Heroclip

Heroclip

Multi-functional lifestyle products that help users do more in their lives

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Security Type
Preferred Stock
Categories
Other
Min Investment
$1,000
Offering Date
July 18, 2020
Expected Close Date
October 16, 2020
Target Raise
$1.38M-$2.38M
Deal Notes

Round type: Seed Round size: US $2,382,507 Minimum investment: US $1,000 Target Minimum: US $1,562,000 Security Type: Preferred Equity Share price: US $1.0315 Pre-Money valuation: US $4,750,000 Option pool: 1.6% Is participating?: Yes Liquidation preference: 1.0x

Valuation
$4,750,000

Company Description

Multi-functional lifestyle products that help users do more in their livesSeveral years ago, after having a new baby and summiting Mt. Rainier within months of each other, Heroclip creator Mina had the profound realization that two hands were simply not enough to handle all the gear that comes with living a full life. After an exhaustive and fruitless search for a tool that would hold her gear exactly where she wanted it so she could take a load off and do what she loved to do instead, she decided to invent the extra hand she needed, in the simplest form possible. With a Kickstarter campaign that pre-sold thousands of units, Mina realized that she was onto something -- who doesn’t need an extra hand?In 2017, after a year of receiving customer feedback from around the world, Mina realized that they were using Heroclips in ways that she would have never imagined and that these customers’ daily lives were truly improved by this simple and unassuming, but powerful tool. Realizing the potential of Heroclip to be the extra hand that unburdens people and the impact this freedom would have on making daily life easier and more fulfilling, Mina decided to build a team around her to help bring Heroclip to everyone who needs one.Today, Heroclip is a committed team made of energetic, eager and experienced team members (see profiles of our management team below) and investors from powerful consumer brands like Nike, Stanley, Brooks Running, Amazon and Microsoft. Our vision is to create a ubiquitous Heroclip following through direct-to-consumer, third-party online and wholesale channels, and we are thrilled that we are well on our way.

Perks

One Heroclip and piece of branded merchandise
“Herobox” - contains all three sizes of Heroclip, branded merchandise and partner products
One-time discount code for 20% off
“Herobox” - contains all three sizes of Heroclip, branded merchandise and partner products
Multi-use discount code for 25% off
“Herobox” - contains all three sizes of Heroclip, branded merchandise and partner products
Multi-use discount code for 25% off
Invitation to annual meeting (remote or in-person) with Heroclip founder/CEO and key team members

Key Deal Facts

2019 revenue was more than $2 million with unit sales growing by 18% from 2018 - aggregating over 440,000 units sold since 2018 (unaudited)
Founder, CEO and inventor was granted 2 utility patents for the product design and has assigned these to the company
Currently sold in retailers worldwide including REI and the Container Store, as well as on marketplaces like Amazon, where the product has received an average rating of 4.7/5 stars from over 1,400 reviews
Backed by notable investors that include executives from Nike, Under Armour, Stanley (water-bottles), Brooks Running, and Filson
Founder and CEO has 15 years of entrepreneurship experience as a Ph.D, inventor, author and is former faculty at UW Foster School of Business and Stanford Graduate School of Business

Management Team / Advisory Board Bios

Mina Yoo
CEO, Founder, Inventor
15+ years in entrepreneurship consulting & researchCo-founder of 2 previous start-upsAuthor of Become an Inventher: An Everywoman’s Guide to the Creating the Next Big ThingFormer faculty at UW Foster School of Business and Stanford

Tyson Titensor
COO
15 years leadership experienceConsumer startup veteranFormer COO at DPS Skis with experience growing staff and revenue

Deal Notes

Round type: Seed Round size: US $2,382,507 Minimum investment: US $1,000 Target Minimum: US $1,562,000 Security Type: Preferred Equity Share price: US $1.0315 Pre-Money valuation: US $4,750,000 Option pool: 1.6% Is participating?: Yes Liquidation preference: 1.0x

Amount Raised : $1,387,217
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Security Description

Preferred securities are a type of investment that generally offers some sort of preferred treatment through a dividend or preferred treatment in a liquidation.

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