{"data":{"type":"company_profile","id":93516,"entity_id":"wefunder:company:93516","attributes":{"canonical_url":"https://wefunder.com/team-topia","generated_at":"2026-06-20T10:45:28Z","updated_at":"2026-06-20T05:00:41Z","entity_ids":{"company":"wefunder:company:93516","slug":"wefunder:company_slug:team-topia"},"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":"2026-06-20T10:45:28Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-20T05:00:41Z","as_of":"2026-06-20T10:45:28Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-20T05:00:41Z","as_of":"2026-06-20T10:45:28Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-20T10:45:28Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-20T10:45:28Z","confidence":"medium"}}},"company":{"id":93516,"entity_id":"wefunder:company:93516","slug":"team-topia","name":"Team Topia","tagline":"Exceptional Team \u0026 League Management Platform—Expanding to Serve Every Sport","elevator_pitch":"Team Topia is a platform that makes running sports teams, leagues, and competitions ridiculously easy. We’re focused on solving the challenges of all the “niche” sports including timed sports like swimming, track, cross country and skiing and judged sports like diving, gymnastics, and cheerleading. These are sports that are largely ignored and underserved by existing solutions, yet they make up a majority of the global sports software market.","story":"Team Topia creates software to manage sports leagues, teams, and competitions. Our flagship product, SwimTopia, is the #1 online platform for US Summer/Rec swim teams with over 1,800 customers and on-track to generate\u0026nbsp;over $1 million in revenue in 2021.While we have started with a focus on the swimming market, our ambitions have always been much bigger—to serve a very wide range of sports and activities. By starting with swimming and diving, we are well-positioned to create a robust and extensible platform to support the hundreds of “niche” sports that collectively make up a majority of the global $5 billion\u0026nbsp;sports software market.We are raising investment via Wefunder\u0026nbsp;to expand into new markets. With the funds raised we expect to (1) significantly expand our foothold in the year-round/club and international swim market segments, (2) gain meaningful traction in additional sports, (3) more than\u0026nbsp;double our revenue, and (4) raise a Series A investment round, converting notes raised in this campaign to equity, within the next two years.*Have questions about the investment terms?Please see this answer explaining the details in the \"Ask a Question\" section of this site.TRACTION \u0026amp; TRACK RECORDTeam Topia has a history of being extremely capital efficient and creating tremendous value for customers with a surprisingly small team and few resources.By 2019, with just $630K in funding,\u0026nbsp;Team Topia had successfully launched 3 products and acquired a competitor. Team Topia provides a complete end-to-end solution for competitive swim teams including:SwimTopia – Web-based team management with a dizzying array of features, including online registration to join a team, volunteer commitment tracking, simple drag \u0026amp; drop website updates, and email and push notifications. Plus features specific to event-based sports like per-athlete event entries and automated relay selections. SwimTopia also provides a host of features that ease management of whole leagues, a capability that has encouraged dozens of swim leagues to adopt SwimTopia for all their member teams.Meet Maestro – Our revolutionary software to run swim meets is exceptionally intuitive and efficient. It is meant to run on the pool deck and integrates with various timing systems to collect times and DQs to score events and generate awards and other reports. It replaces archaic software that has been the dominant solution for swim meet management since the 1990’s. While we still have work to do to fully replace the incumbent solution, we’ve been thrilled by how quickly teams and leagues have been switching to—and loving—Meet Maestro. SwimTopia Mobile – Our parent-focused companion mobile app provides easy access to team calendars, volunteer commitments, and complete swim histories for their kids. With push notification alerts, our mobile app is a vital communication tool for teams to notify parents of practice cancellations or meet delays. On meet days, our unique Live Bar feature broadcasts the current event and heat to keep meets running smoothly and to help parents avoid missing their kid’s races. With a premium Pro subscription, mobile app users can unlock full heat sheets, live meet results and scores, and proactive upcoming event reminders so they’ll never miss a swim again.All the products in our portfolio complement each other, thus encouraging users of one product to adopt the other products to maximize the value they receive from our platform. This encourages “network effects,” where it is more convenient for teams using our software if other teams they compete with also use Team Topia software. This dynamic encourages positive word-of-mouth and viral spread of our products, as our customers encourage more and more teams to try our software.A word-of-mouth strategy will only be effective if customers are overwhelmingly satisfied with the products and services being delivered. As a company, we are intently focused on delivering high quality products and excellent customer service. By every measure, Team Topia has very, very happy customers.The satisfaction of our customers is evidenced by the very high ratings of our products on mobile app stores and major app review sites, typically 4.8/5 or better and consistently higher than the ratings of our competitors.Happy customers are also loyal customers. As a result, we enjoy an insanely low level of churn for a SaaS product, averaging less than 2% per year. Once a team or league signs up for our service, it is exceedingly rare for them to cancel, and rarer still for them to switch to a competitor. Of the few teams who have switched to a competitor, several later returned to become our customers again. In fact, 100% of customers who joined in our first two years of operation are still Team Topia\u0026nbsp;customers today.Team Topia has a track record of consistently strong growth, averaging over 50% per year since inception, prior to the COVID-19 pandemic in 2020.The COVID-19 pandemic\u0026nbsp;caused the vast majority of swim teams and leagues to cancel their\u0026nbsp;seasons in 2020. As a result, Team Topia's revenues were down significantly from 2019. During that challenging time, we focused on adding features to support\u0026nbsp;virtual swim meets (meets\u0026nbsp;conducted at multiple pools and/or different times)\u0026nbsp;and disseminating information to help our customers\u0026nbsp;safely conduct practices and meets.\u0026nbsp;Fortunately, by the 2021 season, most–but not all–teams and leagues had resumed competition. While participation was still down relative to 2019, through a combination of added customers and increased usage of our products, year-to-date revenue through September 2021 ($887K) has already\u0026nbsp;surpassed the total revenue for all of 2019, and is on track to exceed $1 million this year.MASSIVE OPPORTUNITY FOR GROWTHThere is huge potential for Team Topia to grow in two distinct stages: (1) expanding our existing foothold in the year-round/club and international swimming markets and (2) extending from that base to serve many additional sports, most notably timed sports like track and field and cross-country running, and judged sports like gymnastics and cheerleading.The US Swimming \u0026amp; Diving market is divided into 3 main market segments:Summer/Recreational – comprising roughly 75% of the market with an estimated 2 million participants, these are neighborhood, municipal, and country club swim programs typically for kids ages 5–18 and hosting meets between May and July. SwimTopia is currently the #1 online platform for this market segment.High School \u0026amp; Middle School – these are school-affiliated teams with some 300 thousand swimmers and divers in the US. SwimTopia has significant traction in this market segment, but also plenty of room to grow. Year-Round/Club – these teams attract the most serious athletes, typically ages 7–18 and who compete in one or two meets per month, all year long. These teams are usually affiliated with USA Swimming and are frequently coach-run, for-profit businesses. Because these teams operate year-round and have more demanding feature requirements, they are willing to pay higher SaaS subscription rates. Additionally, the high transaction volume makes transaction fees a major\u0026nbsp;revenue stream for this segment. Because we don’t yet provide the billing and invoicing features needed by most of these teams, Team Topia does not yet market to this segment and currently has a handful of year-round swim team customers.By developing features to cater to the year-round/club segment, and selling and marketing to these teams, Team Topia has the near-term potential to more than double its revenue. We regularly field inbound requests from year-round/club teams disappointed with existing team management systems and who are\u0026nbsp;looking for a better alternative.\u0026nbsp;Given the pent-up demand in this segment, we expect to roll up market share rapidly once we start marketing and selling to these teams.While the opportunity exists to grow by much more than 10x just within the swim \u0026amp; dive market, a much bigger opportunity lies in expanding to support the hundreds of “niche” sports that make up a majority of the $5 billion per year global sports software market.