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Security Type
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Convertible Note
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Categories
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Technology
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Min Investment
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$150
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Offering Date
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August 17, 2018
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Expected Close Date
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November 16, 2018
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Target Raise
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$10.00K-$107.00K
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Deal Notes
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- Convertible Promissory Notes
- Note converts to Series Seed Preferred Stock when the company raises $3M in a qualified equity financing
- Maturity Date: July 31, 2020
- $20M Valuation Cap
- 25% Discount Rate
- 2% Annual Interest Rate
- Minimum $10,000 of Convertible Promissory Notes
- Maximum $107,000 of Convertible Promissory Notes
Company Description
We are using AI and blockchain-based technology to create a next-generation food platform that focuses on YOU, the content creator. Yummi is building food-centric tools that let foodies unlock real benefits from millions of everyday food photos and give them easy access to authentic and reliable food information so they can eat better and happier.
Perks
$500+ - $10 Amazon e-gift card
$1,000+ -$20 Amazon e-gift card, PLUS a 5% Bonus on YUMM Tokens based on the dollar amount of this investment.
$5,000+ - $50 Amazon e-gift card, PLUS a 10% Bonus on YUMM Tokens based on the dollar amount of this investment.
$10,000+ - $100 Amazon e-gift card, PLUS a 15% Bonus on YUMM Tokens based on the dollar amount of this investment.
$25,000+ - $200 Amazon e-gift card, PLUS a 25% Bonus on YUMM Tokens based on the dollar amount of this investment.
Key Deal Facts
Disrupting the food sector with a next-gen food-centric platform
One simple user-friendly interface to blog and discover good food
Developing blockchain-based token to reward users for their content
Our Beta App already downloaded by users from 100+ countries within 18 months
More than 40K restaurants in 2,500 cities have been tagged on the app
Truly global food platform that is already supporting Wechat login
Founded by an ex-Googler with 20 years of internet experience
Use of Proceeds
If we manage to raise our overallotment amount of $107,000, we believe the amount will last us 9 months and plan to use the net proceeds of approximately $100,580 primarily to provide enough working capital to continue iterating on our product design and development, to conduct an official launch campaign, and to pay for additional legal fees as we explore fund raising efforts from professional investors.
Management Team / Advisory Board Bios
Pete Wong
Founder, CEO, & Director
Pete has been working full-time on Yummi since June 2016. Prior to this, he served as a Director and Head of Doubleclick for GOOGLE in China (Dec/2012 - Mar/2016). Pete is both an entrepreneur and a corporate leader. He has a 20-year internet career and a unique track record with operational experiences at a number of premier tech companies in both the western and China market. In the past 14 years, he's led successful teams for eBay, Dell, WPP, and Google in Greater China. As both a marketer and a product thinker, Pete understands the different cultural behaviors and needs of western and Asian consumers. Pete is passionate about building products that solve real needs. He has also launched two prior startups, a C2C e-commerce business in Hong Kong and a pet social network in China. Pete has a strong operational background and experience in online consumer trend, digital advertising, programmatic marketing, user experience and product design, and partnership development. Pete’s biggest achievement has been rebuilding Google’s Doubleclick business in China. Pete is bi-cultural, is well-versed in the China market, has an extensive Asia network, thrives in a chaotic environment, and speaks four foreign languages. He loves trying new food and enjoys traveling. Besides working on Yummi full-time, Pete volunteers his time as a mentor and advisor to young founders at the University of California, Irvine Applied Innovation supporting Orange County startup development.
Deal Notes
- Convertible Promissory Notes
- Note converts to Series Seed Preferred Stock when the company raises $3M in a qualified equity financing
- Maturity Date: July 31, 2020
- $20M Valuation Cap
- 25% Discount Rate
- 2% Annual Interest Rate
- Minimum $10,000 of Convertible Promissory Notes
- Maximum $107,000 of Convertible Promissory Notes