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Pennsylvania

Triangle Foundry

About Documents
102%
$15,300 Funded
$15,000 Target
Closed Time Left
28 Investors
$15,000 Min. Raise
$75,000 Max. Raise
60 mo. Term Length
9.75% Interest Rate
Closed

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Overview

Triangle Foundry is a yoga, cycling, and strength studio that has its roots in the South Hills area of Pittsburgh, PA. The studio was formed as a virtual platform in March of 2020 that provides high-quality and interactive classes as well as a library of on-demand recorded classes to its members. This summer, Triangle Foundry will also begin providing in-person classes serving the South Hills area.

Triangle Foundry is formed on the concept of threes: three sides of the triangle form the strongest shape and similarly we focus on the three tenets of connection, community, and confidence through yoga, cycling, and strength practices, which contribute to form and build our members’ physical and mental fitness.

Our classes and environment are welcoming, friendly, and inclusive. We're here to break down any barriers that come with group classes or new fitness experiences. Everyone is welcome regardless of: race, ethnicity, gender identification, sexual orientation, political views, body type or size, etc.

Triangle Foundry has three main focuses in addition to growing and sustaining its business and membership. The virtual platform is not only the base where the business started, but it will continue to be a key offering for members moving forward. The in-person studio will be one of the first of its kind with both virtual integration and cleaning system technologies built-in from day one to provide a high-quality experience for both in-person and virtual students attending classes. Given how work-from-home society has moved in the last year, virtual-only membership offerings will be a key aspect of the business to allow for our members to maintain their flexibility and their fitness. The third focus area for the business is utilizing the virtual platform to provide virtual health and wellness programming to corporate customers who have a vested interest in providing high-quality fitness to their employees. These offerings from Triangle Foundry can be provided at a fraction of the cost of more standard in-person health and wellness programs.

We are raising $75,000, paid over a 60 month period at an interest rate of either 9.75% or 10.25% annually. The Company is currenlty seeking additional funding through a bank loan. If a bank loan is secured before the end of this Offering period, the first position lien in the assets of Triangle Foundry will be held by the bank and investors in this Offering will hold a second position lien on the assets the Company and earn interest of 10.25% annually on their investment principal through its term. If no bank loan is secured by the end of this Offering period, the investors in this Offering will hold the first lien position on the assets of the Company and earn interest of 9.75% annually through the term.

 

We focus on the three tenets of connection, community, and confidence through yoga, cycling, and strength practices.

 

The Project

Build out of the location: $35,000
Fixtures and furniture: $5,000
Equipment (bikes, mats, weights): $20,000
Working capital: $10,000
Marketing: $5,000

Opening a physical location will allow us to better serve students that would rather join classes in person instead of virtually from home. Our studio will provide them a safe and welcoming environment to explore their fitness goals and yoga practice with certified instructors. We will also always have a safe virtual space for students to join, as well as a library of recorded classes, giving them the ultimate flexibility.

An in-person location is key to growing Triangle Foundry's business and membership base. There is a large segment of the South Hills, Pittsburgh community that would rather join classes in person instead of virtually from home. We believe that by investing in the physical space now, we will be well-positioned to provide a safe, welcoming, and high-quality service by summer.

Part of the funds from the investors will go into molding the 2900 square foot location we have into a high-quality, boutique studio that is welcoming to both existing and new members. The plan is to create a Yoga/Strength Room and a Cycling Room. Additionally, since the location is on a heavily populated commuter route that averages 30,000 vehicles per day, facilities will be installed that will allow for members to schedule their class into their workday.

Along with funds for the build-out of rooms and facilities, part of the funds will be used for a unique audio and visual system that will allow for high-quality live streaming and recording of classes without sacrificing the in-studio experience for members. This will be an amazing differentiator for Triangle Foundry in the fitness space.

Up until this point, Triangle Foundry has been virtual only, so part of the funds will be used to purchase commercial-grade stationary bikes, yoga mats, yoga blocks, and weights that will be used for in-person classes.

Finally, as we move towards the grand opening of the studio, some of the funds will be used to help market to the community and build the in-person customer base.
 

We will be opening a physical space in addition to our virtual offerings!

Business

History

In 2015, Karyna found a passion for teaching yoga and cycling in the Pittsburgh Community instructing at several of the top yoga and cycling studios in the area. In addition to working her full-time job in Computer Science, she would wake up early most days to teach 5:45 AM classes and then go back in the evening to teach some more. In the fall of 2019, Karyna knew that she needed to follow her passion and left her office job to start teaching full-time with the goal of building her career. At least this was the plan until the world shut down in March of 2020.

When that happened, Karyna relied on her background in Computer Science and – within a week of Pittsburgh starting quarantine protocols – had an online virtual teaching platform set up and running in the living room of her home. She found audio and visual solutions to allow for high-quality classes for her students using the virtual platform, and over the months grew the virtual studio to over 20 classes a week and an on-demand library of a couple of hundred classes. From there she was able to grow her platform and offerings by hiring other instructors to teach classes, partnered with other local small businesses to create virtual special events, and offered several free introductory level classes for people who might have been intimidated to try a class in the past.