\u0026nbsp;The global sports software market is big, fragmented, and filled with competitors. However, nearly all the attention is focused on the biggest four sports: basketball, baseball, soccer, and football. These four sports make up about one-third of the overall sports software market. The remaining two-thirds is filled with dozens and dozens of smaller sports and activities—most of which have needs that are very different from those of the biggest sports. Because these needs are largely unmet, the majority of the global software market is not well-served by existing solutions, creating a huge opportunity for a company that can address the neglected needs of these organizations.We expect our rate of growth to accelerate as we expand into additional markets. Expanding to the year-round swim market segment and additional sports should significantly reduce the effects of seasonality on our business. Additionally, network effects, when a customer derives more value\u0026nbsp;as they and the teams they interact with\u0026nbsp;use\u0026nbsp;more Team Topia products, should continue to drive usage and adoption in existing markets. Our goals are\u0026nbsp;to (1) more than double revenue\u0026nbsp;within 24 months to $2M+, and (2) to surpass $10M in annual revenue within 5 years.*OUR TEAMWe have an exceptionally capable and experienced management team. Every member of our management team has prior experience founding and/or running a business. Our Founder and CEO, Mason Hale, was previously the Chief Technologist of world-renowned design firm, Frog Design. During his eight years at Frog, Mason led the global digital technology group which spanned nine studios and created web, mobile, desktop and embedded software applications for clients including Microsoft, T-Mobile, Disney, General Electric, Dell, SAP, and many others.\u0026nbsp;Elli Overton, our Director of Sales and Marketing, was a 3-time Olympic swimmer for Australia. She was team captain for the UC Berkeley women’s swim team while completing her business degree at the Haas School of Business. Elli worked in the nonprofit world, helping to raise millions of dollars for cancer survivors, before returning to her swimming roots and opening her own swim instruction business. She is the author of Jay's Swimming Journey, a children's book for young swimmers.Team Topia is very fortunate to have the support of a stellar group of investors and advisors.Team Topia is guided by an outstanding Board of Directors.Gordon Daugherty – Gordon is the co-founder and President of Capital Factory, the most active early stage investor\u0026nbsp;and the center of gravity for entrepreneurs in Texas.Bryan Jones – A seasoned entrepreneur and startup executive, Bryan is also a former captain of the national champion University of Texas men’s swim team, and a former world and American record-holder.Mark Metz – Mark is a serial-entrepreneur with 3 previous nine-figure exits. Mark is a strong supporter of the Atlanta business community and founder of the 22TechPark startup incubator. Mark was also 2-time Southern Conference swimmer of the year and an Olympic Trials qualifier.Mason Hale – Our founder and CEO.By participating in this campaign, you too can join the ranks of these exceptional Team Topia investors and advisors.SUMMARYThe funds raised via this campaign will be used primarily to grow our product development team, enabling us to update our 3 products more quickly and efficiently. As we launch into new markets, a significant portion of the funds is earmarked for sales and marketing efforts.The investment raised by this crowdfunding campaign will enable us to more quickly expand our existing foothold in the year-round/club and international swimming market segments and to take our first meaningful steps to serve additional sports. With the expected resulting boost in growth and revenue, and with proven traction beyond swimming, we will be well-positioned to raise a Series A round of $5 million+ to aggressively pursue our multi-sport Team Topia strategy.*There are a wide range of potential exit opportunities, including acquisition or a\u0026nbsp;public offering. Please be advised that investors should expect to wait several years before a liquidity event. We are simultaneously committed to delivering an exceptional return to our investors, serving the needs of our customers, and providing for our employees.Investors in this campaign will receive the valuable perks listed above\u0026nbsp;associated with the their level of investment. Perks are cumulative. Higher tiers receive all the perks of lower tiers.\u0026nbsp;We look forward to welcoming many existing Team Topia customers as investors, and we want to show our appreciation for their grassroots support\u0026nbsp;with SwimTopia, Meet Maestro, and Team Topia branded apparel and gear they'll be proud to wear and use.* Projections of future results are not guaranteed.","location":"Austin, TX","website":"https://teamtopia.com/","total_amount_raised":687323,"total_investors":260,"is_funded":true,"is_active":true,"quality_score":4,"related_urls":["https://wefunder.com/team-topia","https://teamtopia.com/"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/93516/xxl_cropped_FINAL_Banner__1_.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/93516/large_cropped_team-topia-icon-1024x1024.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/93516/standard_cropped_FINAL_Banner__1_.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/93516/standard_cropped_FINAL_Banner__1_.jpg","profile_video_url":"https://wefunder.wistia.com/medias/yw5alawezw"},"links":{"company_url":"https://teamtopia.com/","twitter_url":"http://twitter.com/swimtopia","facebook_url":"https://www.facebook.com/swimtopia","instagram_url":"https://www.instagram.com/swimtopia","blog_url":"https://www.swimtopia.com/blog/"},"highlights":[],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"🏆 #1 Online Platform for US Summer/Rec Swim Teams"},{"index":2,"claim_id":"claim-fact-2","value":"💰 1,800+ Customers and $1 Million+ Annual Revenue Run Rate"},{"index":3,"claim_id":"claim-fact-3","value":"🚀 With only $630K in Funding, Launched 3 Products \u0026amp; Acquired a Competitor"},{"index":4,"claim_id":"claim-fact-4","value":"📈 Insanely Low Churn: Less than 2% per Year"},{"index":5,"claim_id":"claim-fact-5","value":"❤️ Customers Love Us: 4.8/5 App Store Ratings, +74 Net Promoter Score, 85%+ Trial Conversion"},{"index":6,"claim_id":"claim-fact-6","value":"⭐️ Management Team Includes Former Tech Leader of World-Renowned Design Firm and a 3-Time Olympian"}],"team":[{"id":1903681,"entity_id":"wefunder:company_role:1903681","user_entity_id":"wefunder:user:1501279","role":"founder","name":"Mason Hale","title":"Founder \u0026 CEO","bio":"Mason has been leading teams creating innovative software products for over 20 years. Previously, as Chief Technologist of Frog Design, he led the creation web and software solutions for clients including Microsoft, Disney, T-Mobile, and many others.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1903681/square_cropped_Mason_Hale_1024x1024.jpg?1764718962","profile_url":"https://wefunder.com/masonhale","personal_url":"http://www.flowdelic.com","linkedin_url":"https://www.linkedin.com/in/masonhale/","twitter_url":"https://twitter.com/masonhale","related_urls":["https://wefunder.com/masonhale","http://www.flowdelic.com"]},{"id":1909510,"entity_id":"wefunder:company_role:1909510","user_entity_id":"wefunder:user:1612465","role":"employee","name":"Elli Overton","title":"Director, Sales \u0026 Marketing","bio":"Elli is a three-time Australian Olympic Swimmer, and graduate of the Haas School of Business at UC Berkeley. One of Team Topia’s first full time employees, she has been instrumental in growing the customer base from 50 to 1,800+.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1909510/square_cropped_Elli_Overton.jpg?1638464549","profile_url":"https://wefunder.com/ellioverton","linkedin_url":"https://www.linkedin.com/in/ellioverton/","related_urls":["https://wefunder.com/ellioverton"]},{"id":2057356,"entity_id":"wefunder:company_role:2057356","user_entity_id":"wefunder:user:1856278","role":"employee","name":"Chris Bonser","title":"Vice President, Engineering","bio":"Chris loves leading teams to build software which delights its users. He has been the solo developer for shoestring budget startups and the project lead for multi-million dollar projects at a Fortune 500 company.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2057356/square_cropped_Chris_Bonser.jpg?1638464607","profile_url":"https://wefunder.com/chrisbonser","linkedin_url":"https://www.linkedin.com/in/cbonser/","twitter_url":"https://twitter.com/cmbonser","related_urls":["https://wefunder.com/chrisbonser"]},{"id":2057358,"entity_id":"wefunder:company_role:2057358","user_entity_id":"wefunder:user:1782161","role":"employee","name":"Tracy Nelson","title":"Director, Customer Success","bio":"At Team Topia Tracy combines her previous experience as a business owner, manager, and consultant with her love of sports. Helping ensure the success of our customers, Tracy oversees the Customer Happiness team and Help Center.