grow with Jane

grow with Jane

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Security Type
Convertible Note
Categories
Service Businesses
Min Investment
$100
Location
Dover, DE
Offering Date
March 23, 2020
Expected Close Date
July 02, 2020
Target Raise
$25.00K-$107.00K
Deal Notes

Discount Rate: 20%

Company Description

Grow With Jane is a mobile application created to help both novice and experienced cannabis growers cultivate their own plants. Since the app’s 2017 launch, average monthly users on the platform have increased to 25,095. Grow With Jane’s solution to help at-home cultivators - and its early user traction - helped it gain acceptance into CanopyBoulder’s Summer 2019 accelerator program. Since graduating from the CanopyBoulder program, the company has raised $150,000 in capital and is currently working on rolling out additional revenue-generating product features.

Perks

Investors that purchase the first 25,000 Crowd Notes, and thereby fund the first $25,000, will receive Crowd Notes with a conversion provision based on a $2 million valuation cap instead of a $2.5 million valuation cap. That means, in connection with equity financing of at least $1 million, the company has the option to convert the Crowd Note into non-voting preferred shares (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share paid for Preferred Shares by investors in the Qualified Equity Financing or (B) the price per share based on a $2 million valuation cap (instead of $2.5 million).

Key Deal Facts

- Graduate of CanopyBoulder’s Summer 2019 class
- $180,000 raised in 2019
- 25,095 monthly average users on the platform in February 2020
- Introduced revenue-generating features in July 2019

Use of Proceeds

Marketing: 38%

Software development: 33% 

Operations: 24%  

Intermediary fees: 5%

Management Team / Advisory Board Bios

Nicolas Botti - Co-Founder, CEO
Gaston Lozano - Co-Founder, Chief Product Manager
Daniel Kim - Co-FOunder, Chief Marketing Officer
Roque Terrani - Co-Founder, Chief Technology Officer

Deal Notes

Discount Rate: 20%

Amount Raised : $30,056
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Valuation

Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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