# SouveNEAR

Closed: Aug. 2019

## About this raise

SouveNEAR, the seller of locally-made souvenirs with a valuation cap of $5 million, is raising funds on WeFunder. The company sells artistic souvenirs through vending machines at airports and tourist venues. As a result, travelers get to find unique souvenirs and local artisans get a large audience. SouveNEAR was founded by Tiffany King and Suzanne Southard in 2014 and has already raised $268,250 in previous rounds since its founding. The current crowdfunding round has a goal of $50,000. SouveNEAR reported 18,900 customer purchases in 2018 alone and revenue growth of 400% from 2015 to 2018. The company has been featured in Time, NBC News, and USA Today, and has been accepted into Goldman Sachs 10,000 Small Businesses Program for Fall 2019.

## Investment Overview

**Invested this round:**  $60,510

### Deal Terms

#### Total Commitments

- **Platform:** Wefunder  
- **Start Date:** 05/06/2019  
- **Close Date:** 08/21/2019  
- **Min. Goal:** $50,000  
- **Max Goal:** $1,070,000  
- **Min. Investment:** $250  
- **Security Type:** SAFE  
- **Company Stage:** Early Stage  
- **SEC Filing Type:** RegCF  
- **Valuation Cap:** $5,000,000  
- **Discount:** 15%

### Company & Team

#### Company

- **Year Founded:** 2014  
- **Industry:** Consumer Products, Goods & Services  
- **Distribution Model:** B2B2C  
- **Location:** Kansas City, Missouri

#### Team

- **Employees:** 3  
- **Founder Name:** Tiffany Heaton King  
- **Title:** Director of Strategy and Finance  
- **Founder Name:** Suzanne Southard  
- **Title:** Managing Member

## Financials

- **Revenue:** $0 as of FY18  
- **Cash on Hand:** $28.8K as of FY18  
- **Gross Margin:** 43% as of FY18

### Summary Profit and Loss Statement

|  | FY 2018 | FY 2017 |
| --- | --- | --- |
| Revenue | $241,449 | $147,368 |
| COGS | $138,289 | $84,419 |
| Net Income | $18,992 | $-6,677 |

### Summary Balance Sheet

|  | FY 2018 | FY 2017 |
| --- | --- | --- |
| Cash | $28,774 | $20,003 |
| Total Assets | $87,219 | $89,679 |
| Short-Term Debt | $43,363 | $42,217 |
| Long-Term Debt | $12,000 | $17,909 |
| Total Liabilities | $55,363 | $60,126 |

## Company Funding & Growth

### Funding history

| Close Date | Platform | Valuation | Total Raised | Security Type | Status | Reg Type |
| --- | --- | --- | --- | --- | --- | --- |
| 08/21/2019 | Wefunder | $5,000,000 | $60,510 | SAFE | Funded | RegCF |