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/2057358/square_cropped_Tracy_Nelson.jpg?1638464637","profile_url":"https://wefunder.com/tracynelson","linkedin_url":"https://www.linkedin.com/in/tracydnelson/","related_urls":["https://wefunder.com/tracynelson"]}],"featured_investors":[{"id":5561,"entity_id":"wefunder:company_investor_profile:5561","investor_profile_id":1491304,"investor_profile_entity_id":"wefunder:investor_profile:1491304","subject_entity_id":"wefunder:user:1981992","name":"Kevin Cunningham","avatar_url":"http://uploads.wefunder.com/uploads/user/avatar/1981992/medium_cropped_Kevin_Cunningham-Edit__1_.jpg","profile_url":"https://wefunder.com/kevin..cunningham.3","investment_total":150000,"investment_info":"Invested $50,000 this round \u0026 $100,000 previously","is_lead_investor":true,"related_urls":["https://wefunder.com/kevin..cunningham.3"]}],"investor_memos":[],"tab_counts":{"posts":1,"ask_questions":15,"featured_investors":1,"faq_entries":5},"active_fundraises":[{"id":49000,"entity_id":"wefunder:fundraise:49000","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"convertible_note","security_type":"debt","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":1070000.0,"minimum_target":"200000.0","maximum_target":"1070000.0","funding_started_at":"2021-09-17T01:26:43Z","funding_closed_at":"2022-02-01T05:02:30Z","auto_close_at":"2022-02-01T04:59:59Z"},{"id":50905,"entity_id":"wefunder:fundraise:50905","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"ttw","security_type":"debt","currency":"USD","testing_the_waters":true,"min_purchase":100,"max_purchase":9,"funding_target":1070000.0,"minimum_target":"200000.0","maximum_target":"1070000.0","funding_started_at":"2021-08-31T19:27:22Z"}],"latest_fundraise":{"id":49000,"entity_id":"wefunder:fundraise:49000","state":"successful","offering_type":"4(a)(6)","structure":"convertible_note","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2021-09-17T01:26:43Z","funding_closed_at":"2022-02-01T05:02:30Z","terms":{"eb":null,"nb":"$10M","txt":"valuation cap"}},"recent_posts":[{"id":152155,"entity_id":"wefunder:feed_item:152155","type":"FeedItem::Update","visibility":"public","title":"💪 Ready to finish strong!","preview":"Our Wefunder campaign is coming to a close on January 31, let’s wrap up this campaign with a bang!We’ve had a blast since we launched our Wefunder in September.\u0026nbsp;We’ve sold our swim software to over 130 new swim teams, including the biggest summer swim league in America!We’ve launched support for new timing systems in our swim meet management software, Meet Maestro.And we’re hiring.We’re excited to be starting the year with so much momentum. Please share your enthusiasm for Team Topia wit...","published_at":"2022-01-21T00:13:59Z","author_name":"Elli Overton","url":"/feed/152155","canonical_url":"https://wefunder.com/feed/152155"}],"q_and_a":[{"id":187330,"entity_id":"wefunder:comment:187330","question":"Hi Mason. I have a number of questions, but this entry box doesn't seem to allow line breaks, so apologies in advance that these questions will come across as a single stream. (1) Why did you fall short of the $1M 2021 revenue goal? (2) How many years of profitability have you had and what was 2021 net income? (3) What exactly is the commercial plan to achieve the $2M revenue goal? And how much of that will come from the existing swimming market vs new markets? (4) What is the cost to acquire a new customer? (5) What is the lifetime value of a customer? (6) You mention an extremely low churn rate. How much of your revenue do you get or foresee getting from expansions within existing account relationships? (7) You mention gross margin has grown from 50% in 2019 to 64% in 2020, which is good, but that seems low for a SaaS business. Any plans to increase this to 75/80+%? (8) What is the go-to-market/sales/commercial strategy to penetrate the new markets you're targeting, like the year-round/club market? (9) If I read correctly, in the past you've used a rev-share arrangement with an outside dev firm where they got 75% of your mobile revenues net app store costs. That seems high. Do you plan to do that again and if so, why share such a large portion of your revenue? (10) You also mention you plan to hire 2-3 devs with the crowdsourcing funds. Will these be FTEs or outsourced? (11) What plans do you have the scale your engineering operations? I can't imagine it can continue being you and Chris Bonser writing code and squashing bugs. (12) What does your product roadmap look like? I'm particularly interested in when you see the availability of those billing and other critical features needed to penetrate the year-round/club market. (13) Any plans to add international language localization? (14) Are your prices too low? Any plans to increase them? (15) Why would NBC/Universal or Dick's Sporting Goods be interested in acquiring a sports management software company? (16) What's in place to ensure the retention of the current management team and are there plans to add additional management talent, particularly on the commercialization and business development side? I know these are many questions and many thanks in advance for your time, patience, and consideration in answering them.","author_name":"Shardul Mehta","votes":4,"created_at":"2022-01-09T02:48:22Z","canonical_url":"https://wefunder.com/team-topia#question-187330","answers":[{"id":187705,"entity_id":"wefunder:comment:187705","answer":"\u0026gt; (10) You also mention you plan to hire 2-3 devs with the crowdsourcing funds. Will these be FTEs or outsourced? These will be FTEs. We've actually already made two of the hires, even though the funds from this campaign are still held in escrow. Our new Director of Product, Michael Swanson[1], started last month and Brian Moeskau[2] joined our team as a Principal Engineer, starting today! If anything, in large part due to the success of this campaign, I expect we will hire 2-3 *additional* developers this year, for a total of 4-5 new engineering hires. We are still actively hiring for additional positions. Please see: swimtopia.com/careers [1] linkedin.com/in/mswanson1524 [2] linkedin.com/in/bmoeskau","author_name":"Mason Hale","votes":3,"created_at":"2022-01-11T03:15:49Z"},{"id":187653,"entity_id":"wefunder:comment:187653","answer":"Hi Shardul, thanks for all the questions. I assume you are only asking because you are interested. I will take each of these in turn in a separate reply.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-10T23:30:33Z"},{"id":187696,"entity_id":"wefunder:comment:187696","answer":"\u0026gt; (1) Why did you fall short of the $1M 2021 revenue goal? I'd chalk most of this up to adjusting to GAAP accounting principles. Regulation CF crowdfunding requires financials in GAAP format, and so we adopted GAAP financial reporting for the first time as part of this campaign. One key part of GAAP is Rule ASC 606, which says that subscription income should be recognized over the duration of the subscription. Our revenue projections for 2021 were based on winning a significant share of the sales opportunities we saw in our pipeline at the beginning of the campaign. We actually closed more of those deals than we had anticipated, but we underestimated the impact of distributing that new revenue evenly over the next 12 months. It was frustrating to crush our sales goals but still fall short of the annual revenue goal. On a trailing 12 month basis, we are still closing in on $1M milestone, but the timing of the revenue recognition did not align with the end of the calendar year. On the positive side: (1) we've learned how to better project revenue under GAAP rules, and (2) we've \"banked\" significant revenue that will be recognized in 2022.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:06:33Z"},{"id":187697,"entity_id":"wefunder:comment:187697","answer":"\u0026gt; (2) How many years of profitability have you had and what was 2021 net income? First, I should make clear that our primary goal at this stage is growth, not profitability. When we raise investment, we invest that money in growing the company, and that investment does not count as income but the money spent does count against expenses, which results in negative net income. Our 2021 net income on a GAAP basis was $-160,807. For comparison, on a cash basis, our net income for 2021 was $-55,313. We only have GAAP financials starting with 2019, so I am not able to report financials on a GAAP basis prior to 2019. On an accrual basis, our previous and only profitable year was 2017, with $10,548 in net income. On a cash basis, in 2017 we recorded a $-2,031 loss.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:07:55Z"},{"id":187698,"entity_id":"wefunder:comment:187698","answer":"\u0026gt; (3) What exactly is the commercial plan to achieve the $2M revenue goal? And how much of that will come from the existing swimming market vs new markets? I'm sorry, but for competitive reasons, I don't feel comfortable sharing that level of detail in this public forum. I will say that our expectation is that a large majority of revenue in 2022 and 2023 will come from the swim market. We will be working to expand into new markets, but we don't expect the revenue contribution from non-swim markets to surpass swim market revenue before 2024.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:09:08Z"},{"id":187699,"entity_id":"wefunder:comment:187699","answer":"\u0026gt; (4) What is the cost to acquire a new customer? The cost to acquire a customer fluctuates seasonally, therefore we track this on a trailing 12 month basis. As of our Q4 board meeting in November 2021, our trailing 12 month customer acquisition cost was calculated as $353.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:09:35Z"},{"id":187700,"entity_id":"wefunder:comment:187700","answer":"\u0026gt; (5) What is the lifetime value of a customer? This isn't a metric we track regularly. Our low churn makes estimating the lifetime of a customer a bit nebulous. For example 100% of the customers who signed up in our first 2 years are still customers today. In any case, my best estimate for that value right now is $2,827.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:10:10Z"},{"id":187701,"entity_id":"wefunder:comment:187701","answer":"\u0026gt; (6) You mention an extremely low churn rate. How much of your revenue do you get or foresee getting from expansions within existing account relationships? Unlike enterprise software, where expansion comes in the form of more seats and/or upgrades to higher tiers of service, in our market we charge per athlete and the sizes of teams don't fluctuate much season to season. Thus, our main source of expansion revenue comes from our B2B2C model and premium mobile app subscriptions. Mobile app revenue is approximately 11% of our overall revenue, but it is the fast-growing portion and it has the potential to double our average revenue per customer over the next 2 years as Meet Maestro usage and associated mobile app subscriptions continues to increase. In terms of the relation between expansion revenue vs. revenue from new customers, we see both as roughly equal components to achieving our revenue goals.