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InvoiceASAP

InvoiceASAP

Easy mobile invoicing. Generating >$1.3B in monthly invoices.

Verify Investor Status to make a reservation

Deal Type

Convertible Note

Funding Goal

$1,000,000

Current Reservations

$80,000

Minimum Reservation

$10,000

Deal Stage

Bridge to Series B

Interest (% per year)

8.00%

Term Length (Months)

36 months

Valuation Cap

$13,000,000

Conversion Discount (%)

20%

Warrant Coverage (%)

N/A

Open Date

04/20/2019

Maximum Reservation

$1,000,000

Closing Date

06/30/2019

Elevator Pitch

Easy mobile invoicing that works with accounting, CRM and Payments. An essential tool for a business of any size with a mobile presence.

KPIs

Cash Flow Positive
$1,500,000 Sales
$13,000,000,000 Transaction Volume
51,000 Users
14 Employees

Company Overview

Trusted by more than 17,000 businesses generating more than $1.3B in monthly invoicing volume. Available in the Apple and Google Play App Stores. Also available for Clover POS.

InvoiceASAP is distributed by First Data and associated partners such as Bank of America Merchant Services, Wells Fargo Merchant Services and PNC Bank Merchant Services.

Easy field service, invoicing, customer management and payments - Get Paid Faster!

Create and send invoices, estimates on the go from your mobile device. Manage everything from the office on the web dashboard. Attach signatures and photos to invoices and accept payments. Easily manage customers and inventory.

Sync everything securely with Accounting Software - QuickBooks for PC, QuickBooks Online and Xero.

Traction

  • Bank of America Merchant Services Distribution Agreement - Access to 750 Sales Reps and 700K Businesses. Launch: April 2019.

    April, 2019
  • $1.7Million ARR. 40% YOY Growth

    February, 2019
  • Active Distribution Partnerships: First Data, Clover: Wells Fargo Merchant Services, PNC Bank, Key Bank.

    February, 2019
  • Processing $1.32B+ in invoices per month

    August, 2018
  • Top 20 Apple App Store Grossing Business App

    October, 2017

Pitch Deck

Press Mentions

Key Customers & Partners

Bank of America Merchant Services First Data PayPal Amazon Xero Apple Google Samsung

Testimonials

AWRS of Jax (Apple App Store)
AWRS of Jax (Apple App Store)
Owner
"I have used invoice ASAP for the past 3 months. My life has changed completely. Before, it took me 2 hours each day to enter my invoices on quick books. Now I use that time to spend time with my children. In addition, its easy to control invoices created by employees, and deliver them to my customer on time. Now, everything is on my finger tip. The Service fee is very reasonable . I want to say thank you to the staff members of invoice ASAP who are Very friendly and go extra miles to help me. "
Joey (Apple App Store)
Joey (Apple App Store)
Owner
"I don’t write any reviews but I’ve use this software since the start about 6 years and over its updates I love it for my company i don’t use any other all features are amazing and only gonna get better this company has worked very hard for our business to have safe. Quick and reliable service 10 stars."
Little Tommy (Apple App Store)
Little Tommy (Apple App Store)
Owner
"I’m so glad I discover this app. Easy to use, and very convenient for all application. I’ve been using it for at least 5 years. Very happy. Thank you"
Tranduan95 (Apple App Store)
Tranduan95 (Apple App Store)
Owner
"I was expecting something complex and confusing but was very surprised at how easy this app works, you don't need hours to learn the program, its simple and has everything you need, I definitely would recommend it. Thumbs up..!"
Aeroseal Bill (Apple App Store)
Aeroseal Bill (Apple App Store)
Owner
" So easy a cave man can do it! I love this app easy to use time saver and it just works What else can I say try it I’m sure you will like it"
S Crawford (Apple App Store)
S Crawford (Apple App Store)
Owner
"Not only does this app allow me to generate estimates and invoices from my various mobile devices but it also gives my clients the convenience of paying me from the comfort of the their home or office directly through the invoice I get emailed them. Now the biggest plus is not that it also syncs with my QuickBooks account but that I can assign all of my field technicians their own accounts with their own logins...freakin' amazing!!!!! "
JimG76 (Apple App Store)
JimG76 (Apple App Store)
Owner
"Works great. I use this program for my invoicing for my plumbing company. It allows me to attach pictures, email invoices and accept payment with square credit card processing."
Heymag (Apple App Store)
Heymag (Apple App Store)
Owner
"I needed a simple but effective way to fill out and send invoices in the field. I've had InvoiceASAP for a month now. Love it!"
Jon's Contracting (Apple App Store)
Jon's Contracting (Apple App Store)
Owner
"Far and away the best mobile invoicing solution on the market today."
Trending Topics, LLC (Apple App Store)
Trending Topics, LLC (Apple App Store)
Owner
"Great app!! Fast, easy. Sync with Quickbooks and the app use my Clover merchant account to process card payments."
 Icchavezjr (Apple App Store)
Icchavezjr (Apple App Store)
Owner
"I run a small gardening business one employee me, so I can't have an expensive invoice program.this invoice program is affordable and flexible. The features that I like is that I don't have to input all my customers info manually I just downloaded from my customer list. Also that my information is backed up another in the cloud for nominal charge."

