Today we start the 10 day countdown to the end of this campaign and our public launch on the App Store and Google Play. Whether you have invested already (thank you) or are looking to invest (thank you for your continued interest) or are just interested in the product (thank you as well we need every Xfan), here is an important update:
(1) We are hiring! On August 11, 2017 we added a new team member Anne Roberts who will be our new Marketing Coordinator. Anne has a broad experience in music having works with legends such as Babyface and Janet Jackson. We are continuing to look for exceptional talent to join our team.
(2) Since putting up this campaign we have independently raised another $70k so the total raise independent of this campaign is now approximately $920k.
(3) We have received lots of interest for additional investment which we have not taken because if we take it we would have to end this crowdfunding campaign and we did this to give our Xfans a chance to own a piece of the company. At this point we would much rather have 400 people invest $250 each than 1 person invest $100k because then we have 400 Xfans to help push the word since the more people that use this the better it works. That said, we have plenty of cash in the bank and are moving forward more optimistic than ever about our launch and company prospects.
(4) Even if we were not to take any further investment and end this campaign right now we have raised $150k more than we intended to raise with this round. The reason for the increase in the round was to have a little cushion but more importantly to build out the patent we filed since we have been getting some interest from venues/promoters/teams. Originally our plan was to build the patent after we show that there is a market for a real-time exchange but given the early interest we have started building the patent now (both integrated into our platform and to white label to venues/promoters/teams).
(5) Once the crowdfunding campaign ends we have no intention of doing another round open to individual investors. Given the number of marketing initiatives we are implementing (PR, radio, street team, digital marketing team, Omaze campaigns with various celebrities, soft launch parties, partnerships with various local hotspots, sponsor partners, ticket industry partners, etc etc), we have enough funds and momentum to make this work. If it doesn't work, then its zero. If we do prove it out in Los Angeles, then we are first to market, patent pending, and the sky is the limit and we will raise another quick institutional round to scale. Unlike most startups, we believe that we will know within the first 6-8 months if your/our investment is going to pay off. I've invested my career/life plans and everything I have into this so we will do everything it takes to make it a success.
(6) Please remember anyone that invests, even only $250, will receive, 3 months (September 2, 2017 – December 2, 2017) with no transaction fees* on the seatXchange app; whether you buy, sell, exchange, or cost-share and regardless of ticket price no transaction fees. (*Excludes Stripe card processing fee (3%)).
(7) We intend to have New York and Las Vegas markets uploaded by the end of September for users to buy/sell tickets. I will give you an example, this past weekend I had no intention of going to the Charger game (we were doing a street team outside). I was showing a tailgater the live seatXchange app. We went on StubHub to do a price comparison. StubHub had section 113 row W tickets for $120/each. I went on our app and we had Section 113 row C for $81 each. I purchased the tickets and went to the game.
(8) Whether you invest, are thinking about it, or just love the idea -- please help us spread the word and download the app on September 2, 2017. We have built the App to scale and can take any US city live and on the platform with events and ticket inventory within a couple days so if we see traction from places outside Los Angeles and we hear from enough Xfans to take a specific city live, we will.
Thank you for your continued support. 3..2...1.... Exchange!