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:11:18Z"},{"id":187702,"entity_id":"wefunder:comment:187702","answer":"\u0026gt; (7) You mention gross margin has grown from 50% in 2019 to 64% in 2020, which is good, but that seems low for a SaaS business. Any plans to increase this to 75/80+%? Our gross margins are lower than you might expect for a SaaS business because revenue from transaction fees makes up a large portion of our revenue, and the margins on transactions processing fees are quite low, less than 25%. We are working to increase overall gross margins on a number of fronts. As of Jan 1 this year, we have increased our payment processing fees from 2.9% + 30¢ per transaction to 3.4% + 30¢ per transaction, which will immediately increase our gross margin on transactions. We are also in the process of implementing updates to our pricing, introducing new product tiers and simultaneously simplifying the pricing model. For most customers, these changes will result in a net price increase, but given legacy pricing extended to existing customers, it will take up to 2 years for these changes to effect all our existing customers. Nevertheless, that process is starting later this month. Lastly, the portion of our revenue that is comprised of mobile app subscription is expected to increase sharply. Due to app store fees, which range from 15-30%, that revenue stream is effectively (currently) capped at 85%, thus the ability for this stream to boost overall gross margins above 80% is limited.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:13:08Z"},{"id":187703,"entity_id":"wefunder:comment:187703","answer":"\u0026gt; (8) What is the go-to-market/sales/commercial strategy to penetrate the new markets you're targeting, like the year-round/club market? Again, for competitive reasons, I'm not comfortable sharing detailed plans and strategy in this public forum.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:13:34Z"},{"id":187704,"entity_id":"wefunder:comment:187704","answer":"\u0026gt; (9) If I read correctly, in the past you've used a rev-share arrangement with an outside dev firm where they got 75% of your mobile revenues net app store costs. That seems high. Do you plan to do that again and if so, why share such a large portion of your revenue? You have done your homework! Yes it is correct, we funded the initial development of our mobile app via a revenue sharing agreement with a software development firm. Note however, that revenue share agreement was capped to the first $X in total revenue, and as of November 2021 that cap was met and the revenue sharing agreement has been paid in full. We now keep 100% of mobile app revenue. We structured the deal in this way because at the time we did not have the funds to pay for the mobile app development up front. Through this deal we (and our customers) got a mobile app much sooner and we got to keep 25% of the revenue stream it created—a revenue stream that would not have existed had the app not been created. It was a creative arrangement that benefitted both parties. Even though we are happy with the way that deal worked out, we do not plan to use a similar arrangement in the future. We have already taken our mobile app development \"in-house\" and, with the help of this campaign, we've been hiring developers to further expand our development capabilities.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:15:02Z"},{"id":187706,"entity_id":"wefunder:comment:187706","answer":"\u0026gt; (11) What plans do you have the scale your engineering operations? I can't imagine it can continue being you and Chris Bonser writing code and squashing bugs. I agree with you. Please see my previous answer. I should add we are also expanding our quality assurance testing capabilities, with a terrific new hire in October who splits her time between QA testing and customer support.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:16:54Z"},{"id":187707,"entity_id":"wefunder:comment:187707","answer":"\u0026gt; (12) What does your product roadmap look like? I'm particularly interested in when you see the availability of those billing and other critical features needed to penetrate the year-round/club market. For competitive reasons we are not going to share our product roadmap on this public forum. I will say that we also see building those features as critically important. Hopefully, you can deduce from our recent hires that we are not sitting on our hands. In fact, I took a break from working on those features to answer these questions. ;-) No worries, it was worth the distraction. That said, I am looking forward to wrapping up this campaign later this month.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:17:37Z"},{"id":187708,"entity_id":"wefunder:comment:187708","answer":"\u0026gt; (13) Any plans to add international language localization? Language localization is not top priority right now. We do see it as strategically important over the long haul and that factors into how we build our products. Our first localization is likely to be \"en-AU\" (Australian English), which aligns with our market and sales strategy and should be an easy first step toward adding non-English localizations in the future.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:18:05Z"},{"id":187709,"entity_id":"wefunder:comment:187709","answer":"\u0026gt; (14) Are your prices too low? Any plans to increase them? Are our prices too low? We think so. As mentioned previously, we have already taken the step of increasing the fee we charge for transaction processing from 2.9% + 30¢ per transaction to 3.4% + 30¢ per transaction. Additionally, later this month, we are rolling out a restructuring of our pricing which introduces new product tiers and simplifies our pricing model. These changes are projected to result in a net increase of 25-50% in SaaS subscription fees, but will take up to 2 years to extend to all existing customers.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:19:20Z"},{"id":187710,"entity_id":"wefunder:comment:187710","answer":"\u0026gt; (15) Why would NBC/Universal or Dick's Sporting Goods be interested in acquiring a sports management software company? Because they have completed similar acquisitions in the past. https://corporate.comcast.com/news-information/news-feed/nbc-sports-group-acquires-youth-and-amateur-sports-technology-company-sport-ngin https://thehustle.co/dicks-sporting-digital/","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:19:57Z"},{"id":187711,"entity_id":"wefunder:comment:187711","answer":"\u0026gt; (16) What's in place to ensure the retention of the current management team and are there plans to add additional management talent, particularly on the commercialization and business development side? This is something I think about a lot. Growing a company is hard. Growing a company that lives up to its principles, avoids silos and politics, and achieves ambitious goals without burning out the people who got us there is extremely hard. We know it is hard and so we approach the problem with intention and focus. First, we have to respect and reward the people on our team, making sure they feel our success as we grow — with compensation, stock option grants, and improving benefits. For example, in the past few months, we've enhanced our PTO, 401k and healthcare benefits for all employees. Second, we set a high bar as we build the team. Top performers want to work with other top performers. We need to make sure we are building a team that will attract more talent as it grows. We feel we've done a good job of this so far, but this is something that is hard to maintain as we grow so we have to focus on this explicitly. This also means giving the leaders on our team the resources they need to hire and develop the talent they need to achieve our ambitious goals. Third, build a company culture that naturally supports our principles and encourages the behaviors we want to see. We treat this as a strategic project that involves the entire company, but especially our management team. For example, we have a designated \"Ambassador of Fun\" whose job it is to make sure we take time to celebrate and enjoy our accomplishments. With regard to a plan to add more management talent, we did just add a very talented Director of Product, who joins our management team, with our recent hire of Michael Swanson. I maintain an org chart that has boxes for many different jobs at various levels throughout the company. At this point, one person often has their name written in multiple of those boxes. For example, in addition to being CEO, I am also currently CFO and Director of HR (among others). I'm delighted when I have the opportunity to replace my name in a box on that org chart with someone who will do a job better than I ever could in that position. As far as additional commercialization and business development positions, we are currently hiring to fill a new Sales Associate position (which I realize is not exactly what you asked about, but is in the same ballpark). It is just a start. As we grow, we have plans to grow out all the parts of our organization in a balanced fashion.","author_name":"Mason Hale","votes":2,"created_at":"2022-01-11T03:23:22Z"}]},{"id":181540,"entity_id":"wefunder:comment:181540","question":"Hello what are Team Topia's plans for 1 year? 3 years? 