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Security Type
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Convertible Note
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Categories
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Other
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Min Investment
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$100
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Offering Date
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June 25, 2019
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Target Raise
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$25.00K
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Deal Notes
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Conversion Provisions: In connection with equity financing of at least $1,000,000, the Company has the option to convert the Crowd Note into non-voting preferred units (Conversion Units) at a price based on the lower of (A) a 20% discount to the price per unit paid for Preferred Units by investors in the Qualified Equity Financing or (B) the price per unit based on a $8 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
Social app for users to create and share polls with targeted audiences
Perks
$500: Earn “Champion” status on the Bestest app (where it will be reflected on your profile, polls, votes, and comments).
$1,000: Earn “Investar” status on the Bestest app. A new badge created solely for Bestest investors.
$2,500: Get free lifetime access to paid features and feature bundles on Bestest, and receive “Investar” status in the app.
$5,000: Join a design session with the team or have a 40-minute idea exchange with the Bestest CEO (both via remote conferencing), and receive “Investar” status in the app.
$10,000: Receive a custom research package, which includes a market scan/Bestest database search and summary of findings, 15 polls with 100 respondents each, use of enhanced polling features where available, analysis of results, and a conclusions and recommendations report, and receive “Investar” status in the app.
$15,000: Spend a day with the Bestest team in Westport, Connecticut. Tour the Bestest offices and enjoy 24 hours as a guest of the Bestest team. Includes transportation, meals, and overnight accommodation for one. And receive “Investar” status in the app.
$25,000: Receive a custom research package which includes a market scan/Bestest database search and summary of findings, 45 polls with 100 respondents each, use of enhanced polling features where available, analysis of results, and a conclusions and recommendations report, and receive “Investar” status in the app.
Key Deal Facts
More than 3.2 million votes have been cast through the Bestest app since it formally launched in September 2018
More than 37,892 users as of June 19th, up from 289 in September 2018
51,840 polls have been created through the Bestest app since it formally launched in September 2018
Previously raised $750,000 from angel investors and the company founder to build and release its technology
Use of Proceeds
Working capital, General marketing, Campaign marketing related expenses
Management Team / Advisory Board Bios
Kelly Helmuth
Co-founder and CEO
Prior to being named Chief Executive Officer in April 2019, Kelly served as the company’s Chief Growth Officer. As the Chief Growth Officer, she was responsible for developing product use cases, bringing the product to market, acquiring users, and liaising with investors and prospective investors. Kelly brings 20 years of digital media and startup experience to Bestest. In addition to Bestest, she has also worked in executive roles at The Ledgemoor Group and SES Media Group. She is the ghost-writer of Unlock Your Inner Entrepreneur (The Editing Company, 2012) and a graduate of Georgetown University. She started her first company at age 21.
Lalit Goel
Co-founder and Chairman
Lalit was the founder of Bestest and served as CEO until April 2019. Since April 2019, he has been serving as Chairman of the company. As CEO, Lalit was responsible for creating and executing the company's long-term strategy to grow and maximize return on investment for all stakeholders. In addition to his current role at Bestest, Lalit also currently serves as the CEO of the Aerostar Group. He is a serial entrepreneur and has started more than six ventures. Previous experience includes serving as the CFO of RFQLogic and working for PwC. He holds an undergraduate degree from Chandigarh College of Architecture (CCA) and an MBA from the University of Buffalo.
Nicole Hernandez
Head of Product
Nicole joined Bestest in 2017 as a Technical Consultant and was later promoted to Head of Product. As Head of Product, she is responsible for prioritizing, architecting, and testing new features in the app in collaboration with the company’s engineering team and other stakeholders. Prior to joining Bestest, Nicole was a Fellow at the Startup Institute in New York, where she enriched her technical fluency by completing coursework and workshops in multiple programming languages such as JavaScript, Python, Ruby, Rails, HTML, and CSS. Nicole holds an undergraduate degree in Arts from Middlesex County College.
Deal Notes
Conversion Provisions: In connection with equity financing of at least $1,000,000, the Company has the option to convert the Crowd Note into non-voting preferred units (Conversion Units) at a price based on the lower of (A) a 20% discount to the price per unit paid for Preferred Units by investors in the Qualified Equity Financing or (B) the price per unit based on a $8 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.
