Coterie Party

Coterie Party

Elevated party supplies for every occasion, designed in house and delivered to your door

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Security Type
Crowd Note
Categories
Other
Min Investment
$1,000
Location
New York City, NY
Offering Date
June 02, 2020
Expected Close Date
August 31, 2020
Target Raise
$415.00K-$1.50M
Deal Notes

Round type: Seed Round size: US $1,500,000 Minimum investment: US $1,000 Target Minimum: US $415,000 Security Type: Crowd Note Conversion discount: 20.0% Interest rate: 5.0% Note term: 24 months

Company Description

Elevated party supplies for every occasion, designed in house and delivered to your doorThe current party supply industry doesn’t feel like a party. Products are often low quality, cheap and unattractive. Product assortment is incredibly overwhelming, leaving customers paralyzed by choice. We've found no company that has built a seamless e-commerce experience or focused on direct to consumer. And we believe there is no loved brand.Despite the lack of easy shopping options, 70% of Americans throw 3.5 parties each year and this opportunity is only expanding. Baby and bridal showers, birthdays, holidays, dog parties, or your monthly book club - there are endless reasons to throw a party each year across all life stages. Coterie helps make those celebrations possible.Coterie makes it fun and easy to throw a stylish party by providing everything our customers need, delivered to their door. All of our products are designed in house and we offer a seamless and elegant shopping experience, from tailored content to thoughtful website design to lightning fast shipping - things we believe are currently unheard of in the industry.We spent 2019 focused on testing, learning and being efficient with marketing spend. We launched 6 seasonal collections, amassed 30K+ avid Instagram followers, and achieved steady revenue growth. Most importantly, we came away with 3 key learnings that will allow us to scale in 2020: launching a huge Kids Collection, executing on more partnerships like the one we did with Reese Witherspoon's Draper James, and tapping into new distribution channels including wholesale. We've already seen really strong results from our Kids Collection, which launched just this February. Conversion doubled, orders tripled and CACs were cut in half.With our unique brand, differentiated product, deeply experienced leadership team, and actionable 2019 learnings, we believe we are poised to disrupt the $10B party industry.

Perks

Our signature Coterie "More Good Times" pink hat and tote bag
Quarterly email updates from the founders
$100 Coterie gift card
$300  Coterie gift card
Access to all launch parties. Bring a friend (or a kid) and come experience our brand IRL as we launch new collections. Past events have included fun activities like cookie decorating, flower bouquet making, cocktail classes, REAL puppies, live music for kids and balloon animals - plus there is always food and drinks!
$750 Coterie gift card
Access to launch parties. Bring a friend (or kid) and come experience our brand IRL as we launch new collections. Past events have included fun activities like cookie decorating, flower bouquet making, cocktail classes, REAL puppies, live music for kids and balloon animals - plus there is always food and drinks!
$1000 Coterie gift card
Access to launch parties. Bring a friend (or kid) and come experience our brand IRL as we launch new collections. Past events have included fun activities like cookie decorating, flower bouquet making, cocktail classes, REAL puppies, live music for kids and balloon animals - plus there is always food and drinks!
Annual meeting with the founders and executive team
20% off promo code to be used on all Coterie orders
$1,000 Coterie gift card
Access to launch parties. Bring a friend (or kid) and come experience our brand IRL as we launch new collections. Past events have included fun activities like cookie decorating, flower bouquet making, cocktail classes, REAL puppies, live music for kids and balloon animals - plus there is always food and drinks!
Annual meeting with the founders and executive team
20% off promo code to be used on all Coterie orders
Private party for you and 10 of your friends planned by our co-founders at your residence (or virtually on zoom if preferred).  We'll include food, drinks, decorations and a fun activity of your choice.

Key Deal Facts

Founders are experienced entrepreneurs in the direct-to-consumer startup space and were both founding team members of Daily Harvest, a smoothie delivery company that attracted over 100,000 customers in under two years
Previously raised nearly $2.75M from notable investors, including Canaan Partners, Global Founders Capital, and Female Founders Fund
Achieved over 2 billion impressions in 6 months, with notable press coverage in TechCrunch, Business Insider, Fast Company, BuzzFeed, HGTV, Yahoo, and dozens more
Generated over $24.5K in revenue in May 2020 with no marketing spend, compared to $126k in revenue for full year 2019 (unaudited)
Launched successful partnership collections with Draper James (Reese Witherspoon’s brand) and FabFitFun

Management Team / Advisory Board Bios

Sara Raffa
Co-Founder & Co-CEO
Sara Raffa runs Product and Operations for Coterie. She was the fifth employee at Daily Harvest, where she managed all operations, including production, logistics and fulfillment. Prior to Daily Harvest, Sara attended the University of Chicago Booth School of Business, where she received her MBA and launched a sustainable fashion brand. She also spent four years in accounting and consulting at PwC.

Linden Ellis
Co-Founder & Co-CEO
Linden Ellis has over 8 years of experience working in e-commerce startups. She began her career in Investment Banking at Lazard Freres before transitioning to Birchbox where she ran Demand Planning and Marketing Analytics. After 3.5 years at Birchbox, Linden joined Daily Harvest as the second employee. At Daily Harvest she ran Customer Acquisition, Analytics and Finance. 

Deal Notes

Round type: Seed Round size: US $1,500,000 Minimum investment: US $1,000 Target Minimum: US $415,000 Security Type: Crowd Note Conversion discount: 20.0% Interest rate: 5.0% Note term: 24 months

Amount Raised : $141,500
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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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