5 years? Will ever want acquisition (M\u0026amp;A) OR ipo or partial buyout or etc...?","author_name":"George Simons","votes":4,"created_at":"2021-11-27T14:00:50Z","canonical_url":"https://wefunder.com/team-topia#question-181540","answers":[{"id":182269,"entity_id":"wefunder:comment:182269","answer":"We’re focused on building a great business, including an awesome product with an amazing team and strong company culture. We have been very intentional about laying a solid foundation for our future growth. We have several goals we are currently pursuing: 1. Within 24 months: - More than double our annual revenue to $2M+ - Gain meaningful traction beyond the swimming market - Raise a Series A of at least $5 million 2. Within 5 years: - Exceed $10M in annual revenue Future projections cannot be guaranteed. However, we do take the goals we set and the commitments we make very seriously. There are many potential exit opportunities for Team Topia. The sports management software segment is currently a “hot” sector with a lot of M\u0026amp;A activity from larger competitors, private equity firms, giant media companies like NBC/Universal, and huge retailers like Dick’s Sporting Goods. While we would certainly entertain attractive offers, especially in “1+1=3” scenarios where our merging with another company would unlock new potential and capabilities, we are not looking for a quick flip. Eventually, an IPO is a real possibility. Another sports platform, Active Network, went public in 2011 before later being taken private in 2013 by Vista Equity Partners for $1.05 billion. Ironically, it was Active’s archaic swim team management software that originally inspired me to start Team Topia in the first place. Completing that circle by taking Team Topia public would be gratifyingly poetic, indeed.","author_name":"Mason Hale","votes":2,"created_at":"2021-12-02T16:59:08Z"}]},{"id":178120,"entity_id":"wefunder:comment:178120","question":"What percentage of clubs are collecting dues/fees through the platform and what is the GMV? What is included in your COGS from your financials?","author_name":"Nicholas Kartos","votes":4,"created_at":"2021-11-07T17:27:48Z","canonical_url":"https://wefunder.com/team-topia#question-178120","answers":[{"id":178488,"entity_id":"wefunder:comment:178488","answer":"Nearly every club collects dues \u0026amp; fees through the Team Topia platform. The only exceptions are generally teams that do not collect any dues, such as school-affiliated teams. This isn't a metric we track, so I cannot provide a precise percentage at this time, but I estimate over 90% of teams on our platform collect dues and fees through our platform. So far, in 2021, we have processed $20,204,967 in registration dues \u0026amp; fees, including merchandise purchased during registration. Of this amount, 72% was collected via online credit card payments, 23% was paid offline via check, and 5% was paid via private club membership accounts, which is typical of teams affiliated with country clubs. An additional $791,174 has been processed in 2021 outside of registrations via online stores on team websites. 100% of these transactions are processed via credit card. Cost of Goods (COGs) in our financials includes the following items: - Payment processing fees - App store platform fees - Web hosting \u0026amp; related services - Support-related software \u0026amp; services","author_name":"Mason Hale","votes":3,"created_at":"2021-11-09T22:53:28Z"}]},{"id":177495,"entity_id":"wefunder:comment:177495","question":"It's clear that you've been very successful in the swim space. Broadly speaking you plan to expand within swim and to other sports (track, cross-country, etc.) A key success factor within swim seems to be Mason Hale's personal experience as a parent of a kid on a swim team and thus an intimate understanding of the needs in this space. Roughly how much growth do you anticipate will come from expansion within swim vs other sports? Is there much more growth available within swim? To what extent will you be able to leverage existing tech for other sports? Is there risk of spreading the company too thin? How will you ensure that you understand the needs of other sports as intimately as you understand the needs of swim?","author_name":"Georgiy Grigoryan","votes":4,"created_at":"2021-11-04T07:22:48Z","canonical_url":"https://wefunder.com/team-topia#question-177495","answers":[{"id":177836,"entity_id":"wefunder:comment:177836","answer":"Thank you for the questions! I'll dig into each one in turn. == Q: Roughly how much growth do you anticipate will come from expansion within swim vs other sports? Is there much more growth available within swim? == Even with the traction we have in the swim market, there is still room to grow more than 10x within the swim market. Our estimation is that the total addressable market for swim team and meet management software is around $25-50M per year in the US and $80-100M per year worldwide. Primary available growth areas in the swim market include: 1. Meet Management — There is a very real near-term opportunity for our Meet Maestro product to displace the current market leader (Hy-Tek Meet Manager). This alone could result in 10x increase in revenue. (It is also worth mentioning here that Hy-Tek Meet Manager is also the leading solution for managing track \u0026amp; field meets in the US.) 2. Year-round/club — We are currently hard at work on features to support the more complex billing needs of year-round, club swim teams. A successful launch of these features could also quickly multiply annual revenue. 3. International — We currently have customers in 18 different countries, but we have not yet invested in engineering to support any languages other than English or to market our products internationally. While expanding internationally definitely comes with many legal and logistical complexities, it also presents another opportunity to further multiply revenues. The biggest near-term opportunity is in Australia, which is not only English-speaking, but also has rougly double the level of participation in competitive swimming as the US. It also helps that our head of Sales \u0026amp; Marketing is an Australian Olympic swimmer with a rich network of contacts in this market. Swimming represents roughly 5-10% of the overall sports market, thus expansion beyond swimming represents another opportunity to grow revenue by at least another order of magnitude.","author_name":"Mason Hale","votes":3,"created_at":"2021-11-05T21:16:34Z"},{"id":177837,"entity_id":"wefunder:comment:177837","answer":"== Q: To what extent will you be able to leverage existing tech for other sports? == Most of the technology we've built is not sport specific. Our platform includes terrific features for website content management, communications, roles \u0026amp; permissions, calendars, online registration, and volunteer management — none of which are specific to swimming. All of these are easily leveraged in other markets. In my opinion, after all the effort we've put into building this platform, it would be a shame *not* to expand it to serve additional sports. As for the parts of our platform that are swimming specific, we think of them more in terms of being \"timed sport\" specific. And those features should be relatively easy to extend to support other timed sports. For example, as mentioned previously, the primary software used to run swim meets (Hy-Tek Meet Manager), which Meet Maestro is rapidly replacing in the swim market, is also the market leader for running track \u0026amp; field events. We already are feeling \"pull\" from the market into other sports. Even though we currently only market to swim teams, occasionally a non-swim team will sign up for an account. We always respond to these non-swim teams suggesting we close their accounts because we don't want them to be disappointed by the (current) swim-centric focus of our platform. However, in some cases, despite our objections, teams will tell us they want to pay for SwimTopia anyway, because even with its limitations, they prefer it over alternatives. I've had a customer tell me \"Look, you can either take my money, or I can hang up and call back pretending to be a swim team, what do you want me to do?\" As a result, today we have a handful of track \u0026amp; field, cross-country, and ski teams using SwimTopia. With this campaign, I am happy to finally and publicly commit to better supporting the needs of these non-swim customers.","author_name":"Mason Hale","votes":3,"created_at":"2021-11-05T21:16:52Z"},{"id":177845,"entity_id":"wefunder:comment:177845","answer":"== Q: Is there risk of spreading the company too thin? How will you ensure that you understand the needs of other sports as intimately as you understand the needs of swim? == Great question! First, I should point out that our team's experience is not limited to swimming. Like most kids in the US, my kids played multiple sports. In addition to being a swim volunteer, I also coached my kids soccer and basketball teams. My sons played baseball and participated in robotics competitions. My daughter was very active in dance, basketball, and volleyball. Other members of our team have similar experience and exposure to a wide range of sports and activities. We started with swimming not because that is all we know, but because we saw a unique opportunity in the swim market that makes it a great \"beachhead\" from which to launch a platform to serve all kinds of sports. Existing platforms either offer very shallow support for tracking anything more than team scores and player positions or they are narrowly focused on a single vertical sport. We’re taking a different approach. We’re building a platform that supports all the *foundational types* of competition, such as timed sports (e.g. swimming, track, cross-country), and subjectively judged sports (e.g. diving, gymnastics, cheerleading), and making it extensible so that end-users who are passionate domain experts in a