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Powering the future of freelance

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Security Type
Technology, Other
Min Investment
Boston, MA
Expected Close Date
April 29, 2024
Target Raise
No. Investors
Security Price
Number of Employees
Short Term Debt
Cost of Goods
Long Term Debt
Net Income

Company Description

Basil is a platform connecting freelancers and contractors to provide each with the desired price for service and quality work delivered. It provides both freelancers and enterprises with a comprehensive app to connect and work on creative result oriented projects.

Basil is a tool for building freelancer and client relationships. It provides a seamless comprehensive experience that enables freelancers to set up proposals, contracts, payments, and bookings in one seamless checkout flow. It is also empowering enterprises to reshape how they onboard, engage and connect to their freelance network. The revenue model includes a $0-$19/month fee charged from freelancers + 1% ACH fees, a $299-$699/ month fee charged from large enterprises/ contractors, and a $99/month fee charged from small and medium enterprises and 5% match fees.

The company focuses on the creative freelance market. $320B is spent on creative marketing and advertising campaigns yearly. The company is competing with Upwork, Fiverr, Wingspan, Wethos, and Worksome. Its competitive advantages include procurement tool integrations, artificial intelligence, flexible adoption, and proposal tools, and booking flow.

The company has processed $225k worth of Freelance project revenues and has 300+ freelance users on board. During its MVP stage, Bose Corporation was the top client, processing >40k in contractor bookings in 8 months. The collective revenue for 2022 stood at $95k.

The company believes that 60-70% of the revenue going forward will be coming from recurring subscriptions. It is expecting to collect and launch with 5-10 signed enterprise customers by late Fall, potentially processing over $1M+ based on historical usage rates. The projected numbers for the next 3 years include $100M+ in processed project payments, >$7M in match fees, and >$2M-$3M from additional revenue streams.

Key Deal Facts

Over $225K in project revenue with 84% YOY Growth *not guaranteed* Launched a BETA to ~300+ users ️‍ Woman & LGBTQ Founded Featured in Bostinno, Motion Hatch, & across social media Top client user during our MVP stage was Bose, processing >$40k in contractor bookings over 8 months

Use of Proceeds

The company plans to use the proceeds for an engineering team, marketing, software costs, legal expenses and founder salaries.

Management Team / Advisory Board Bios

The company has a good management team.

Danielle Giligan, Founder & CTO
He is a Full-stack software engineer with experience at Wayfair, pre-IPO. At his last position before Coworkly, he had ~$3M ARR under management & the highest retention rate in the US in Fortune 500 company contracts as their main point of customer success. This is his first startup. He currently works full-time on this startup.

Connor Murdock, Founder & CEO
Connor is the Jack-of-many-trades creative freelancer, video editor, & designer turned tech entrepreneur. He's worked on hundreds of TV commercials, social ads, & designs for everything from small startups to billion-dollar companies. This is his first startup.

Tyler Blair, COO
Tyler has a variety of experiences with different companies and is currently working full-time with Basil (CoWorkly).

Colleen Jamison, Founder / Advisor
She was an Executive Producer and oversaw project scope definition, schedule development, resource planning, cost analysis, risk management, budget administration, creative team management & client relations for TV, video & digital projects. This is her first startup as well.

Valuation Notes

The company has valued itself at $5mn post money. The valuation seems reasonable for the product and traction.
Amount Raised : $54,594
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Security Description

A CAFES (Contract and Future Equity Stake) can convert into different types of equity upon a Triggering Event, such as: common or preferred stock for a corporation, limited partnership interest for a limited partnership and membership interest for a limited liability company. At the time of the Triggering Event, the specific rights and limitations associated with the equity stake being issued to the investors will be determined and disclosed by the Entrepreneur.

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