Previous Funding

  • $500,000 Debt
  • Raise Source: Other
  • April 2018

Frequently Asked Questions

What kind of business would use InvoiceASAP?

85% of businesses using InvoiceASAP are in Home Service. This would include Contractors, HVAC, Plumbers, Landscapers, etc. - Any kind of mobile or office business that uses invoices.

How big is the market?

The market is huge! There are more than 21Million SMB Home Service Businesses in the U.S.A. alone. Most of these businesses are using paper invoicing.

What is the revenue growth like?

Our last FYE YOY revenue growth was just under 40%. We are expecting 100% - 200% growth this fiscal year.

What is the InvoiceASAP Business Model?

InvoiceASAP charges a SaaS Fee in Channel Sales (Bank of America Merchant Services, Clover, etc). We also have an Organic Channel where we sign up merchants directly. In the Organic Channel we charge basis points on credit card processing for invoices, ACH and merchant financing.

What is the key differentiator? What do you have that your competitors don't?

InvoiceASAP has deep proprietary integrations with Accounting Software. These integrations include QuickBooks for PC - every version going back to 2008 in any configuration. We are the ONLY independent invoicing platform that integrates with QuickBooks for PC - which is still dominant. InvoiceASAP also integrates with QuickBooks Online and Xero.

How is InvoiceASAP distributed? How does a business find out about it?

Organic Channel - we get ~120 new accounts per day just from the Apple and Google Play App Stores. Channel Sales Partners - The First Data Distribution Network has more than 3,000 Sales Reps. This distribution network includes Bank of America Merchant Services, Wells Fargo Merchant Services, PNC Bank Merchant Services, Key Bank Merchant Services and Clover POS.

Risks & Disclosures

1.Representations and Warranties of the Lenders.In connection with the transactions provided for herein, each Lender hereby represents and warrants to the Company, as of the applicable Closing in which such Lender participates, that:

1.1Authorization.This Agreement constitutes such Lender’s valid and legally binding obligation, enforceable in accordance with its terms, except as may be limited by (a) applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights, (b) laws relating to the availability of specific performance, injunctive relief or other equitable remedies, and (c) applicable usury laws.Each Lender represents that it has full power and authority to enter into this Agreement.

1.2Purchase Entirely for Own Account.Each Lender acknowledges that this Agreement is made with such Lender in reliance upon such Lender’s representation to the Company that the Notes and any Conversion Shares issuable upon conversion of the Notes (collectively, the “Securities”) are being acquired for investment solely for the Lender’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that such Lender has no present intention of selling, granting any participation in or otherwise distributing the same.By executing this Agreement, each Lender further represents that such Lender does not have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to the Securities.

1.3Disclosure of Information.Each Lender acknowledges that it has received all the information it considers necessary or appropriate for deciding whether to acquire the Securities.Each Lender further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and to obtain any additional information necessary to verify the accuracy of the information given the Lender. Such Lender understands that such discussions, as well as any written information issued by the Company, were intended to describe certain aspects of the Company’s business and prospects but were not a thorough or exhaustive description.Such Lender has read this entire Agreement, including the Exhibits hereto, and such Lender understands that this investment is illiquid, highly speculative and subject to a high degree of risk.Each Lender accepts the responsibility for determining, through such Lender’s own investigation, all information that such Lender considers pertinent in connection with this investment. Each Lender acknowledges that any information provided by the Company upon which such Lender is relying in connection with its decision to purchase Securities and otherwise invest in the Company is contained solely in this Agreement and its Exhibits.

1.4Investment Experience.Each Lender is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities.If other than an individual, each Lender also represents it has not been organized solely for the purpose of acquiring the Securities.

1.5Economic Risk. Each Lender understands that investment in the Company involves substantial risks and further acknowledges that the purchase of the Securities is a highly speculative investment.Each Lender represents that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment.

1.6Forward-Looking Information. With respect to any forecasts, projections of results and other forward-looking statements and information provided to any Lender, such Lender acknowledges that such statements were prepared based upon assumptions deemed reasonable by the Company at the time of preparation. There is no assurance that such statements will prove accurate, and the Company has no obligation to update such statements.

1.7Accredited Investor.Each Lender is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, as presently in effect.

1.8Restricted Securities.Each Lender understands that the Securities are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.Each Lender recognizes that the Company has no obligation to register the Securities, or to comply with any exemption from such registration.Each Lender represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.Each Lender is aware that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in the foreseeable future.

1.9Further Limitations on Disposition.Without in any way limiting the representations and warranties of each Lender as set forth above, each Lender further agrees not to make any disposition of all or any portion of the Securities unless and until the transferee has agreed in writing for the benefit of the Company to be bound by this Section 5 and Section 8.11 and:

(a)The Company shall have received a letter secured by the Lender from the SEC stating that no action will be recommended to the SEC with respect to the proposed disposition;

(b)There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or

(c)(i)The Lender has notified the Company of the proposed disposition and has furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (ii) if reasonably requested by the Company, the Lender shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Securities under the Securities Act.It is agreed that the Company will not require opinions of counsel for transactions made in accordance with Rule 144 except in extraordinary circumstances.

