This is a very important update for all investors and prospective investors. It is a bit a long, but please take the time to read.
For those of you who have been investing for a while, you are likely familiar with the idea of "Due Diligence." Due Diligence is an in-depth analysis of a company that occurs to better understand the risks and advantages of investing in a company prior to investing.
All companies have strengths and have opportunities to improve and grow--due diligence allows an investor to best understand where their money will likely grow and areas they need to be aware of to help coach a company towards success. Due diligence is meant to educate and inform an investor.
In regulation crowdfunding, companies conduct due diligence on financials, company background, leadership, team, etc. All of that was done for Boon prior to going live on Wefunder.
However, very few (none come to mind) companies have gone through in-depth, professional technological due diligence conducting by professional investors and CTOs prior to going live on crowdfunding sites. That is, until Boon.
Boon was selected by FastCTO, a well respected technology firm out of Boston that strives to help start-ups to succeed. Among many of their services, a chief offering of FastCTO is very extensive due diligence that can last up to several months to help investors make informed investments. They analyze code, processes, team, UI, and more to help assess an investment's "worthiness."
When first approached, I was shocked FastCTO would care about Boon. FastCTO has worked with companies that have raised tens of millions of dollars from venture capital. Here Boon is at about 85% of its $100,000 campaign. Nevertheless, FastCTO wanted to provide their signature Startup Score on Boon after analyzing its technology.
Their preliminary reports are in and it is staggering! FastCTO feels that Boon deserves a "good score" even compared to some of their larger clients. This wonderful review is a testament to the team's hard work and high quality.
Below are some quotes from their full report (which will be published at a later date):
"Overall, Boon’s FastCTO Score is 5.1 when weighed against all companies - crowdfunded or not.
Less than half the companies FastCTO reviews have a score higher than 5 and we have yet to see a score above 7, even from well-funded, mature companies. For a company as young as Boon, our opinion is that this is a good score."
Further, in discussing our algorithms, FastCTO declared: "It’s important to point out that the workflows, especially around requirements and credentialing, in this industry are very, almost surprisingly so, sophisticated. In our opinion, the quality and maintainability of the code in light of this sophistication is a very positive mark."
A very special thank you to all of our investors and our hard-working team for these amazing marks. Not only did we receive a score that is much better than expected due to our company's stage, we also received extremely encouraging marks about the sophistication of our algorithms.
Thank you to all who have invested. Please share this with your friends, family and fellow investors to help bring Boon across the finish line of our raise.
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