have|need

have|need

Barter for the connected world

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Security Type
Crowd Note
Categories
Other
Min Investment
$1,000
Location
Los Angeles, CA
Offering Date
October 26, 2019
Expected Close Date
January 24, 2020
Target Raise
$185.00K-$500.00K
Deal Notes

Round type: Pre-Seed Round size: US $500,000 Minimum investment: US $1,000 Target Minimum: US $185,000 Security Type: Crowd Note Conversion discount: 20.0% Valuation Cap: US $5,000,000 Interest rate: 5.0% Note term: 24 months Closing conditions: While Have | Need has set an overall target minimum of US $185,000 for the round, Have | Need must raise at least US $25,000 of that amount through the Regulation CF portion of their raise before being able to conduct a close on any investments below $20,000. For further information please refer to Have | Need's Form C. Transfer restrictions: Securities issued through Regulation CF have a one year restriction on transfer from the date of purchase (except to certain qualified parties as specified under Section 4(a)(6) of the Securities Act of 1933), after which they become freely transferable. While securities issued through Regulation D are similarly considered "restricted securities" and investors must hold their securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Raised to date: US $31,000 US $1,000 (under Reg CF only)

Company Description

Barter for the connected worldBarter is the original form of commerce, but there currently isn’t a reliable platform for people to securely and efficiently trade goods and services. Enter have|need: barter for the connected world.have|need is a mobile app-based marketplace that matches the haves and needs of a limitless number of participants. have|need negates the primary friction point of bartering – the “double coincidence of wants” – by algorithmically generating Barter Loops™ consisting of multiple parties, thereby expanding the number of potential barter options by orders of magnitude. have|need is designed around a for-profit, transactional business model with the intent to deliver positive impact (personal, societal and environmental) on a global scale.have|need allows users to trade for goods and services based on the relative value of their own goods and services. Unlike un-scalable barter systems of the past, have|need’s patented technology connects the haves and needs of a limitless number of people via multi-person Barter Loops™. Users determine the fairness of the proposed trades and which ones they accept. We enable bartering via the public have|need network, as well as Group Loops™ which are private barter groups administered by authorized group admins. have|need also enables users to list items they are willing to give away for free while letting those users determine the recipient.Among users in developing economies, have|need has the potential to level the playing field for people that lack access to traditional currency or banking institutions, or are suffering from the effects of hyperinflation.Ultimately, have|need provides an efficient way for users to barter for goods and services, recirculate goods and services back into their communities and provide charitable relief to those who need it.

Key Deal Facts

Founded by Josh C. Kline, 3X startup founder, Emmy award winner, and former Head of Media and Entertainment at Box.com
Awarded US Patent # 10,332,166 issued June 25, 2019 (System and method for a multi-party dynamic bartering network)
Raised $300K from angel investors including Carl Eberling (CIO of global financial services firm Encore Capital Group)
Conducted pilot program with USTA Foundation to present underprivileged local youths from the Las Vegas area with tennis equipment in order to introduce them to the game of tennis and to encourage them to continue playing afterward
Established working relationship with Oxfam Australia, an affiliate of Oxfam International, one of the largest global disaster relief and anti-poverty charitable organizations

Use of Proceeds

Product: 33%

Team: 33%

Marketing: 24%

Legal: 5%

Selling, General and Administrative Expenses: 5%

Management Team / Advisory Board Bios

Josh Kline
CEO and FOUNDER
Josh is a 3X startup founder, multiple patent author and Emmy Award-winning technologist.

Katy Southall
Impact Lead

Gina McDuffie
Marketing Lead

Deal Notes

Round type: Pre-Seed Round size: US $500,000 Minimum investment: US $1,000 Target Minimum: US $185,000 Security Type: Crowd Note Conversion discount: 20.0% Valuation Cap: US $5,000,000 Interest rate: 5.0% Note term: 24 months Closing conditions: While Have | Need has set an overall target minimum of US $185,000 for the round, Have | Need must raise at least US $25,000 of that amount through the Regulation CF portion of their raise before being able to conduct a close on any investments below $20,000. For further information please refer to Have | Need's Form C. Transfer restrictions: Securities issued through Regulation CF have a one year restriction on transfer from the date of purchase (except to certain qualified parties as specified under Section 4(a)(6) of the Securities Act of 1933), after which they become freely transferable. While securities issued through Regulation D are similarly considered "restricted securities" and investors must hold their securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Raised to date: US $31,000 US $1,000 (under Reg CF only)

Amount Raised : $38,000
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Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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