goDeskless

goDeskless

Cloud-based platform for deskless field workers that achieved net income of $77,757 in Q1 2020

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Security Type
Crowd Note
Min Investment
$100
Location
Dublin, CA
Offering Date
June 01, 2020
Expected Close Date
November 02, 2020
Target Raise
$50.00K-$2.00M
Deal Notes

Discount: 20%

In connection with equity financing of at least $1,000,000 (a “Qualified Equity Financing”), the Company has the option to convert the Crowd Note into shares of non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share paid for Preferred Shares by investors in the Qualified Equity Financing or (B) the price per share based on a $6,000,000 or $7,000,000 valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Company Description

goDeskless has developed a cloud-based software platform to help companies with deskless field workers automate business processes by engaging with customers remotely, and securely from within business applications. goDeskless’ OneCloud solution was engineered to facilitate the processing of data in a schema-less format, the remote engagement of end customers with a rich services app using visual collaboration, and automation of typical business functions like authentication and app localization through the use of microservices.

Perks

Investors that purchase the first 100,000 Crowd Notes, and thereby fund the first $100,000, will receive Crowd Notes with a conversion provision based on a $6 million valuation cap instead of a $7 million valuation cap. That means, in connection with equity financing of at least $1,000,000 (a “Qualified Equity Financing”), the company has the option to convert the Crowd Note into shares of non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per unit paid for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share based on a $6 million valuation cap (instead of $7 million).

Key Deal Facts

Generated $637,284 in revenue with gross margins of 87% in 2019
Customers include Bechtel, Volvo, TCL (TATA Communications), Techmate, TATA Motors, and Workset
Achieved net income of $77,757 in Q1 2020 and $232,919 in 2019
Founders have decades of experience in customer relationship management, product management and development, AI, and cloud data security

Use of Proceeds

Minimum Raised ($50,000)

  • Campaign Marketing – 5%
  • General Marketing – 30%
  • Research and Development – 10%
  • General Working Capital – 5%
  • Sales Enablement – 50%

Maximum Raised ($2,000,000)

  • Campaign Marketing – 5%
  • General Marketing – 15%
  • Research and Development – 15%
  • Future Wages – 10%
  • General Working Capital – 5%
  • Sales Enablement – 50%

Management Team / Advisory Board Bios

Ashish Joshi - Co-Founder and CEO
Ashish co-founded goDeskless in 2015 and has served as CEO since the company’s inception. Ashish has 21+ years of product management experience in the CRM enterprise applications industry focusing on customer experience. Prior to starting his entrepreneurial venture, Ashish was a product leader at Siebel/Oracle where he managed the Service and Engagement Cloud products. Ashish has an MBA from University of California – Berkeley’s Haas School of Business. He also holds a Master of Science degree from Louisiana Tech University majoring in Applied Mathematics, and completed his bachelor’s degree in Engineering from University of Pune. Ashish is an avid amateur astrophotographer and is a member of the Astronomical Society of the Pacific.

Hari Gutlapalli - Co-Founder and Chief Architect
Hari co-founded goDeskless in 2015 and currently serves as the company’s Chief Architect. Hari has 20+ years of experience in the CRM, enterprise applications industry focusing on customer experience, healthcare, and big data. Prior to starting his entrepreneurial venture, Hari led several product teams at Kaiser Permanente, Oracle, and Siebel Systems, and focused on delivering products and solutions across enterprise, cloud, as well as mobile platforms. Hari received an advanced project and business management diploma from Stanford University, and a Master of Science degree in Computer Science from the University of Houston.

Pramod Cherukumilli - CTO
Pramod joined goDeskless in 2018 and currently serves as the company’s Chief Technology Officer. Pramod has 19+ years of engineering and product management experience in the cybersecurity industry focusing on cloud data management and security. Prior to co-founding goDeskless, Pramod was a product leader at Cisco, where he led cloud data security teams. Pramod holds an MBA from University of California Berkeley’s Haas School of Business. He also holds a Master of Science degree from Colorado State University majoring in Computer Science. Pramod is an avid hiker and skier and spends his vacations skiing at various global locations.

Deal Notes

Discount: 20%

In connection with equity financing of at least $1,000,000 (a “Qualified Equity Financing”), the Company has the option to convert the Crowd Note into shares of non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share paid for Preferred Shares by investors in the Qualified Equity Financing or (B) the price per share based on a $6,000,000 or $7,000,000 valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Amount Raised : $890,401
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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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