specific sport are able to tailor our platform to their needs. This approach will enable our customers to extend our platform to add deep support for potentially any sport or activity. This is a very similar to the crowdsourced localization strategy used by Facebook to add support for dozens of languages in just a few months, and which is credited with sparking that company's rapid global expansion. We have a two-pronged strategy for expanding into other sports. First, we will intentionally and methodically expand into naturally adjacent markets including track \u0026amp; field, cross country, diving, and gymnastics. In these cases, we will need to hire or build domain expertise in each additional sports. Expanding this domain expertise is something we are actively doing now. Second, we will simultaneously encourage and support organic expansion into additional sports by creating a platform that coaches and parents love and making them aware the same platform can be extended for use with potentially any other sport or activity. In the US, the majority of kids involved in sports participate in more than one sport. Thus, there is a built-in natural viral effect that—if executed effectively—can quickly spread to dozens of sports in just a few seasons.","author_name":"Mason Hale","votes":3,"created_at":"2021-11-05T21:43:06Z"}]},{"id":173165,"entity_id":"wefunder:comment:173165","question":"You list a VP of Engineering but no engineers. Is that just the mgmt team listed or do you outsource your development? If so, what are future plans around outsourcing vs in-house?","author_name":"Poem Turner","votes":4,"created_at":"2021-10-07T17:38:20Z","canonical_url":"https://wefunder.com/team-topia#question-173165","answers":[{"id":173184,"entity_id":"wefunder:comment:173184","answer":"Thanks for the question! Our products are currently built by our VP of Engineering (Chris Bonser) and yours truly, Founder \u0026amp; CEO (Mason Hale), with occasional assistance from contract/outsourced development resources. We don't have any dependencies on outside contractors to make updates or bug fixes to any of our products. Therefore, even though we do utilize contract resources at times, I would not describe our development as \"outsourced.\" An expected immediate benefit of this campaign is to grow our development team so that we can more quickly add features and respond to customer feedback and suggestions. In fact, we're already seeing those benefits! As a direct result of this campaign, we recently opened a new Sr. Software Engineer position. If you know anyone who might be interested in joining our amazing team, we appreciate sharing the link to our careers page with them: https://www.swimtopia.com/careers/","author_name":"Mason Hale","votes":4,"created_at":"2021-10-07T18:45:22Z"}]},{"id":181546,"entity_id":"wefunder:comment:181546","question":"Do you have a patent of Team Topia?","author_name":"George Simons","votes":3,"created_at":"2021-11-27T14:27:23Z","canonical_url":"https://wefunder.com/team-topia#question-181546","answers":[{"id":182263,"entity_id":"wefunder:comment:182263","answer":"While we do have registered trademarks, we do not currently hold any patents, pending or otherwise.","author_name":"Mason Hale","votes":1,"created_at":"2021-12-02T16:44:19Z"}]},{"id":183155,"entity_id":"wefunder:comment:183155","question":"This is all new to me. Is this a one-time contribution or will there be a requirement to donate more money in the future? Is this an opportunity to invest in Swim Topia and own a small percentage of equity in the company? If so, what is the % or possible return on the minimum investment of $100?","author_name":"Elizabeth Hale","votes":2,"created_at":"2021-12-09T14:48:04Z","canonical_url":"https://wefunder.com/team-topia#question-183155","answers":[{"id":183166,"entity_id":"wefunder:comment:183166","answer":"Thanks for the question. To be clear this is an investment, not a contribution or donation. You would be investing to own an equity stake in the company. The investment vehicle we're using for this campaign is a convertible note. Convertible notes are very common for investment in early stage companies. It is a loan made to the company that includes special terms to convert the capital + accrued interest to equity in a future priced equity round of $1,000,000 or more (called a Qualified Financing). I recommend reading Wefunder's primer on convertible notes: https://wefunder.com/post/17-how-convertible-notes-work Our goal is to raise a Series A round of $5 million or more within the next 24 months. We can't guarantee we will achieve that goal, but that is what we are focused on achieving. If we do reach that goal and you invested in the campaign, your invested capital plus accrued interest would convert to shares of equity at that point in time. The price per share (and thus the % of the company) would be determined by the price set in that future equity round. Because you would be investing earlier, there are two terms in the convertible note that are meant to give you additional upside, relative to investors that invest later in that future round. These terms are: - Valuation cap: The valuation cap for this campaign is $10 million. This means that if in a future Qualified Financing the company pre-money valuation is set at something higher than $10 million, your investment would convert at the cap, as if the valuation were $10 million. Hypothetically, if a future Qualified Financing valued the company at $20 million, your investment would convert to approximately 2x the number of shares as someone investing for the first time in that future round, due to the valuation cap. I say \"approximately\" because accrued interest and rounding to whole shares could cause the actual number to be slightly more or less than 2x in that scenario. - Discount rate: The discount rate for this campaign is set at 20%. If on the other hand a future investment valued the company at $10 million or less, your investment would convert at a 20% discount of that future valuation. So if the future valuation was $10 million, your investment would convert as if the valuation was $8 million instead. Note that either the valuation cap or discount rate would apply, not both. The term most beneficial to the investor (you) would be used. Because we don't yet know exactly when a future Qualified Financing will happen or what the valuation may be at that time, we can't precisely say what % of the company your investment would be worth today. But given the valuation cap and discount rate, you have some assurance of a good return on your investment, provided a Qualified Financing occurs. It is also worth addressing the fact that the future is uncertain. We can't predict what will happen. A future Qualified Financing may never occur. In that case, this investment is still a debt on the company's balance sheet that is accruing interest. The interest rate for this campaign is set at 4% and the term of the loan is set at 36 months. No one would typically invest solely for the interest rate, but it does provide downside protection to the investor. In the event of a company liquidation, investors in convertible notes, as debt holders, would be repaid with interest before any other shareholders/investors would be receive money. And if the 3 year term expires with no Qualified Financing the note would come due and need to be repaid with interest at that time. Relative to other forms of investment, where if no \"exit\" occurs you never have an opportunity to get your money back, this is another valuable form of downside protection. That interest is continually accruing also creates a \"ticking clock\" in the mind of the company founder (me) to reach a Qualified Financing sooner rather than later so that accrued interest does not continue to pile up. In this way, the interest rate aligns the interests of the investor and company (both want to get to a Qualified Financing, with as a high a valuation as possible, sooner rather than later). I always like aligning interests. ;-)","author_name":"Mason Hale","votes":2,"created_at":"2021-12-09T16:21:15Z"}]},{"id":181539,"entity_id":"wefunder:comment:181539","question":"When will the conversion of the Convertible Promissory Notes for this offering here perhaps become equity securities or shares or SAFE OR WILL NOT?","author_name":"George Simons","votes":2,"created_at":"2021-11-27T13:56:50Z","canonical_url":"https://wefunder.com/team-topia#question-181539","answers":[{"id":182340,"entity_id":"wefunder:comment:182340","answer":"The convertible notes will convert to equity when a Qualified Financing occurs, which is defined as a priced equity round of $1,000,000 or more. Our goal is to raise a Series A round of $5M or more within the next 2 years. While we cannot guarantee hitting the goal, that is our plan. Hitting this goal would be a Qualified Financing that would result in conversion of all notes from this crowdfunding campaign. I should note that while no one generally invests in a convertible note for the interest rate, that interest rate does create a \"ticking clock\" that increases the urgency for the company to reach a Qualified Financing so that the accrued interest does not continue to grow indefinitely. This feature aligns interests for investor and the company: everyone want to reach a Qualified Financing to convert the notes. However, because a convertible note is debt carrying interest, it also provides significant downside protections to the note holder, which are not present in other forms of investment. Please see my reply to the previous question for more details.","author_name":"Mason Hale","votes":2,"created_at":"2021-12-02T22:26:50Z"}]},{"id":303241,"entity_id":"wefunder:comment:303241","question":"What is the ROI for us as Team Topia investors on wefunder.com ?????","author_name":"George