Modgarden — Posts
Updates, milestones, and links shared by Modgarden.
Feb 24, 2023
Four highlights.
- 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.
- 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.
- PO for 140 units from the UN
We 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.
- 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.