Groguru (1)

Strategic Irrigation Management for Commercial Farmers

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Form C
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Security Type
Convertible Note
Categories
Technology, Agriculture, Food & Bev
Min Investment
$250
Location
LA JOLLA, CA
Offering Date
June 26, 2020
Expected Close Date
April 30, 2023
Target Raise
$100.00K-$4.04M
No. Investors
506
Security Price
$0.11
Deal Notes

6% interest

20% discount

$25K+ pro rata right threshold

Valuation
$12,000,000
Website
groguru.com
Number of Employees
10
Cash
$22,643
Revenue
$838,528
Short Term Debt
$3,024,931
Cost of Goods
$587,337
Long Term Debt
$43,475
Net Income
$-1,457,336

Company Description

GroGuru helps farmers make more money by increasing crop yield while saving water and other scarce resources in a sustainable way.

Key Deal Facts

$1.1M RAISED IN THE FIRST 48 HOURS OF LAUNCH! BUT YOU CAN STILL INVEST!
Patented technology increases crop yield by 10% and decreases cost by 10-20%.
2,000+ sensors deployed across 80+ customers in the US.
Founder ran 4 startups with multiple exits, including an IPO that led to a $1 billion valuation.
$1.5M run rate in Q4 2019 and explosive 500% CAGR over the last 3 years.
$2 billion, recession resilient US market — farmers will farm.
Multiple moats of competitive advantage to enable long-term competitiveness in a $20B global market.
Payback period for farmers is less than one growing season.

Use of Proceeds

If $200,000 is raised:

93.5% - Primarily payroll, rent, expenses, insurance and other related cost with a focus on future product development including wireless underground hardware, user interface software and system software, 6.5% WeFunder fee.

If $1,070,000 is raised:

50% - Payroll and related expenses for future product development including wireless underground hardware, user interface software and system software, 35% - Payroll and related expenses for sales channel expansion, sales and field technical support, 15% - Payroll and related expenses for general and administrative costs. 6.5% WeFunder fee.

Management Team / Advisory Board Bios

Patrick Henry
Ashley Rodgers

Deal Notes

6% interest

20% discount

$25K+ pro rata right threshold

Amount Raised : $582,223
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Management Team
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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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