Simons","votes":1,"created_at":"2025-03-01T15:11:49Z","canonical_url":"https://wefunder.com/team-topia#question-303241","answers":[{"id":303243,"entity_id":"wefunder:comment:303243","answer":"Hi George — investors in our Wefunder campaign were repaid principal plus interest (4% per year) which equates to (approximately) a 1.12x return on investment. Please see the confidential investor-only updates for more details.","author_name":"Mason Hale","votes":0,"created_at":"2025-03-01T15:16:15Z"}]},{"id":303240,"entity_id":"wefunder:comment:303240","question":"What is the ROI for us as Team Topia investors on wefunder.com ?????","author_name":"George Simons","votes":1,"created_at":"2025-03-01T15:11:40Z","canonical_url":"https://wefunder.com/team-topia#question-303240","answers":[{"id":303248,"entity_id":"wefunder:comment:303248","answer":"Please see answer above","author_name":"Mason Hale","votes":0,"created_at":"2025-03-01T15:22:12Z"}]},{"id":181549,"entity_id":"wefunder:comment:181549","question":"I do not like this.. I prefer Equity at the end. \"HOWEVER, then we find some tricky language. If the conversion price for note holders is less than the conversion price issued at Qualified Financing - which of course it will be as that is the whole point of investing early - then the Company will have the right to make adjustments which effectively nullify the better price that note holders receive for investing early. Essentially the adjustments boil down to the following: The note holders will receive the same liquidation preference, anti-dilution protection, and dividend yield as if they purchased equities at the same price as offered in the Qualified Financing rather than the lower price expected for investing early. Effectively, this means that investors in this round may get the same terms as subsequent investors at Qualified Financing while taking greater risk. \"","author_name":"George Simons","votes":1,"created_at":"2021-11-27T14:31:49Z","canonical_url":"https://wefunder.com/team-topia#question-181549","answers":[{"id":182285,"entity_id":"wefunder:comment:182285","answer":"Please see my reply to that question. The question incorrectly interpreted the language of the note. The company does NOT have rights to make adjustments that would nullify the better price the note holders would receive for investing early. That question was based on a misreading of the language of the note. I believe the language referenced (it wasn't quoted directly, so I'm not 100% certain) was the last sentence of section 2(a), to protect against the \"liquidation preference overhang\" issue. The liquidation preference feature of preferred equity gives the investor the option to either receive back the money they invested or to receive a proportional allocation of proceeds based on the number of shares owned. This is a downside protection for the investor in the event the company was sold for less than the valuation at the time of the investment. The language in the note is asserting the right for the company to add provisions such that this liquidation preference benefit would be limited to the amount *actually invested* not the calculated amount after discount or a valuation cap is applied. This language does not affect the upside benefit of the convertible note holder. This is complicated language but a very common term, and it is often the case that these terms would be required by new investors.","author_name":"Mason Hale","votes":1,"created_at":"2021-12-02T18:13:04Z"}]},{"id":179872,"entity_id":"wefunder:comment:179872","question":"I have read the language in the Convertible Promissory Note for this offering here: https://www.sec.gov/Archives/edgar/data/1798181/000167025421001052/document_4.pdf Naturally, it is full of legalese and I’ve attempted a translation. The note is due Sept 17th, 2024 @ 4% APR. The company may not prepay the note without consent of the majority of the note holders terms of outstanding principal. ** Section 2a deals with Conversion and Repayment When the company raises at least $1M in Qualified Financing the note converts at $10M or at a 20% discount to the valuation, whichever is less. HOWEVER, then we find some tricky language. If the conversion price for note holders is less than the conversion price issued at Qualified Financing - which of course it will be as that is the whole point of investing early - then the Company will have the right to make adjustments which effectively nullify the better price that note holders receive for investing early. Essentially the adjustments boil down to the following: The note holders will receive the same liquidation preference, anti-dilution protection, and dividend yield as if they purchased equities at the same price as offered in the Qualified Financing rather than the lower price expected for investing early. Effectively, this means that investors in this round may get the same terms as subsequent investors at Qualified Financing while taking greater risk. ** Section 2b deals with potential acquisition - “Change of Control” In case of acquisition while the note is outstanding the company shall pay off the note (principle and interest accrued to date). As a convertible note investor I want the equity, I do not want my money back with interest. But it seems the note holders don’t get the upside in an acquisition. ** No Additional Funds Raised Finally, I did not see any discussion of what happens if the company doesn’t raise any more money and simply continues to operate. You’ve stated: “If need be, the company believes it could pull back spending to attain profitability within 6 months.“ So this is a rather realistic outcome. I expected that the note would convert at a pre-set target price, say $10M, but I see no such provision in the contract. ** SUMMARY I see the following possible scenarios (other than Bankruptcy) : 1. Qualified Financing - The note holders will receive equity, but the company has the right to effectively nullify the better price the note holders should receive for investing earlier. 2. Acquisition prior to Qualified Financing, while the note is outstanding. Note holders are paid back principle and interest accrued to date. Note holders do not get the upside they would get with equity. 3. Company is successful with no additional funds raised - No provision to convert to equity. The company may pay off the note at maturity. Note holders do not get the upside they would get with equity. It seems investors in this round will only have any upside of equity holders if there is a Qualified Financing event. At companies discretion the note holders may not be compensated for taking additional risk by investing early. In case the company is successful with no additional financing or there is an acquisition, the note holders are simply paid back. Have I understood and described the risk/reward of this investment correctly? Please correct me if I am wrong about any of this. Thank you.","author_name":"Georgiy Grigoryan","votes":1,"created_at":"2021-11-18T12:19:25Z","canonical_url":"https://wefunder.com/team-topia#question-179872","answers":[{"id":180187,"entity_id":"wefunder:comment:180187","answer":"Thanks for the question. First, I should point out that the note we're using is the default/standard convertible note form provided by the Wefunder platform, which in turn is based on the Cooley GO open source convertible debt financing documents, available from https://www.cooleygo.com/documents/series-seed-notes-financing-package/ We're using very widely used legal documents for this campaign. We didn't create new bespoke convertible note documents and we're certainly not trying to bury any gotchas in the fine print. I will follow-up with another reply to address your specific questions and concerns. To make sure I give you full and accurate information, I'm first confirming my understanding of the note and the points you raised with our attorney. I'm not a lawyer, and I don't want to inadvertantly give out incorrect information. In the meantime, if you haven't already, I suggest reading Wefunder's documentation on convertible notes for more details on how this very common form of investment works: https://wefunder.com/post/17-how-convertible-notes-work","author_name":"Mason Hale","votes":2,"created_at":"2021-11-21T01:19:36Z"},{"id":180986,"entity_id":"wefunder:comment:180986","answer":"Thanks again, for the questions. I have provided a more detailed reply to your specific questions below, but as a starting point, please understand that the following is not legal advice and you should discuss these and any other questions you have with respect to the transaction with your personal counsel. \u0026gt;\u0026gt; 1. Qualified Financing - The note holders will receive equity, but the company has the right to effectively nullify the better price the note holders should receive for investing earlier. This is not an accurate statement. To the extent that you are referring to the language contained in the final sentence in Section 2(a) (beginning \"Notwithstanding this paragraph, if the conversion price of the Notes...