Fitpeak

Fitpeak

Fitness marketplace and business management software

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Security Type
Crowd Note
Categories
Other
Min Investment
$100
Location
Tampa, FL
Offering Date
December 06, 2018
Expected Close Date
February 11, 2019
Target Raise
$25.00K
Deal Notes

Security Type: Crowd Note

Discount Rate: 20%

Conversion Provisions: In connection with an equity financing of at least $1,000,000, the Company has the option to convert the Crowd Note into shares of a series of non-voting preferred stock, at a discount of 20% of the price per share of the new preferred stock sold in the equity financing, or a valuation cap of $4,000,000, whichever results in a lower conversion price. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Company Description

Founded in March 2018, Fitpeak is building a people-centric marketplace of active professionals through which clients can easily search and book a session almost instantly. For active professionals (Pros), Fitpeak will offer a back-end Pro Dashboard that provides them with a suite of tools to manage their business and automate payments.

Perks

$300: Free Pro Membership for 1 year for you or to gift to a Pro you know and $50 in Fitpeak credit (to be used for booking professionals)
$500: Free Pro Membership for 1 year for you or to gift to a Pro you know and $100 in Fitpeak credit (to be used for booking professionals)
$1000: Free Pro Membership for life for you or to gift to a Pro you know and $200 in Fitpeak credit (to be used for booking professionals)
*You are investing in Crowd Notes in this offering. Perks are meant to be a thank you from the company for investing. The perks above are NOT inclusive of lower dollar amount perks.

Key Deal Facts

A marketplace where clients can search and book active professionals and tools that help fitness trainers schedule and better manage their business
Just launched a beta preview version for active professionals across the U.S. in November 2018
More than 200 active professionals have signed up since September 2018
Kevin Harrington, the original Shark on Shark Tank, has been brought on as an advisor

Use of Proceeds

Research & Development: 100% - ~71%

General Working Capital: 0% - ~29%

Management Team / Advisory Board Bios

Dillon Auxier - CEO and Founder
Prior to starting Fitpeak, Dillon spent his early career in design and marketing. He has experience running marketing campaigns and front-end development specifically for the fitness niche. During his time doing design, marketing, and development work for fitness professionals and small gyms, Dillon started to see the inefficiencies in the process and how independent fitness pros were struggling to make it. Dillon has been passionate about design from a very young age and can remember designing prototypes and websites as early as 14 years old. He graduated from Concordia University-Irvine with a degree in Business Management. While at Concordia, Dillon started his first tech company, Barspective, which let users browse low resolution live streams of bars in Huntington Beach and Newport Beach. The lessons learned from Barspective helped shape how Dillon approaches building teams and effective management practices.

Sterling Perkins - COO
Prior to joining Fitpeak, Sterling spent his career optimizing businesses in the financial services industry. He started his career in Private Wealth Management with Robert W. Baird & Co. Upon leaving Baird, Sterling joined Fair Economy Inc (formerly Forex Factory), where he was a Financial Economist. There he helped create blueprints and organizational structures that allowed Fair Economy to simultaneously launch products in cryptocurrencies, metals, and energy trading. Sterling is experienced in quantitative analysis, systems generation, and revenue optimization. He also currently serves as the CEO of Fivest Capital Consulting.

Alex Kaminski - CTO
Alex has over 12 years of experience as a full-stack developer. He previously worked as a software engineer at educational startup WeWantToKnow and also serves as the CEO of tech company Entropy- 1. Alex believes that the method and pattern implemented are more crucial than the language and framework used, so he's comfortable with switching technologies often. In his decade of professional experience, he's worked on web projects, games, and tools in some of the most popular programming languages. He particularly relishes a challenge and thrives in even the most unorthodox projects.

Deal Notes

Security Type: Crowd Note

Discount Rate: 20%

Conversion Provisions: In connection with an equity financing of at least $1,000,000, the Company has the option to convert the Crowd Note into shares of a series of non-voting preferred stock, at a discount of 20% of the price per share of the new preferred stock sold in the equity financing, or a valuation cap of $4,000,000, whichever results in a lower conversion price. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Amount Raised : $19,810
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Business Idea
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Business Traction
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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Valuation

Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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