Updates, milestones, and links shared by Modgarden.
We have started a pilot with a major hotel chain in Austin and have placed a prototype in the hotel dining room which is being promoted by the staff as ‘organic greens grown on premises.’\r\n\r\nWe are working with the head chef to target a volume of greens and fold it into certain foods such as topping microgreens on pizza, adding it to sandwhiches, etc. \r\n\r\nOur estimation is that we’ll be really getting going with multiple cycles of microgreen growing and developing a revenue model that is repeatable and scalable.
Four highlights.\r\n1. FINANCING: Thus far we have soft-circles for $250K to 300K towards our milestone of $500k. If you’re interested in jumping on let me know, we’re looking to close this out by SXSW. Note: our valuation cap steps up as interim money goals are reached.\r\n\r\n2. PATENT: The USPTO has allowed our utility patent application! This is a massive win, as it positions us to corner the indoor (microbial) soil based vertical farms. We will be filing continuances and will spawn multiple patent applications in as reasonable a way as possible, ie, without detracting from getting to market.\r\n\r\n3. PO for 140 units from the UN\r\nWe are nearing a purchase order for 140 tinyFarms for climate friendly homes being built in Portugal. Their ultimate charter is to build 6,250 homes, with this being the first installation. This is about a $150K+ order. More to come on this.\r\n\r\n4. PRODUCT HARDWARE: After a long manufacturer assessment, a potential partner has emerged out of Asia. They're experienced with an excellent cost structure for the appliance (targeting less than $100 to build and deliver) perfect for our price target of $350 MSRP without compromising beauty. My goal is still to bring manufacturing on-shore.