\"), then the effect is not to nullify the better price the noteholders receive for investing earlier -- even if the Company did opt to create this new series of preferred stock, the number of shares of preferred stock into which the notes will convert in a Qualified Financing will still be based on either the 20% discount rate or the conversion cap price (whichever is more noteholder favorable), which will result in noteholders receiving more shares of preferred stock than they would have had they invested the same dollar amount in the Qualified Financing. This sentence provides that the listed, price-based rights (per share liquidation preference, per share anti-dilution protections, per share dividend calculations) -- which are primarily targeted at downside events -- will be based on the amount per share actually paid by the noteholders. In all other ways, these shares of preferred would be identical to the Equity Securities issued in the Qualified Financing. You can see a more detailed discussion of similar provisions and the \"liquidation preference overhang\" that they are intended to correct for at the following link: https://www.fenwick.com/insights/publications/liquidation-preference-overhang-shadow-preferred-stock-de-mystified. \u0026gt;\u0026gt; 2. Acquisition prior to Qualified Financing, while the note is outstanding. Note holders are paid back principle and interest accrued to date. Note holders do not get the upside they would get with equity. \u0026gt;\u0026gt; \u0026gt;\u0026gt; 3. Company is successful with no additional funds raised - No provision to convert to equity. The company may pay off the note at maturity. Note holders do not get the upside they would get with equity. Answering #2 and #3 together, because your assessment here is correct: Subject to the terms and conditions of the notes, (i) in the event of an acquisition prior to a Qualified financing, the Company would repay the notes, plus accrued interest, and (ii) on or after the maturity date, the notes, plus accrued interest, may be repaid, and in neither case do the noteholders have the right to elect to convert into equity. We see these as a tradeoff for the greater downside protections provided to convertible noteholders that are generally not afforded to either equity or convertible equity (e.g., SAFEs): namely, the accrual of interest, the right to require repayment at maturity, and creditor status/priority in a liquidation event. It is worth pointing out here that convertible notes provide more downside protection relative to equity and convertible equity (SAFEs). Because a convertible note is debt that is carried on the balance sheet, in a worst case liquidation scenario noteholders would get paid back with interest before any other investors would recover any of their investment. Additionally, if a note reached maturity without a Qualified financing event, in many cases, a company would prefer to extend the term of an outstanding note rather than pay off the note with interest. At that time, if the company chose to do so, it could request an extension from the noteholder. The noteholder could then decide whether to extend the note term (giving more time for a Qualified financing event to occur while continuing to accrue interest), or instead opt to have the note repaid. This option to extend, while not guaranteed, is common and is not an option provided to other forms of investment.","author_name":"Mason Hale","votes":1,"created_at":"2021-11-24T18:34:00Z"}]},{"id":209397,"entity_id":"wefunder:comment:209397","question":"Good afternoon, Mason, I invested on Feb 2022 and look forward to the company's growth. My interest in this company stemmed/inspired by my 3 swimmers in the family (including a former synchronized swimmer) and one very avid speed swimmer/water polo player. I am new to all this, so could you please explain how our monies will grow and when we would expect? Thank you.","author_name":"Pauline Tremaine","votes":0,"created_at":"2022-06-24T20:53:34Z","canonical_url":"https://wefunder.com/team-topia#question-209397","answers":[{"id":210317,"entity_id":"wefunder:comment:210317","answer":"Hi Pauline — Thank you for your support! Your investment is in the form of a convertible note, which is a special form of loan that converts to shares in Team Topia when triggered by specific events, including raising a priced equity investment round of $1M or more. The loan accrues a 4% annual interest rate, which provides downside protection to investors. When/if the loan converts to equity, the primary vehicle for a return would be an exit in the form acquisition by a larger company or a public offering of company stock. The timing of these future events, or even whether they will happen at all, is very difficult to predict. You should expect to wait years before realizing a return on your investment. The term of the convertible note is 3 years, which provides a time boundary within which a qualifying conversion event needs to occur. For more details on the specific terms of this investment, please see the answer to this previous question: https://wefunder.com/comments/183155","author_name":"Mason Hale","votes":0,"created_at":"2022-07-04T13:57:55Z"}]},{"id":189974,"entity_id":"wefunder:comment:189974","question":"Hello Mason, I see you have answered most questions quite brilliantly. However I would love to discuss further, first having a more detailed look at your financials including projections especially for the industry you're in and also about alternative funding opportunities available at our company if we are satisfied. You can drop me an email at richard@700capital.com, then we can start looking at financing your whole target. Thanks.","author_name":"Richard Marrone","votes":0,"created_at":"2022-01-27T03:31:58Z","canonical_url":"https://wefunder.com/team-topia#question-189974","answers":[{"id":190936,"entity_id":"wefunder:comment:190936","answer":"Thanks Richard. I'll reach out. To be clear, our campaign is closed, so the opportunity to join in during this round has passed.","author_name":"Mason Hale","votes":0,"created_at":"2022-02-03T10:13:39Z"}]},{"id":185350,"entity_id":"wefunder:comment:185350","question":"Can you please share YTD revenue and projection for 2022?","author_name":"Varun Gupta","votes":0,"created_at":"2021-12-28T10:49:44Z","canonical_url":"https://wefunder.com/team-topia#question-185350","answers":[{"id":186635,"entity_id":"wefunder:comment:186635","answer":"Yes. Total revenue for 2021 was $967,056. Because we are using GAAP account rules, subscription revenue is recognized evenly over the duration of the subscription. We received significant new annual subscription revenue in Q4 2021, and thus most of that income is not reflected in the 2021 total, but will be reflected in 2022 GAAP revenue instead. While this total is short of our original $1.05M projection for 2021, we remain confident in meeting or exceeding our existing $1.69M revenue projection for 2022.","author_name":"Mason Hale","votes":0,"created_at":"2022-01-06T03:29:43Z"}]}],"faq":[{"question":"You list a VP of Engineering but no engineers. Is that just the mgmt team listed or do you outsource your development? If so, what are future plans around outsourcing vs in-house?","answer":"Thanks for the question! Our products are currently built by our VP of Engineering (Chris Bonser) and yours truly, Founder \u0026amp; CEO (Mason Hale), with occasional assistance from contract/outsourced development resources. We don't have any dependencies on outside contractors to make updates or bug fixes to any of our products. Therefore, even though we do utilize contract resources at times, I would not describe our development as \"outsourced.\" An expected immediate benefit of this campaign i..."},{"question":"It's clear that you've been very successful in the swim space. Broadly speaking you plan to expand within swim and to other sports (track, cross-country, etc.) A key success factor within swim seems to be Mason Hale's personal experience as a parent of a kid on a swim team and...","answer":"Thank you for the questions! I'll dig into each one in turn. == Q: Roughly how much growth do you anticipate will come from expansion within swim vs other sports? Is there much more growth available within swim? == Even with the traction we have in the swim market, there is still room to grow more than 10x within the swim market. Our estimation is that the total addressable market for swim team and meet management software is around $25-50M per year in the US and $80-100M per year worldwide. ..."},{"question":"What percentage of clubs are collecting dues/fees through the platform and what is the GMV? What is included in your COGS from your financials?","answer":"Nearly every club collects dues \u0026amp; fees through the Team Topia platform. The only exceptions are generally teams that do not collect any dues, such as school-affiliated teams. This isn't a metric we track, so I cannot provide a precise percentage at this time, but I estimate over 90% of teams on our platform collect dues and fees through our platform. So far, in 2021, we have processed $20,204,967 in registration dues \u0026amp; fees, including merchandise purchased during registration. Of this..."},{"question":"I have read the language in the Convertible Promissory Note for this offering here: https://www.sec.gov/Archives/edgar/data/1798181/000167025421001052/document_4.pdf Naturally, it is full of legalese and I’ve attempted a translation. The note is due Sept 17th, 2024 @ 4% APR. T...","answer":"Thanks for the question. First, I should point out that the note we're using is the default/standard convertible note form provided by the Wefunder platform, which in turn is based on the Cooley GO open source convertible debt financing documents, available from https://www.cooleygo.com/documents/series-seed-notes-financing-package/ We're using very widely used legal documents for this campaign. We didn't create new bespoke convertible note documents and we're certainly not trying to bury any..."},{"question":"When will the conversion of the Convertible Promissory Notes for this offering here perhaps become equity securities or shares or SAFE OR WILL NOT?","answer":"The convertible notes will convert to equity when a Qualified Financing occurs, which is defined as a priced equity round of $1,000,000 or more. Our goal is to raise a Series A round of $5M or more within the next 2 years. While we cannot guarantee hitting the goal, that is our plan. Hitting this goal would be a Qualified Financing that would result in conversion of all notes from this crowdfunding campaign. I should note that while no one generally invests in a convertible note for the inter..."}]}}}