for an investor.

Accepted Answer

Hi Andrew - thank you for reaching out. As the CrowdSAFE has a longer holding period the discount rate is likely to never be a factor, and hence leaves the valuation cap as the main metric. It’s not possible to offer an interest rate on a CrowdSAFE as it’s not a debt instrument. The aim here is that the CrowdSAFE has the same cap conversion as the convertible notes, so you get the same valuation cap but with only a $100 minimum investment, while the minimum investment for the convertible note...

Question 2

I'm aware that there wouldn't be any interest on a SAFE (you seem to have confused yourself and combined the name with "Crowd Safe Common Stock" that is common stock as outlined and defined in the SAFE). The issue is that you're offering a SAFE (with no legal obligation to be ...

Accepted Answer

Hi Andrew - thank you for the further comments. I am more than happy to continue discussing if you would like, please email me at chris@eatpropergood.com and we can set up a call.  We reviewed all Reg CF options for this raise, with both the WeFunder team and our legal and financial counsel, we landed on a SAFE that has the same valuation cap as the notes, to be the best and cleanest option for the company goals. Given that the SAFE would convert at a liquidity event, instead o...

Question 3

will it convert to stock?

Accepted Answer

Hi Janet - thank you for the question :-) If the company is successful the SAFE will convert you to stock at the point of a liquidity event, this could be selling the company, an IPO, or another pay-off event. Up until that point you would be a SAFE holder, with the same valuation cap terms as our accredited investors, but not a stock holder until the point you can realize a return. This allows the company to raise from 100’s of investors, with just a $100 minimum, without having 100’s of sto...

Question 4

Can you name the 10+ products (some of which are in Whole Foods) that you have launched? Were all of your product launches successful? I like the health foods product segment and think you may have something very interesting here; however, I have to echo Andrew’s comments. The...

Accepted Answer

Hi Nathan - certainly, thanks for the question! The prior brand we were co-founders of is called Montana Mex, we launched 10 products across retail, foodservice, HSN and e-commerce. The products are a mixture of seasonings, sauces and cooking oils, which are sold via major distributors (UNFI & KeHe) into 1000+ stores including retailers such as Whole Foods, Sprouts, Safeway, HEB and so forth. The success of products of course varies by retailer and city, but all the products mentioned are...

Question 5

Have you tested demand at all? How do you know if there is significant interest in the market? Currently whole foods prices their private label 365 soup at $3 - Thoughts? All the best! Looks interesting.

Accepted Answer

Hello Dillon! Thanks for your thoughts :-) Few comments below and please let me know if there are any other points to chat on. We’ve positioned Proper Good as a option for busy and active people looking for instant meal solutions, with zero-prep time and premium ingredients, we’re starting with soup but this will be shortly followed by other items to ensure we have broad meal solution offerings. Given the unique elements in terms of our packaging convenience (non-refrigerated, flexible, micro...

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