Seattle Gummy Company
Delivering functional healthcare with gummies instead of pills
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Disclosure: I have a financial relationship with Seattle Gummy Company
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Kevin Hardman
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This investor has made over 50 investments on Wefunder.
Oct 28, 2021
1) Cumulative revenue is shown as $2.5M. Over what period of time was that revenue earned?
2) What is year-to-date revenue, and what are your revenue projections for 2021 and beyond?
3) What percentage of revenue is generated by the each respective revenue stream?
4) Who owns the relevant IP?
5) What’s the exit strategy?
Very exciting! Congratulations on your success to-date. A few questions:
(1) All your current products are categorized as dietary supplements, not as pharmaceuticals, correct?
(2) With the IND approval, does this mean you are working on a pharmaceutical designation for products you're developing?
(3) What medical conditions are you planning to treat / what medicines are you planning to administer via gummy, once you start offering pharmaceuticals?
(4)You mention that this series B round valuation is "mid $50M" - is this pre-money or post-money?
(5) What is the expected / target raise in total for your B round?
(6) How much money did you raise in total in the Series A and seed/angel rounds?
(7) What was your net income / loss for FY2020 and YTD 2021?
(8) Since this is a Series B raise, an IPO in 18-24 months seems aggressive. Normally, IPOs happen after more meaningful growth, which would happen in later years. Can you please comment on this?
Hi, thank you for including Wefunder investors in your series B round. What valuation do you expect for your series B funding?
I notice that the Investment Terms state "Terms will be decided later". How, then, is this an investment?
It's been 2 years since I invested in SG. Are there any updates?
Hello Lee, we have provided an annual update each year which you can see on the WeFunder website under out company. Thanks again for your support and faith. Best regards, Erick Rabins
Connie, I'm confused. I previously asked when the WeFunder offering would close, and last week you wrote: "We are closing the public phase of the WeFunder round by the end of this week." Now I see a countdown timer with a message that states "Friends invest first" and shows a public launch beginning on January 3. Three questions:
(1) If we expressed interest before by submitting a soft commitment, do we need to subscribe again now? (I don’t think so, as WeFunder shows my commitment under “Portfolio” for my account as "Reserved.")
(2) If you closed the public phase, why is there now a private phase? Will there be another public phase?
(3) When will this WeFunder listing do a final close, after which point you will no longer accept new WeFunder commitments?
Thanks,
Paul
Connie, thank you for the helpful, detailed answers. I have made a soft commitment for this round and I'm considering upsizing it. A few follow-up questions:
(1) I would like to see your pro forma forecast for Revenues and EBITDA for the next 5 years. Not sure why Wefunder doesn't mandate this. How can I access this, or can you please provide top-line and bottom-line forecast numbers for 2023-2027?
(2) The IND is simply approval to move toward clinical trials. I know there are some unknowns around the timeline, but when do you expect clinical trials for your immediate IND pipeline to conclude, making the first gummy pharma items ready for commercialization?
(3) With revenue of $5M+ at projected time of IPO, this would likely be an OTC / pink slip IPO, correct? If so, that would severely limit liquidity and value growth. I'm hoping you would only accept a NASDAQ listing. Can you please comment on this as well?
(4) I see a strategic acquisition by a larger pharma company as potentially more lucrative for shareholders, especially if commercialization takes off. Is this something you and your board will also entertain or are you fully set on the IPO path?
(5) How much Debt does Seattle Gummy have on its balance sheet currently and what are the terms?
(6) Will your Wefunder investors in this round have their holding custodied by Wefunder, or will we all be direct shareholders of Seattle Gummy, on the cap table with our names?
(7) When is this Wefunder offering (gathering of interest) expected to close and when will the Series B Round be fully funded and closed?
(8) How frequently and in what ways do you communicate updates to your investors on developments and milestones?
(9) I'm assuming investors will receive K-1s, correct? How long after year-end are these usually issued?
(10) I'm local to the Seattle area. I would love to visit your facility at some point for a quick tour, subject to your team's availability of course. Will this be possible?
Sorry for all the questions, but I'm used to a lot more information than what the Wefunder portal provides - which amounts to a handful of small Powerpoint screenshots.
I invested $100 and paid $8. fee, on January 28, 2022. Am I a shareholder of record? Nothing shows on my Wefunder account profile. (R. Hasenauer)
Hello Risk, i contacted WeFunder and it looks like you have two WeFunder accounts - look under your account at RPH5301@GMAIL.COM email you'll be able to view the SGC investment at wefunder.com/portfolio. Good luck and let me know if does not work. Regards, Erick +1206223359707
I am very impressed with your company. Am I reading your raise page correctly that you are in the "Friends and Family" phase until May 30th of 2022? And what may the early investor financial benefits include? Thank you, Ted
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Hello, could you give us an estimate of your revenue in 2021? Thank you