Additionally, Karyna built connections throughout the community to work with local companies that had their employees working from home and disconnected from one another. She began offering private yoga sessions to groups of employees at those companies to help bridge the connection gap and from that, the corporate engagement side of the business grew.

Now, Karyna wants to take what she has built virtually and bring it to an in-person space in the South Hills area of Pittsburgh.
 

Founder Karyna used her Computer Science background to set up a virtual studio within weeks of PA's lockdown order in March 2020.

 

The Future

Just as Triangle Foundry evolved and adapted during 2020, we'll continue to evolve and grow over the next several years. We plan to successfully open a physical space in Summer 2021, build a community where people feel accepted and confident, continually improve our offerings, and listen to our customers’ wants and needs.

A few specific offerings we plan on adding include:

  • Teacher training programs to share the knowledge we have gained with others
  • A wealth of workshops and events for members to further investigate their fitness and health interests
  • Guest teachers from all over the world who specialize in yoga, cycling, or strength
  • Additional locations once our first location is well-established
  • Continued and improved philanthropical and community-focused events, classes, and service
  • Adding classes that focus on helping people who live with chronic pain, chronic illnesses, autoimmune diseases, or are recovering from cancer. Karyna has had a personal relationship with all of these areas as she is a recent thyroid cancer survivor and lives with an undiagnosed autoimmune disease.
     

We plan for a wealth of workshops centered on our students' physical and mental fitness.

 

Fast Facts

  • Karyna is currently working towards her 500 Hour Yoga Teaching Certification and has been teaching since 2015.
  • Karyna has received cycling training through Spinning, RealRyder, and SoundRide.
  • Karyna has a Bachelor of Science in Computer Science from the University of Pittsburgh.
  • Triangle Foundry's current membership spans 4 different states in the US and is expanding internationally as one of the students moves to Germany.
  • Two of Triangle Foundry's current instructors are SweatNet Pittsburgh ambassadors.

 

By investing in the physical space now, we will be well-positioned to provide a safe, welcoming, and high-quality service by summer.

 

 

About the Owner

Karyna Kerin

Karyna’s passion for fitness over the past decade has evolved from a yoga and cycling student to a yoga and cycling instructor, and now studio owner. Her professional background prior to her fitness career was primarily in the software industry. She graduated from Pitt with a bachelor’s in computer science. She has 5 years of computer programming experience, 6+ years of business analyst, project management, and product management experience as well as IT recruitment, and software sales experience, where she had over $1 million of sales, at a local software startup company.

During her professional fitness instructor career, Karyna has taught at many studios in the Pittsburgh area ranging from boutique studios to larger gyms. She has been an original instructor at various studios as they first opened their doors, giving her an inside look at how fitness programs and studios grow their customer base. Karyna has continually built her own following of loyal students around the city and South Hills. In addition to teaching many classes each week, Karyna took a leadership role at various studios. She was the yoga program manager at a studio, managed the social media accounts at another studio, managed the software back end at another studio.

In November 2019 she quit her full-time Software Product Manager job to pursue a full-time career in her passion. Initially, Karyna worked full time for other studios, but when COVID hit in March 2020, she was able to utilize her software background to launch an online virtual studio within one week of the Pittsburgh shutdown. That platform has evolved and is still being used today and is a core aspect of the business for Karyna to connect to her members and build the community while providing high-level classes.

Her experience in sales, project management, and the fitness industry coupled with her passion for Triangle Foundry’s mission will position Triangle Foundry to be one of the top fitness studios in the South Hills area of Pittsburgh.
 

Deal Summary

Deal Summary

 Issuer

 Triangle Foundry LLC

 Doing Business As

 Triangle Foundry

 Security Type

 Secured Loan

 Loan Purpose

 Location buildout + equipment

 Offering Amount

 $15,000 - $75,000

 Interest Rate

 9.75% annually (for 1st lien position)

 or 10.25% annually (if 2nd lien position)

 Payments

 Monthly, disbursed to investors quarterly 

 Maturity

 60 months

 Personal Guaranty  

 Karyna A Kerin and Gabriel J Goldman

 Security Interest

 Blanket lien on assets of company

  (1st or 2nd lien position)

 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 Triangle Foundry 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

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85   $6.33   $126.74
 $500  $14.25   $31.68   $633.72
 $1,000  $28.50   $63.37   $1,267.45
 $5,000  $37.25   $316.86   $6,337.27

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 an amortization period. There are no prepayment penalties and Triangle Foundry 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.

Triangle Foundry 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.

 

How Honeycomb is Compensated

Honeycomb charges Triangle Foundry LLC a $250 posting fee and a 6% - 7% loan origination fee 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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