Madison Wickham

And it was hard to push on anything new.

There were just bottlenecks all over the place because we didn't have money.

enough people to do everything that we wanted to do so we we put together a plan to raise money from a bunch of different angel investors uh the the nice thing about where we were um at that time we had we'd already built a substantial business so

We basically put together an offering under the terms that we wanted to raise money and just approached a bunch of different high net worth people and essentially said, here's the round we're raising.

Here are the terms if you're interested.

How much did you raise?

we ended up raising about 2.3 million, um, over, it was a, it was a long drawn out process.

It was, it was, it was kind of like running around, like, like closing people over, over like maybe 12, 12 months.

Um, so what was the valuation of that?

We, uh,

It was, we raised it at a $20 million pre-money valuation.

Yeah.

I mean, it was just kind of made up like an evaluation is, uh, but, um, I mean, the way that we kind of articulated it in, um, mathematical terms was, uh, I believe we said three and a half times top line revenue, um, which it's weird because, you know, you have that whole like predicament of as soon as

you start generating revenue then it gives investors a metric to use as a basis for valuation prior to generating revenue you can just totally pull numbers out of your ass you know

Sure.

Yeah.

So our revenue is still heavily weighted towards our consumer product business.

And the T-shirt operation evolved over time into what's now Rowdy Gentleman, which is our clothing brand where we're

designing, sourcing, and manufacturing a spectrum of products, menswear products that we're selling online at RowdyGentleman.com, but we also sell through a fairly large network of brick-and-mortar retail partners.

About 450 individual doors carry the product in their stores.