# Social Media Gateways

Closed: Sep. 2021

## About this raise

Social Media Gateways, with a $12 million valuation cap, is raising funds on Wefunder. The company has developed a borderless digital business platform that enables e-commerce and mobile digital payments from anyone to anywhere. The company has integrated its proven technology platform, Ssnapp, with enhancements to create PaySoko. Moses Kusasira, Tommy Richardson, and Ed Hohmann founded Social Media Gateways in 2012 and have raised over $2.7 million in previous rounds of financing. The current crowdfunding round has a minimum raise of $50,000 and a maximum raise of $250,000, and the funds will be used for marketing, product development, and product deployment. Social Media Gateways has already launched its product in the US and three key cities in Kenya, Africa.

## Investment Overview

**Invested this round:**  
$100,544

### Deal Terms

#### Total Commitments
  
**Platform:** Wefunder  
**Start Date:** 05/05/2021  
**Close Date:** 09/08/2021  
**Min. Goal:**  
$50,000

**Max Goal:**  
$250,000  
**Min. Investment:**  
$100  
**Security Type:**  
SAFE

**Company Stage:**  
Early Stage  
**SEC Filing Type:**  
RegCF

**Early Bird Val. Cap:**  
$10,000,000

**Valuation Cap:**  
$12,000,000  
**Discount:**  
20%

### Company & Team

#### Company

**Year Founded:**  
2012  
**Industry:**  
Business Services, Software, & Applications  
**Tech Sector:**  
Fintech  
**Distribution Model:**  
B2B/B2C  
**Margin:**  
Medium  
**Capital Intensity:**  
Low  
**Location:**  
Las Vegas, Nevada  
**Business Type:**  
Growth  
**Company Website:**  
[Visit Website](https://socialmediagateways.com/)

#### Team

**Employees:**  
3  
**Prior Founder Exits?**  
No  
**Founder Name:**  
Moses Kusasira  
**Title:**  
CEO  
**Founder Name:**  
Ed Hohmann  
**Title:**  
CTO  
**Founder Name:**  
Tommy Richardson  
**Title:**  
COO  
**Founder Name:**  
Michael Nardi  
**Title:**  
Sales

## Financials

**Revenue:**  
$56.3K  
**as of FY20**

**Monthly Burn:**  
$3.6K  
**as of FY20**

**Runway:**  
1.1 months  
**as of FY20**

**Gross Margin:**  
56%  
**as of FY20**

### Summary Profit and Loss Statement

|  | FY 2020 | FY 2019 |
| --- | --- | --- |
| Revenue | $56,300 | $47,630 |
| COGS | $25,000 | $30,000 |
| Tax | $0 | $0 |
| Net Income | $-43,629 | $-67,180 |

### Summary Balance Sheet

|  | FY 2020 | FY 2019 |
| --- | --- | --- |
| Cash | $3,969 | $4,266 |
| Accounts Receivable | $37,000 | $14,000 |
| Total Assets | $383,160 | $358,190 |
| Short-Term Debt | $12,370 | $17,400 |
| Long-Term Debt | $357,200 | $327,200 |
| Total Liabilities | $369,570 | $344,600 |

## Ratings

## Company Funding & Growth

### Funding history

| Close Date | Platform | Valuation | Total Raised | Security Type | Status | Reg Type |
| --- | --- | --- | --- | --- | --- | --- |
| 09/08/2021 | Wefunder | $12,000,000 | $100,544 | SAFE | Funded | RegCF |