|1||The "Gig Economy" is rapidly growing, projected to comprise over half of US workers by 2023.|
|2||The current financial tools are either too complicated or not robust enough for freelance workers.|
|3||We can do this. We've already built and deployed a functional app with growing user base.|
|4||MOXI operates lean. Limited funding hasn't stopped us. We're relentless. We are hustlers.|
|5||We see the big picture. By helping gig workers, we also strengthen the economy and small businesses.|
|6||Our trusted partners across the U.S. represent large networks of freelancers in various industries.|
|7||Even before the global pandemic, there was a shift towards flexible workforce. Now it’s inevitable.|
Moxi represents strong women's leadership for the future. The success of Moxi will help the largely underserved gig economy by fostering diversity and inclusion.
With my strong and diverse background in technology and innovation, I'm excited to bring my mentorship and support at this crucial time of a young startup, to pay it forward to the future generation of female leaders. Evelyne and Laura are innovative, visionary leaders with endless energy and passion to make a difference in improving the financial lives of this growing population. They make things happen and get things done with tremendous perseverance and tenacity.
I am confident with their strategic thinking and industry experience, they will bring their Moxi to the venture and see it rise to be a great success.
n. When someone has courage and backbone, they have Moxi (Urban Dictionary)
Even though free agents rule the roost and bring almost $2 trillion worth of revenue to the US economy, managing their finances continues to be an anxiety-inducing struggle for many freelancers.
Freelancer life often means an irregular cashflow. Often faced with chasing payments, or even worse, not getting paid for work, the impact of financial loss is significantly stressful and can affect their livelihood.
Without the proper financial tools to help them manage their overall financial health, many freelancers are quite simply living life on the edge. The tools on the market today tend to be over-complicated and are not tailored for the specific needs of independent workers, leading to a fragmented experience that makes it exceedingly difficult for such individuals to get on top of their finances.
Our founder, Evelyne Kanakis, created some of the world's first financial apps and tools for banks around the world for over a decade. While working for America's largest bank, managing design strategy for business banking, and her further research whilst at Harvard Business School, it started to become clear to her that the growing gig economy is struggling due to the deficiency of existing tools in the marketplace.
Realizing that she would never be able to build this solution within the confines of a large incumbent bank, she took the leap into the startup world and left to found MOXI.
With limited investment, Evelyne and our small founding team got to work on creating a solution that truly focuses on the needs of freelancers, one that liberates them from financial drudgery. Instead of stressing and facing financial hardship, freelancers can focus on their skills, passion, and building their business. And let's face it, no one wants to be spending time demystifying taxes and complicated spreadsheets!
Early this year, we launched our app!
We don't see ourselves as just yet another cookie-cutter financial service. We believe in creating experiences and solutions that truly matter and help our users. We connect first-hand with the freelance community.
Late last year we took to the streets of Art Basel in Miami, the world's biggest art festival, and met and spoke with hundreds of freelancers. In making connections on the ground, we discovered that the freelance community feels ignored and misunderstood by banks and financial services. We see a need for a fresh, new financial solution that truly understands, acknowledges, and supports independent workers.
MOXI is committed to the freelancer community. That's why establishing partnerships with organizations and associations who represent and advocate for independent workers, like those pictured below, is vital to our success.
By partnering with such organizations, we are continuing to learn from, and to be inspired by, communities of amazingly talented freelancers - whether they are writers, artists, tour guides, producers, and everything in between. By working with our partners, we are continuing to both validate and improve our app to ensure that it best serves freelancers and helps them establish and maintain financial wellness. Through such partnerships we are able to showcase the wonderful talents of freelancers, grow our user base, and stay rooted in the communities that we love and admire.
To date, we've raised over $100,000 from both our Angel investors, as well as personal funds from our founder herself. These investments have allowed us to launch our app, start to build our team, and grow our initial user base. With additional investors joining through Wefunder, we can continue to scale.
We're excited for you to come onboard our journey, and join our movement as we work to liberate the finances of 60 million freelancers, an important cause that benefits both the community and our stakeholders financially.
