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GarageSkins

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Security Type
Common Stock
Categories
Manufacturing
Min Investment
$500
Location
POST FALLS, ID
Offering Date
September 08, 2023
Expected Close Date
January 10, 2024
Target Raise
$15.00K-$618.00K
No. Investors
182
Security Price
$0.84
Valuation
$12,290,000
Website
garageskins.com
Number of Employees
11
Cash
$186,796
Revenue
$131,159
Short Term Debt
$1,083,633
Cost of Goods
$253,132
Long Term Debt
$1,319,630
Net Income
$-1,481,928

Company Description

GarageSkins, Inc. is a consumer home improvement products manufacturing and sales company that builds and sells highquality home improvement goods. Its initial product is a 2-car GarageSkins system, used to cosmetically transform steel sectional overhead garage doors to the upscale custom look of real wood carriage doors.

The company makes home improvement products. Its initial product is a 2-car garage door overlay system that allows the customer to redecorate their garage doors into beautiful high-end designer doors quickly, easily, and at a fraction of the cost of a real-wood garage door. The patented real wood garage door overlay systems boast an ingenious DIY "snap on" magnetic installation. The secret lies in the lightweight underlayments, bonded with real wood veneers and embedded with ultra-strong rare earth magnets. The price of 2-car garage skins is $2,295. The company has a D2C model that allows it to eliminate retailers and achieve higher per-unit profits. The Company’s greatest focus initially will be on producing a high-quality product at scale at its existing 60,000 sq. ft. factory.

The U.S. home decor market size was valued at $126B in 2019 and is estimated to reach $158B by 2027, registering a CAGR of 8.0% from 2020 to 2027. The company believes that its SAM is $31B. The competition in the industry is high with repaint and refinish options, full door replacement options, and magnetic hardware and screw-on plastic faux windows. None of the alternative solutions are as cost-effective, have a rich appeal, and are as easy to implement as Garageskins.

The company has 4,141 requests to order, 210+ orders in backlog, and has achieved $805k in revenue to date. The revenue for fiscal year 2022 was $131.2k, almost 3 times more than 2021's revenue of $46.6k. The revenue growth was driven by a higher market awareness in 2022 and targeted SEO to educate potential customers about the new home improvement concept.

Use of Proceeds

The company plans to use the proceeds for marketing, staffing, manufacturing equipment (Capex), working capital and platform fees.

Management Team / Advisory Board Bios

The management is good.

Rick Medlen, Founder, CEO, Chairman of the Board
Rick grew up in Colorado and has successfully been a part of several small companies that he's helped grow into national presences. He works full-time at the company.

Robert Gerald Brock, Vice President of Operations
Robert is a highly skilled production and manufacturing leader in the industry. He comes with a high level of knowledge from leading companies like JELD-WEN, CarMax, FormFactor, and Amazon. He is retired from the United States Marines. His formal education includes an MBA, a Masters in Project Management, and a Lean Six Sigma Black Belt.

Julie Elton Medien, Vice President of Sales and Marketing
After owning her own interior design agency for 9 years, Julie became one of the early employees of Custom Decorators, Inc. Overtime, she managed several states and acted as the corporate liaison with most channel partners, which included The Home Depot, Macy’s, DirectBuy, Sam’s Club, and Costco.

Valuation Notes

The company has valued itself at $12.93M pre-money. The valuation slightly high with the traction and sales growth yet to be seen.
Amount Raised : $265,024
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Security Description

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