BlockForms

BlockForms

Software geared to remove the friction created by repetitive forms; first customers are in insurance & finance

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Why I love BlockForms

Security Type
Convertible Note
Categories
Other
Min Investment
$100
Location
LOS ANGELES, CA
Expected Close Date
August 15, 2022
Target Raise
$50.00K-$500.00K
No. Investors
143
Security Price
$1
Website
blockforms.co
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.

Perks

None

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

Use of Proceeds

Most of the funds generated by the campaign will be used for Research and Development. Smaller amounts will be allotted to General Working Capital, Campaign Marketing, and Future Wages. 

Recommendations

Risky, Fair upside

BlockForms has been gaining clients to use its service and Sam Venture Partners holds a stake in the company as well. They project continued growth after they develop more services, and plan to automate and revolutionize the insurance industry. They have multiple revenue streams, and seem to provide a very useful service to their clients that can streamline outdated forms. 

Investment Structure

Structured as a Convertible Note, with a 20-25% Discount Rate and Valuation Cap of $2 million. No revenue will be trickled down to investors.

Amount Raised : $116,670
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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