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Security Type
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Secured Loan
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Categories
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Retail
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Min Investment
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$100
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Offering Date
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July 28, 2021
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Expected Close Date
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August 04, 2021
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Target Raise
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$50.00K-$100.00K
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Security Price
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$1
Company Description
Steel City Jet Skis is the one and only jet ski rentals business in Pittsburgh and we offer a unique way to view the city of Pittsburgh from the water. We rent our brand new Yamaha waverunners out on an hourly basis out of Station Square. Our customers are a combination of people visiting Pittsburgh who want to see Pittsburgh from the water, to locals looking for a fun outdoor activity and unique experience in Pittsburgh.
Key Deal Facts
We spent a lot of time building the systems right from the beginning to make our rentals a seamless experience for our customers.
Beginning by investing in a quality website with live availability and booking functionality, we make it very easy for our customers to book a reservation to come check us out.
We also offer online temporary PA Boaters certificates for those who don't have a PA boaters certificate, and built it on our website to allow our customers to complete everything in advance.
We worked to integrate a software that offers a dynamic pricing functionality so we can increase our occupancy rates and maximize revenue. This has allowed us to offer the jet ski experience to more people by offering discounts during non-peak hours and taking into consideration weather and demand.
All of this has helped result in numerous fully booked days and over 1,000 happy customers in just two months.
Management Team / Advisory Board Bios
Jake Tovey, OwnerI am a 26 years old and grew up in Dallas, TX, but moved to Pittsburgh to attend the University of Pittsburgh 8 years ago where I triple majored in Finance, Supply Chain Management and Business Information Systems. I was also a member of the varsity swim team all four years before graduating in 2017.
Shortly after graduation, I got my first job in the corporate world related to my studies in undergrad at Pitt. I also soon began passionately studying real estate/ entrepreneurship as I realized that was the career path I was built for. In 2019, I purchased my first rental property, which lead to me starting an Airbnb/ Short Term Rentals business in March of 2020. I started this business in hopes of using that to replace my day job and take strides towards the kind of life I want to live. Six months later in October of 2020, I hit that goal by quitting my job and haven't looked back since.
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The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
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The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
Business Traction
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The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
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The value of the company compared to similar companies raising money from investors.
Valuation
Security Description
Secured debt is debt backed or secured by collateral to reduce the risk associated with lending. If the borrower on a loan defaults on repayment, the debt holder can seize the collateral, sell it, and use the proceeds to pay back the debt. Assets backing debt or a debt instrument are considered as a form of security, which is why unsecured debt is considered a riskier investment than secured debt.
