SpongeBath

The sanitizing sponge holder — a new product category in consumer goods

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Claim My Business
Form C
View on Republic
Security Type
Crowd SAFE
Min Investment
$150
Location
ASTORIA, NY
Offering Date
September 13, 2022
Expected Close Date
April 30, 2023
Target Raise
$25.00K-$1.24M
No. Investors
70
Security Price
$1
Website
SpongeBath.com
Number of Employees
0
Cash
$34,940
Revenue
$353,500
Short Term Debt
$0
Cost of Goods
$74,372
Long Term Debt
$137,510
Net Income
$-63,802

Company Description

SpongeBath is the result of years of research and development to create the world’s first cleaning sponge holder. We didn’t just create a device to clean and sanitize the sponge, we patented the method of SpongeCare™.

Perks

1 reservation
Reserve
$150
Receive
6 SpongeBath Premium Scrubber Sponges
Limited (49 left of 50)

2 reservations
Reserve
$250
Receive
SpongeBath Starter Kit (including a 2 month supply of Cleaning Solution) AND
Our Sink-Mounting Bracket AND
1 Additional Premium Scrubber Sponge
Limited (48 left of 50)

Reserve
$500
Receive
SpongeBath Starter Kit (including a 2 month supply of Cleaning Solution) AND
Our Sink-Mounting Bracket AND
3 Additional Premium Scrubber Sponges AND
6 months supply of Concentration Cleaning Solution
Limited (50 left of 50)

Reserve
$1,000
Receive
SpongeBath Starter Kit (including a 2 month supply of Cleaning Solution) AND
SpongeBath Starter Kit (including a 2 months supply of Cleaning Solution) AND
Our Sink-Mounting Bracket AND
3 Additional Premium Scrubber Sponges AND
1 year supply of Concentration Cleaning Solution
Limited (50 left of 50)

Reserve
$2,200
Receive
Two (2) complete SpongeBath Starter Kits (including a 2 months supply of Cleaning Solution each) AND
Two (2) Sink-Mounting Brackets AND
6 Additional Premium Scrubber Sponges AND
Two years' supply of Concentration Cleaning Solution (one year for each Kit)
Limited (50 left of 50)

Reserve
$5,000
Receive
Three (3) complete SpongeBath Starter Kits (including a 2 month supply of Cleaning Solution each) AND
Three (3) Sink-Mounting Brackets AND
18 Additional Premium Scrubber Sponges AND
Three years' supply of Concentration Cleaning Solution (one year for each Kit)
Limited (50 left of 50)

Key Deal Facts

The world's first sanitizing sponge holder—a new category in consumer goods
Patented the method of SpongeCare™ with no competition
Company has previously raised $2.8+ million in capital
$1.5M revenue, 152% YoY growth, projecting $10.2M annual revenue in 2024
Razor-and-blade model provides a strong source of recurring revenue
Targeting 3,000+ stores by 2025
Disrupting the $100B global household cleaning products market

Management Team / Advisory Board Bios

Matthew Flannery
Co-Founder & CEO

Susette Franklin
COO

Cordelia Ryan
EVP & GC

Miguel Velarde
Brand Consultant

Kanika Misra
Digital Marketing

Afrim Mustafa
Finance

Tod Maitland
Co-Founder
Amount Raised : $53,000
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Business Traction
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Management Team
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Valuation

Security Description

An equity crowdfunding specific version of a SAFE used by crowdfunding portal Republic. Upon conversion (if and when that happens), investors may receive special shares with limited rights that do not show up on a company’s cap table. The issuer may roll over and not convert shares at the next financing round causing investors to lose out on some upside.

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