MOXI has financial statements ending December 31 2019. Our cash in hand is $5,000, as of June 2020. Over the three months prior, revenues averaged $500/month, cost of goods sold has averaged $100/month, and operational expenses have averaged $10,000/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
MOXI is a mobile app that helps independent workers (freelancers, gig workers, etc.) get paid and manage their gigs - all in one place. Through our app you can generate invoices and request/send payments seamlessly. Users can link their bank accounts or pay via credit cards. By providing a platform through which freelancers can easily get paid, we are helping to solve one of the most fundamental problems faced by members of the gig economy.
In 5 years, we want MOXI to be a holistic financial management platform. In addition to the ability to send/receive payments, we want our app to: (1) provide expense management tools; (2) integrate with a third party tax service so that users can manage and file their taxes seamlessly; (3) incorporate functionality that allows users to generate work contracts; and (4) develop a marketplace where users can collaborate with others on gigs/projects and promote their services.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
27 Ventures Inc was incorporated in the State of Delaware in March 2019.
Since then, we have:
Historical Results of Operations
Our company was organized in March 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $114,500 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 2 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
27 Ventures Inc cash in hand is $5,000, as of June 2020. Over the last three months, revenues have averaged $500/month, cost of goods sold has averaged $100/month, and operational expenses have averaged $10,000/month, for an average burn rate of $9,600 per month. Our intent is to be profitable in 8 months.
Since the date of our financials, we have decreased our marketing costs as all physical events have been cancelled due to Covid-19. Office rent spend forecast also decreased as we now work virtually.
Monthly gross margin (revenue minus COGS) increasing $20,000 to $60,000 in months 3 - 6, as we scale our user acquisition.
Expenses increasing from $10,000 to $60,000 per month to accomodate user growth and resources to required to continue to develop and release new features and services in our roadmap.
We have a limited amount of funding remaining from our last raise. We also continue our efforts to raise a seed round via VCs firms.
One of our biggest risks is the way that our payment fees are structured. Presently, we use Stripe as our payment processor. Stripe is simply too expensive, but has allowed us to get our app to market more quickly than any of the alternatives. The risk here is that the strain on our COGS caused by Stripe will adversely affect our profit margin. In order to mitigate this risk, we are exploring alternative payment providers with lower prices.
Relatedly, using Stripe means that the cost of transacting through the MOXI is higher than it would be through some of our competitors. Accordingly, we run the risk of losing customers to solutions that are cheaper. To mitigate this risk, first and foremost, we are exploring alternative payment providers. Additionally, we are building our app to include more features and to be more tailored specifically to freelancers than some of the cheaper alternatives, making MOXI a more attractive solution, even if it comes at a slightly higher price.
Another risk is simply that we don't yet have the brand recognition that people might value when selecting a financial services tool. Let's face it, people are extremely cautious with their money - as they should be! To mitigate this risk, we are partnering with trusted and respected associations and organizations who can help legitimize and validate MOXI.
A fourth risk is in relation to customer service. As we continue to grow and acquire additional users, there will be more and more questions and contact from our users. Presently, we don't have a customer support team. Therein lies the risk. To mitigate this risk, we are utilizing Zendesk and will continue to closely monitor our customer service requirements to ensure that we are utilizing the personnel and tools to best serve our users and promptly address all of their questions.
A fifth risk is in relation to the current COVID-19 pandemic situation. With enormous levels of unemployment and economic distress, the overall economy is suffering and people are working less. This, of course, affects freelancers. To mitigate this risk, we are continuing to seek out industry partners and relationships with particular segments of the market that are continuing to operate.
Finally, there is simply the risk that we're wrong. What if freelancers don't need a tool that helps them get paid and manage their finances? To mitigate this risk, we've not only done our academic homework by extensively researching the industry and the needs of freelancers, but we've also actually gone out onto the street and talked to people. They need this solution, and they need it now.
Frank Seo and Matt Yeoh are part-time officers. As such, it is likely that the company will not make the same progress as it would if that were not the case.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
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