Asaak

Asaak

Next generation asset-backed loans for Africa

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Security Type
Crowd SAFE
Categories
Finance
Min Investment
$150
Location
NEW YORK, NY
Offering Date
February 23, 2021
Expected Close Date
April 27, 2023
Amount Raised
$182,662
Target Raise
$25K-$535K
No. Investors
318
Security Price
$1
Deal Notes

Price Per Share: $1.00

Website
asaak.com
Number of Employees
3
Cash
$1,124,734
Revenue
$1,065,078
Short Term Debt
$2,880,654
Cost of Goods
$254,494
Long Term Debt
$2,406,515
Net Income
$-256,388

Company Description

Vision Creating a new asset classBy unlocking credit access for African SMEs, we're making Africa investable to the outside world. 

Use of Proceeds

  • Intermediary Fee: This fee will be paid directly to the intermediary for assisting in conducting this Offering.
  • Engineering, Research & Development: These proceeds will be used to hire at least one product manager and three full stack engineers. Marketing These proceeds will go towards pursuing our own marketing to broaden our customer base.
  • Sales: The company has historically focused on partnerships being built through relationships with our executive team. These proceeds will be used to invest in building out a commission-based sales team to accelerate new partnerships.
  • Expansion: As we continue to grow, these proceeds will go towards investing into geographic expansion, both inter and intra - country.
  • General Working Capital: These proceeds will be used from for other capital needs of the business that will fall outside of the categories listed above and may include costs such as, rent, salaries and benefits, other labor costs, legal, and accounting.

Key Deal Facts

$4.4M raised to date from top funds: Social Capital, 500 Startups, others
1.3K+ loans disbursed with 95% on-time payment collection rate
Profitable in Q4 2020
39% gross margin and 17% profit margin
97% average MoM revenue growth Q3 to Q4 2020
Lending at scale: received $10M term sheet, with ability to unlock $30M
Partnerships with mobility apps: Jumia, Bolt, SafeBoda - others in pipeline

Security Description

An equity crowdfunding specific version of a SAFE used by crowdfunding portal Republic. Upon conversion (if and when that happens), investors may receive special shares with limited rights that do not show up on a company’s cap table. The issuer may roll over and not convert shares at the next financing round causing investors to lose out on some upside.

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