1.10Further Assurances.Each Lender agrees and covenants that, at any time and from time to time, it will promptly execute and deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require in order to carry out the full intent and purpose of this Agreement and to comply with state or federal securities laws or other regulatory approvals.

1.11Foreign Investors.Any Lender that is not a United States person (as defined by Rule 902(k) promulgated under the Securities Act) hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Agreement, including (a) the legal requirements within its jurisdiction for the purchase of the Securities, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Securities.Such Lender’s subscription and payment for, and such Lender’s continued beneficial ownership of, the Securities will not violate any applicable securities or other laws of such Lender’s jurisdiction.Such Lender also hereby represents that such Lender is not a “10-percent shareholder” as defined in Section 871(h) of the Internal Revenue Code of 1986, as amended.

1.12Legends.It is understood that the Securities may bear the following legends:

(a)“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT.”

(b)“THESE SECURITIES ARE SUBJECT TO, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH, THAT CERTAIN CONVERTIBLE NOTE PURCHASE AGREEMENT BETWEEN THE ISSUER AND THE HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER.”

(c)Any legend required by the blue sky laws of any state to the extent such laws are applicable to the securities represented by the certificate or other document so legended.

1.13Exculpation Among Lenders. Each Lender agrees that no Lender nor the respective controlling Persons, officers, directors, partners, agents, or employees of any Lender shall be liable to any other Lender for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with its purchase of the Securities.

2.California Corporate Securities Law.THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTIONS 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE.THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

3.Defaults, Remedies and Additional Covenants.

3.1Events of Default.The following events shall be considered events of default with respect to each Note (each individually, an “Event of Default”):

(a)If the Company defaults in the payment of any part of the principal or unpaid accrued interest on the Note when due;

(b)If the Company breaches any material covenant or obligation of the Company under this Agreement or the Notes and the Company fails to cure such breach within thirty (30) days after receipt of written notice thereof;

(c)If the Company makes an assignment for the benefit of creditors, or admits in writing its inability to pay its debts as they become due, or files a voluntary petition for bankruptcy, or files any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or files any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or seeks or consents to or acquiesces in the appointment of any trustee, receiver or liquidator of the Company, or of all or any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders take any action looking to the dissolution or liquidation of the Company; or

(d)If upon ninety (90) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding has not been dismissed, or if upon ninety (90) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment has not been vacated.

3.2Remedies Upon Event of Default.Upon the occurrence of an Event of Default under Section 7.1, at the option and upon the declaration of the Majority Note Holders and upon written notice to the Company, the entire unpaid principal and accrued and unpaid interest on the Notes shall, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and the Majority Note Holders may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under the Notes and exercise any and all other remedies granted to them hereunder, at law, in equity or otherwise.Upon the occurrence of an Event of Default under Sections 7.1(c) or 7.1(d), the entire unpaid principal and accrued and unpaid interest on the Notes shall, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and the Majority Note Holders may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under the Notes and exercise any and all other remedies granted to them at law, in equity or otherwise.

4.Miscellaneous.

4.1Successors and Assigns.Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.Nothing in this Agreement is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.Notwithstanding anything in this Agreement to the contrary, no Lender may assign this Agreement or any Notes that it holds, or its rights and obligations hereunder and thereunder, without the prior written consent of the Company, and the Company may not assign this Agreement or any Notes, or its rights and obligations hereunder and thereunder, without the prior written consent of the Majority Note Holders.

4.2Governing Law.This Agreement and the Notes shall be governed by and construed under the laws of the State of California as applied to agreements among California residents, made and to be performed entirely within the State of California.

4.3Counterparts.This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

4.4Construction.The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine, or neuter, singular or plural, as the context in which they are used may require.The word “including” (and with correlative meaning “include” and “includes”) means including without limiting the generality of any description preceding the word “including”.Each party hereto acknowledges that it has consulted with, or has been afforded the opportunity to consult with, counsel of its own choosing in connection with the drafting, negotiation and execution of this Agreement and that it enters into this Agreement of its own free will and as its independent act.In the event that any claim is made by any party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel, and the parties hereto all waive any statute, principle or rule of law to the contrary.

4.5Notices.All notices and other communications given or made pursuant hereto shall be in writing (including facsimile or similar electronic transmissions) and shall be deemed effectively given:(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of delivery.All communications shall be sent to the respective parties at the following addresses (or at such other addresses as shall be specified by notice given in accordance with this Section 8.5):

If to the Company:

InvoiceASAP, Inc.

1610 Harrison Street

Oakland, CA 94612

Attention:Chief Executive Officer

with a copy (which shall not constitute notice) to:

Sheppard Mullin Richter & Hampton LLP

Four Embarcadero Center
San Francisco, CA 94111

Attn: Stephanie Zeppa

If to Lenders:

At the respective addresses shown on the signature pages hereto.

Documents

Confidential

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