ShoppinPal

ShoppinPal

B2B SaaS cloud integration software

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Security Type
Convertible Note
Min Investment
$100
Location
Modesto, CA
Offering Date
October 01, 2020
Expected Close Date
March 01, 2021
Target Raise
$50.00K-$250.00K
Deal Notes

Discount Rate: 20%

Valuation Cap: $6.4 million or $8 million

Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $6.4 million valuation cap or a $8 million 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

ShoppinPal provides an integration platform as a service (iPaaS) set of automated tools for connecting software applications that are deployed in different environments. iPaaS is often used by large business-to-business (B2B) enterprises that need to integrate on-premises software applications and data with cloud applications and data; for example, connecting accounting software with restocking software. The company’s platform offers an extensive, robust suite of integration connectors for a wide range of cloud SaaS systems used by server message block (SMB) operations such as Intuit Quickbooks, Oracle NetSuite, Microsoft Dynamics, Vend, and Toast point of sale systems. The company reached profitability in January 2020 and has continued to remain profitable in the new COVID-19 market environment, as of July 2020.

Key Deal Facts

Raised $1.07 million in its first equity round, led by Plug and Play Tech Center and Steelhead Venturesi
Integrates with cloud software such as Intuit Quickbooks, Oracle NetSuite, Vend POS and more
Created successful apps and integrations for unmet needs in the Retail and Food verticals such as automated stock replenishment and custom analytics used by customers across the globe
Profitable since January 2020 with an annual run rate of $390,000

Use of Proceeds

If ShoppinPal raises the minimum amount of $50,000, it plans to use the proceeds primarily for the following:

  • Intermediary Fees (5%)
  • General Marketing (11%)
  • Research and Development (69%)
  • Future Wages (12%)
  • General Working Capital (3%)

If ShoppinPal raises the maximum amount of $250,000, it plans to use the proceeds primarily for the following:

  • General Marketing (11%)
  • Research and Development (74%)
  • Future Wages (12%)
  • General Working Capital (3%)

Management Team / Advisory Board Bios

Sriram Subramanian
Founder and CEO
Prior to founding ShoppinPal, Sriram was a senior product manager at eBay U.S, where he managed payment volume products including Turbo Checkout. He was also among the first few engineers at the security startup Trustgenix, which was acquired by Hewlett Packard in 2005.xxvi Sriram holds a bachelor’s degree from Savitribai Phule Pune University, an MBA from UC Berkeley, and a Master of Science from Carnegie Mellon University.

Siddharth Madhusudan
Chief Marketing Officer
Sid leads strategic planning, marketing, and business development activities at ShoppinPal. Before ShoppinPal, he was a principal advisor of Virtual Capital Solutions at ScrumStart and the global head of online-branding and marketing at Sakal Media Group. He holds a bachelor’s degree from Ferguson College and a post graduate degree in marketing and management from the Indian Institute of Management, Ahmedabad.

Dipti Singla
Head of India and SEA Business
Dipti is responsible for growing ShoppinPal’s India/SEA business under the Bnext brand. She is a serial entrepreneur and brings a deep understanding of the challenges SMEs face. Dipti brings deep expertise with running sales and operations, along with project and product management. She holds an MBA from HIM Sonepat and is a graduate of the Indian School of Business Women Entrepreneurs - Entrepreneurial and Small Business Operations program.

Arun Radhakrishnan
Chief Operations Officer and Head of Product
Before ShoppinPal, Arun spent five years in banking technology performing process and program management at Citibank in New York. Later, he went on to become the first employee and shareholder at a travel tech startup, managed the construction of a new factory in India, and handled digital marketing and process improvement initiatives at a mid-sized forging company. Arun holds an MBA in Finance, Strategy, and Business Development from Oxford and Master of Science in Computer Science from New York University (NYU).

Kamal Khatwani
VP of Engineering
Kamal is responsible for designing technical architecture across projects and optimizing algorithms for ShoppinPal’s apps. Before joining the team, he was a co-founder at TheMakersWeb, a company focused on building customized web-based applications and websites. He was also a data-base administrator for Tata Consultancy Services. He holds a Bachelor of Engineering in Computer Science from the University Institute of Technology, Bhopal.

Zsolt Szeberenyi
Architect, Backend Lead
Prior to ShoppinPal, Zsolt was the team lead for the inventory module at the POS cloud company Vend, which is now a ShoppinPal client. He has built and scaled multiple systems which rank in the Alexa top 30 and has deep expertise with architecting and scaling APIs. He authored the PHP micro framework, Yapep, which is used extensively by ShoppinPal and several other startups. He studied information technology at Kando Kalman Technical College in Budapest.

Deal Notes

Discount Rate: 20%

Valuation Cap: $6.4 million or $8 million

Conversion Provisions: In connection with equity financing of at least $1 million, the Company has the option to convert the Crowd Note into non-voting preferred stock (Conversion Shares) at a price based on the lower of (A) a 20% discount to the price per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price per share paid on a $6.4 million valuation cap or a $8 million 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 : $119,994
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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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