SeeMe is a global platform that helps artists gain recognition, connect with enthusiasts and collectors, and earn income. It accomplishes this by hosting art shows and competitions, printing catalogues, and displaying art on its site. The company caters to artists, photographers, musicians, designers, and creative enthusiasts. SeeMe provides a way for art enthusiasts and corporations to discover emerging artists and license unique art. [Read More]
A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders.
October 03, 2018
November 23, 2018
SeeMe intends to use the proceeds from this raise to increase its marketing budget in order to drive artist memberships and help artists gain exposure. If the minimum amount of $50,000 is raised, SeeMe plans to allocate 31% of the raise for marketing, 31% for accrued expenses and repayment of debt, and 13% for general working capital. The company has accrued expenses and debt from the construction of its gallery. If the maximum amount of $1.07 million is raised, the company plans to allocate almost 20% for general working capital, 18.7% for marketing, and 18.7% for building artist residences. The company also plans on spending 14% on future wages to hire key employees and drive growth. The company has discretion to alter the use of proceeds mentioned based upon prevailing market conditions, board approval, and future opportunities (ex. the company may pursue certain strategic acquisitions or develop additional technology that benefits its community).
Brendan Burns: Founder & CEO
Prior to founding Stepstone Art Resources, Brendan served as the CEO of 1000|Museums. 1000|Museums—a venture-backed e-commerce and art licensing company—built a global network of fine art museums, such as the Guggenheim (NYC), the Van Gogh Museum (Amsterdam), the MFA Houston, and many others. Early in his career, Brendan was a member of AdOne’s founding team and served as CEO. He has an MBA from Columbia University and earned his BS from Fordham University. Since 2004, Brendan has been an adjunct professor at the Lang Center for Entrepreneurship in Columbia’s Graduate Business School and serves on the Advisory board of the Lang Fund.
Alex Nero: Co-founder and Creative Director
Alex is an American artist who utilizes experimental techniques with chemistry and the physical dynamics of paint within vessels of water. He has led creative projects with startups for over 10 years and has a multi-disciplinary background in full stack development in eCommerce environments. Alex leads the technology and creative direction at Stepstone Art Resources.
Security Type: Crowd Note
Round Size: Min: $50,000 Max: $1,070,000
Valuation Cap: $4 million
Conversion Provisions: In connection with equity financing of at least $1,000,000, 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 paid per share for Preferred Stock by investors in the Qualified Equity Financing or (B) the price paid per share paid on a $10 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.