Bidmii

ProblemThe home improvement industry is inefficient and lacks trustIf you've ever struggled to find a contractor you can trust, you're not alone. The technology used to help find and screen contractors for home improvement projects is no more sophisticated than using classified ads. The current system is deeply flawed--it puts homeowners in danger of theft and their homes at risk of damage. It's no better for contractors. With the average invoice taking over two months to be paid, it's no wonder that 80% of contractors spend a large portion of each week chasing payments on past projects. The result of this inefficiency and lack of trust is a 'shortage' of skilled trades. The home improvement industry is ripe for disruption and at the core of this change lies one simple, yet powerful tool: trust. By leveraging technology to increase trust between homeowners and contractors, we create an efficient, safe and reliable system that is revolutionizing the home improvement industry.SolutionWith project funds held in trust,  Bidmii is the safest way to get it doneBidmii is an online marketplace for residential renovations that holds payments in trust while projects are being completed. Payments are released once the project (or stage, if it's a larger project) is completed. For homeowners, we've completely eliminated stolen deposits, while reducing contractor accounts receivables by 98%. We're not the only contractor marketplace, but what separates us is our transparency. Our ratings and reviews are built into our project close-out process--this means that every rating or review on our site has been verified by a purchase. No more fakes, biased or paid-for reviews. Bidmii is also differentiated by being completely free for both homeowners and contractors. This puts the value front and center. We monetize from several additional value-add services (and have more in the pipeline), but it's important to us that the core product always be free.ProductNext time you’re planning a renovation, no matter the size, look no further than BidmiiWith Bidmii, homeowners, realtors, landlords, and contractors now have access to a safe and efficient home improvement system that puts trust first. Our goal is to revolutionize the industry so that everyone can benefit from a reliable, trustworthy, and cost-effective process for home improvements. Together we can create a better future for the home improvement industry--one where projects are completed on time and within budget with no worries about theft, scams, or outstanding invoices.How it WorksHow does the Bidmii project platform work: 5 Easy StepsPost a project with a couple of famous before photos, and a description of what you’re hoping to achieve. For larger projects, homeowners have included architectural, mechanical, electrical, and plumbing drawings, but for smaller projects a simple description will do. Contractors will provide bids, or request site visits, and then place a bid. When reviewing contractor profiles, Homeowners can see past work completed on the platform including before and after photos, and ratings and reviews, providing a full understanding of what that contractor is capable of. Once a contractor is selected, Bidmii collects and holds onto the project funds in a trust account at BMO. Once the work is completed, the contractor will take a picture of the completed work, and the homeowner will receive a request for approval. Once the work has been signed off by the homeowner, the funds will be deposited into the contractor’s account within 48 hours.TractionCompelling traction across key metrics.Since launching to the public in January 2021, we’ve seen tremendous success, averaging 20% m/m growth across a number of key KPI's. We now have 5,700+ users and 2,400+ projects posted to date. We've enabled homeowners to complete a wide variety of projects including kitchen renovations, bathroom updates, general contracting work, and even commercial renovations. Our projects have ranged in price from $58 to well over $50,000.We're excited to see Bidmii continue to grow and play an even bigger role in the home improvement industry. Our team is passionate about making it easy for people to get their projects done on time and on budget—while keeping trust front and center—and we believe that with our help, the industry will become better than ever before! Customers“The Bidmii platform is a unique and fresh approach to doing business online.”This year, we have experienced 200% homeowner growth, 500% contractor growth and nearly 300% growth in gross merchandise value on our platform, which we define as the total value of a completed project inclusive of payment processing fees and taxes.Business ModelWe made Bidmii free because we believe that everyone should have access to payment security for their renovation projectsIt's one of the reasons that we’re growing so quickly and becoming the central source for truth and transparency in renovations. It’s also how we’re revolutionizing an entire industry - for the betterment of homeowners and contractors alike.For contractors, we offer Bidmii Pro. Bidmii Pro is Bidmii’s highest, professional tier. While our core features will always be free, Bidmii Pro offers a paid option for serious contractors to access additional features that help grow and improve their business, without extra effort.We have more value-added services coming to enhance the user experience on our platform, including adjacent vertical advertising, contractor insurance, material financing, and project financing. These will be optional and built to make the Bidmii platform even better.Marketing & SalesOur go-to-market strategy is about the network effectLead generation through strategic partnerships (e.g. with Home Hardware, Homesol, Homewise, and more on the way) feeds supply and demand growth in homeowners and contractors which creates more projects posted and quality bids on our platform, creating a flywheel effect. Holding payments in trust speeds the flywheel by shortening time-to-trust.MarketGlobal home improvement industry has outsized potentialThe Global Home Services Market is expected to grow by US$5.14 trillion at a CAGR of 36.21% during 2022-2026(1). The market is characterized by a highly competitive and fragmented industry, and one that is increasingly influenced by digital media. With success in South-Western Ontario, Canada to-date, Bidmii is poised to increase market share with its differentiated and innovative solution.(1) https://www.reportlinker.com/p06288904/Global-Home-Services-Market.html?utm_source=GNWCompetitionWe are revolutionizing the industry for homeowners and contractors alike.We aspire to lead change in the renovation industry and bring this same spirit into our own internal commitment to innovation and improvement.Use of FundsWe are raising $250,000 One of the most common questions we get from our users is: “I love this, how can I invest?” Until now, that’s been impossible. Bidmii is raising a $250k convertible note round through FrontFundr. The funds will be used to increase our user base in Canada through organic strategic partnerships. The investment will also allow us to implement critical features such as embedded financing and embedded contractor insurance as we continuously aim to increase user success, satisfaction, retention, and lifetime value.Industry Comparables & Exit StrategyGrowth Potential There are generally three routes by which an investor may realize a return on their investment: Liquidity by a strategic sale of Bidmii  to another company Bidmii  makes an application to go public (IPO or similar process) Bidmii focuses on growth and distributes dividends to investors. All three are possible outcomes for the company at this time. Bidmii and its management team aim to reach 30M in sales in the next 3-5 years to position the company for a liquidation event for its shareholders. At that point, Bidmii will be in a very favourable position to be acquired or to go public if we feel the market conditions are right.  Future GoalsGrowing the communityBidmii was founded by Jon Christensen and Phillip Stack in 2020, two friends who were fed up with the residential renovation system. Jon’s background is in the franchised restaurant development space, with experience growing companies. Pulling inspiration from several automation tactics applied in the past, combined with Phillip’s ~15 years of experience in cloud architecture, Bidmii was born. There is tremendous growth potential for Bidmii and additional opportunities for us to fill - embedded financing, adjacent vertical programming, platform-wide insurance…With our proven product development and relentless spirit of challenging the status quo, Bidmii intends to become a household name synonymous with trust and transparency in a fragmented and chaotic industry.Join us in becoming an investor today.Thank You!* Offerings on the platform contain forward-looking information. Forward-looking information includes statements that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements, and involve known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the issuer to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. ** Details of the offering can be found in the offering documents. This communication is for informational purposes only. Investing in crowdfunding and exempt market offerings has significant risk. Investors may not be able to resell quickly or at all. An exempt market security holder may also receive limited ongoing issuer information. You should invest only if you are prepared not to receive any return on your investment and/or lose your investment in its entirety. FFS will provide advice on the suitability of your investments made through its platform *** Testimonials may not be representative of the experience of other customers or investors. These testimonials are no guarantee of future performance or success.