Coinseed (old)

Coinseed (old)

Micro-investment platform that allows users to invest in select crypto's

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Security Type
Crowd Note
Categories
Other
Min Investment
$100
Location
New York, NY
Offering Date
December 03, 2018
Expected Close Date
February 28, 2019
Target Raise
$25.00K
Deal Notes

Security Type: Crowd Note

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) 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 $5 million valuation cap. 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 2017, Coinseed has developed an easy-to-use mobile app for secure micro-investments in cryptocurrencies or simulated trading. The mobile app is available on Android and iOS devices and aims to make it easy, automated, and fun to invest small amounts in individual cryptocurrencies or a portfolio of select tokens.

Key Deal Facts

Cumulative trade volume reached $6.6 million in October 2018
Over 4,100 monthly active users
$1.7 million user deposits since inception
The company generated over $127,000 in its first 11 months

Use of Proceeds

Third-Party Professional Fees: 20% - 11%

General Marketing: 60% - 84%

General Working Capital: 20%.- 5%

Management Team / Advisory Board Bios

Del Davaasambuu - Founder & CEO
Prior to Coinseed, Del founded MyEtherShop and Tryclub. MyEtherShop allows users to make purchases from Amazon using Ethereum in order to improve the liquidity of Ethereum. Del studied physics at Meiji University in Japan.

Sukhbat Lkhagvadorj - Founder & CFO
While co-founding Coinseed, Sukhbat also works as a Data Analytics Consultant at DAS42. Before that, he was an Associate Analyst at NERA Economic Consulting. Sukhbat graduated from the Wesleyan University with a B.S. in Mathematics and Economics.

Deal Notes

Security Type: Crowd Note

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) 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 $5 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Amount Raised : $130,863
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The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
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Business Traction
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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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