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Washington, DC

8 Myles

About Documents
121%
$36,200 Funded
$30,000 Target
Closed Time Left
53 Investors
$30,000 Min. Raise
$65,000 Max. Raise
60 mo. Term Length
8.75% Interest Rate
Closed

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Overview

8 Myles is a manufacturer of gourmet foods, pioneered by our line of Mac N Cheese. We wholesale to retailers such as Whole Foods, Kings, and Balduccis. We currently have approximately 100 retail partners between Richmond, VA and New York City. We will also be launching a line of Mac N Cheese bites in August of 2020. Our retail reach continues to expand as we experience a surge in customer attention to the frozen food aisle of their favorite grocery stores.

Our products are sold through our distributor, Rainforest, which has a massive reach in the Northeast region. As our expansion is set to expand down south and further west, we will look to onboard with UNFI as well.

We are raising $65,000, paid at a 8.75% interest rate over a 60 month term.

 

 

The Project

8 Myles Merchandising Rep $6,600.00
Social Media Advertising $900.00
Production Assistance $9,000.00
Stronger/More Reliable Product Boxes $3,000.00
Manufacturing Equipment (Automatic Film Machine) $8,945.00
Additional Media/Marketing Expenses $1,555.00

This money will be used to expand our sales and marketing efforts, fortify the packaging materials used during fulfillment, and increase the efficiency of our manufacturing processes. In the CPG business, volume is imperative to success. In order to achieve the next level of retail movement via our retail partners, we need to invest in these growth strategies to reach our goals. Based on our projections, if our request is matched, we are expected to realize a profit by November of 2020.

By hiring a merchandising rep, we will be able to interact with our retail partners (including Whole Foods) to develop a stronger relationship in order to achieve better shelf placement, negotiate in store promos, and dedicated placement to become more visible to the customer. Our social media advertising will fortify our marketing efforts, targeting very specific demographics within areas near our retail partner locations. Once our volumes increase, we will need to hire two production assistants to fulfill orders in a timely manner. Finally, in order to increase product margins by 10%, we are looking to purchase an automatic sealing machine, reducing our labor cost in half. Additional Media and Marketing Expenses will cover additional expenses such as a product launch campaign for our new product and other paid social ads.
 

Our products at Whole Foods.

Business

History


8 Myles was founded in 2015. At 8 Myles, our mission is to make crave-able, convenient, and clean comfort food with real ingredients. Leading the charge is a line of incredible Mac N’ Cheeses. It’s the comfort you crave, the quality you deserve, and the convenience you need. In 2018, 8 Myles began to see incredible expansion in the Mid Atlantic, selling to Whole Foods and other prominent regional retailers.

 

We provide comfort food with clean ingredients.
 

The Future

Over the course of the next 1-3 years, 8 Myles is set to fully expand throughout the Northeast, and expand throughout the Southeast and Midwest regions. We are expecting to have a dedicated freezer for all 8 Myles products, including a line of 10-12 products. By year three, we look to be the premier brand in the frozen food aisle and selling at most national retailers throughout the US.

 

We are expecting to have 10-12 products in grocery stores over the course of the next three years.

 

Fast Facts

  • Certified Minority Owned Business
  • Produced and distributed via Union Kitchen
  • Business model based on grocery store sales
  • Owner Myles was featured on America's Best Cook on the Food Network

 

Our Buffalo Mac N Cheese.

 

About the Owner

My name is Myles Powell and like many of you, I love food! My upbringing kept me pretty close to the kitchen. As a result of my parents demonstrating their passion for cooking, my interests in the culinary arts began to grow. In particular, the world of gourmet comfort food caught my attention. I earned a bachelor’s degree in civil engineering and followed up with a Masters in Business Administration. However, I could not ignore my calling. I even made a short stint on America’s Best Cook, a special Food Network Series. Now I’m here to share my passion with the world!

 

Owner Myles Powell.

Deal Summary

Deal Summary

 Issuer

 8 Myles LLC

 Doing Business As

 8 Myles LLC

 Security Type

 Secured Loan

 Loan Purpose

  Purchase materials and inventory to scale business and refinance high-interest debt

 Offering Amount

  $30,000 - $65,000

 Interest Rate

 8.75%

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

 60 months

 Personal Guaranty  

 Myles Powell

 Security Interest

 Blanket lien on assets of company

 Offered Portal 

 Honeycomb Portal LLC

 Offering Type

 Reg CF

 

Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to 8 Myles LLC.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

 Investment Amount   One-Time Fee   Potential Quarterly Returns*   Potential Total Repayment* 
 $100  $2.85   $6.19   $123.82
 $500  $14.25   $30.95    $619.11
 $1,000  $28.50   $61.91   $1,238.23
 $5,000  $37.25   $309.55   $6,191.16

*Individual payments may vary slightly based on rounding.

8 Myles LLC pays as agreed. You will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the administrative agent to manage the collections process on the investors' behalf.Your ongoing responsibilities from investing are very limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts.*Individual payments may vary slightly based on rounding. Potential repayments include principal and interest; they do not include the one-time fee which is assessed when you make your investment. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by a an amortization period. There are no prepayment penalties and 8 Myles LLC may pay down their loan early, which may impact your earnings potential. Please note: returns are not guaranteed and investors could lose some or all of their investment.

 

How Honeycomb is Compensated

Honeycomb charges 8 Myles LLC a 7.0%-8.0% loan origination fee based on the total amount funded.

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

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