FanBeat

FanBeat

Live-action mobile sports games

Print
View on Microventures
Security Type
Crowd Note
Categories
Other
Min Investment
$100
Location
Atlanta, GA
Offering Date
January 31, 2019
Expected Close Date
April 08, 2019
Target Raise
$25.00K
Deal Notes

Discount Rate: 20%

Interest Rate: 6%

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 $14,000,000 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

FanBeat partners with teams, leagues, and media companies to offer a live-action gaming platform where sports fans answer predictive-play and trivia questions during breaks in the action for a chance to win prizes. The company has partnered with the Chicago Bulls, Atlanta Braves, and the Golf Channel to help them increase their fan engagement through an active viewing experience and competition. Due to increased viewer engagement, FanBeat provides its partners with a mobile asset they can use for additional sponsor opportunities and for actionable data on their fans.

Perks

$500 - Invitation to an investor-​only trivia challenge on the FanBeat platform. Prizes for top players will include an iPad Pro, gift cards, and limited-edition company merchandise.

Key Deal Facts

FanBeat is currently partnering with the Chicago Bulls and the Golf Channel, and also partnered with the Atlanta Braves from 2016-2018
Total unique players grew to 130,239 in 2018, a 1993% increase from 6,222 unique players in 2017
FanBeat has generated $250,000 in revenue, a 929% increase from revenue in 2017
In 2018, FanBeat had 295,496 total games played, which was a 1396% increase from 19,756 total games played in 2017

Use of Proceeds

General Marketing: 24%

R&D: 8%

Future Wages: 68%

Management Team / Advisory Board Bios

Brandon Farley - Chief Revenue Officer
Brandon joined FanBeat in 2015 after previously serving as the managing director for sales and marketing at Apparity, an enterprise software company. He has over 10 years of director-level experience in sales and marketing for various companies. Brandon graduated from Stanford University in 1994 with degrees in English and Communications, where he was also a member of the Varsity soccer and golf teams.

Ed Trimble - Chief Executive Officer
Ed founded FanBeat in 2014 after serving as the president of a business-to-business cloud app integration company. Prior to that, Ed was the senior vice president of Global Marketing and Ecommerce at PGI, a publicly traded virtual communication company. He was also the co-founder and CEO of EzGov, a software and services company for federal, state, local, and foreign governments. He has also been recognized as an Ernst and Young Southeast Entrepreneur of the Year.xxiii Ed began his career at Accenture after graduating from Duke University in 1990 with a BSE in Mechanical Engineering and has received Duke’s Distinguished Young Alumnus award.

Mike Richards - Chief Technology Officer
Mike joined FanBeat in 2014 as the Chief Technology Officer and technical co-founder. Previously, he worked at AT&T Digital Life where he was a senior developer. He also has experience as a software developer for Macy’s, Engauge Digital, Collinson Media and Events, and Enterprise Rent-A-Car. Mike began his career developing technology solutions for small businesses after graduating from Elon University in 2005 with a BS in Computer Science and Computer Information Systems.

Deal Notes

Discount Rate: 20%

Interest Rate: 6%

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 $14,000,000 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 : $11,101
Reveal the Score by Voting
＿
Additional ratings from other users are needed to determine a viable CrowdScore for this deal.
The "CrowdScore" for this deal is determined by user ratings and other factors using our proprietary algorithm.
ⓘ
The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
ⓘ
The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
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
ⓘ
The value of the company compared to similar companies raising money from investors.
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.

Research Reports

No reports have been submitted

Become a Reporter
Read Our Research Disclaimer

0 Comments

Post Comment