PieShell, a rewards based crowdfunding platform focused on the food and beverage industry, is raising money on SeedInvest. The securities sale is a side-by-side Reg D / Reg CF offer that will allow both accredited and non accredited investors to participate in the funding round. Running a side by side funding round also allows the company to get beyond the arbitrary limitations of Reg CF with its $1.07 million funding cap. Reg D investors start at a minimum of $20,000.
PieShell believes that food and beverage rewards campaigns listed on other platforms fail at very high rate. Almost 75%, according to one stat. The “presale model doesn’t always work” and funders won’t wait a year for “jam”. And she has a point. Rewards projects with extensive delivery times tend towards a high degree of failure to deliver. So how will PieShell address the woes of other rewards platforms where food related businesses tend to list?
Focus for one. PieShell is a food & beverage only site. No tech. No film. This includes everything and anything involving food including tech, film and more.
PieShell will also highly vet listed funders on their site. Once a food entrepreneur is listed, the platform works closely with the company to help them achieve their goals. PieShell also requires a degree of pre-funding prior to campaign launch. This is a proven tactic that helps build momentum for a campaign.
PieShell has also established relationships with notable incubators and accelerators including Chobani Food Incubator, KITCHENTOWN, Food-X, and District Ventures. So the company has good industry contacts in place.
Cheryl Clements is the founder and CEO of PieShell. Clements spent a good long time working in the corporate world implementing SAP ERP software. Seeking a change in direction, Clements considered crowdfunding her own food related business. But what she discovered was the low level of success generated by the most popular rewards platforms. She wants to fix all of that with PieShell.
So what do you get if you back this startup? PieShell is offering a “CrowdNote” with a $3 million valuation cap. Basically the investor believes the company will be worth more than $3 million at some point in the not too distant future.
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