BlockForms
Software geared to remove the friction created by repetitive forms; first customers are in insurance & finance
- Security Type
- Convertible Note
- Categories
- General
- Min Investment
- $100
- Location
-
LOS ANGELES, CA
- Expected Close Date
- August 15, 2022
- Amount Raised
- $121,870
- Target Raise
- $50K-$500K
- No. Investors
- 148
- Security Price
- $1
- Number of Employees
- 4
- Cash
- $11,697
- Revenue
- $12,000
- Short Term Debt
- $0
- Cost of Goods
- $2,097
- Long Term Debt
- $0
- Net Income
- $-14,940
Company Description
Los Angeles-based BlockForms has developed an enterprise software application that is designed to eliminate the tedious, manual, repetitive processes inherent with filling in multiple forms. The company has initially targeted the insurance benefits broker market, where organizations have to fill in the same questions repeatedly for insurance forms for companies like Aetna, Anthem, Kaiser Permanente, and others. BlockForms believes this repeatability offers an expansion opportunity, as a portion of its revenue model is related to utilization of the product by its customers’ clients. Moreover, while the insurance benefits broker market is the initial application, the company believes its product can be expanded into other verticals, where users must fill in manual, repetitive forms. The proceeds from this round will be used to explore and launch within those other verticals, as well as invest in research and development so the company can add increased functionality into their product suite.
Key Deal Facts
Earned initial customers like GIS Benefits and Icarus Investment Group
Member of the Preccelerator® accelerator program in Santa Monica, California
Raised an early investment from SAM Venture Partners, Preccelerator’s® partner investment fund
Funds from this raise will be used to expand into new product use cases and for sales and marketing
Security Description
A convertible security is a security that can be converted into another security, typically equity in the next round of financing.
