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IOOGO INC.

IOOGO INC.

You are never going to like taxes, but you'll love IOOGO.

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Deal Type

Convertible Note

Funding Goal

$850,000

Current Reservations

$50,000

Minimum Reservation

$5,000

Deal Stage

Bridge to Series A

Interest (% per year)

5.00%

Term Length (Months)

36 months

Valuation Cap

$4,000,000

Conversion Discount (%)

20%

Warrant Coverage (%)

N/A

Open Date

07/25/2018

Maximum Reservation

$500,000

Closing Date

09/30/2018

Elevator Pitch

At IOOGO, we are disrupting the archaic tax preparation industry by providing a simplified solution with upfront pricing transparency.

KPIs

5 Employees

Company Overview

In 2017, while co-founders Josh Alballero and Kristy Campbell were driving from Houston to Dallas, they discussed the previous tax season from Josh's franchising business at the time. The focus of the discussion started with the customer pains of going to physical locations (cost and inconvenience) and shifted to the pains of current do-it-yourself options (required upgrades and overcomplicated user interfaces). From this discussion, they began the vision of IOOGO.

The Unnecessary Costs of Income Tax Preparation:

  • Preparation offices: $150 - $450
  • Online do-it-yourself
    • Initially free
    • Added upgrade package: up to $80
    • Second review: $80+ upcharge

The Unnecessary Complexity of Income Tax Preparation

  • Helps promote the need for upgrades
  • "Rabbit holes" make consumers think the software is finding better exemption results

It doesn’t seem to matter if your situation is simple or complex, the thought of preparing your taxes can be headache-inducing.

Today’s tax preparation industry targets overwhelmed consumers and extracts as much money as possible, without regard to customer satisfaction.

IOOGO is here to prove it doesn't have to be so complex OR so costly.

We are building a mobile and web app that makes filing your taxes as easy as filling out a job application. We will always be upfront with the cost and never surprise you with a required upgrade or prompt you into a suggested upgrade.

Our low-cost solution allows you to keep your hard-earned money and time to spend on the more important things in life.

Traction

  • Beta product is in development

    July, 2018
  • Prototype is complete for web and mobile service

    June, 2018
  • Brand awareness campaign launched

    June, 2018
  • Key staff assembled

    March, 2018
  • Family and friends investment of $275,000

    April, 2018

Pitch Deck

Previous Funding

  • $256,000 Equity
  • Raise Source: Friends
  • April 2018
  • $20,000 Convertible Note
  • Raise Source: Self
  • January 2018

Risks & Disclosures

We have raised $300,000 from founders, friends, and family. We have skin in the game and clearly understand the risks of our venture.

Our main and most exciting challenge is educating taxpayers on the simplicity of tax preparation. We want taxpayers to realize that filing your taxes is not complicated and therefore should not be costly.

We have launched a series of weekly video blogs educating on changes from the new tax law. Thru these video blogs, we engage thousands of potential customers who are anxiously awaiting the arrival of IOOGO Tax.

We understand the hurdles we must overcome for this product to be the leading software solution in our industry and that we are competing against major players who currently dominate the industry. Some of the advantages the major players have over IOOGO include:

  • Brand recognition
  • Footprint
  • Established customer base
  • Marketing budget
  • Lobbying dollars
  • Top rated do-it-yourself tax preparation software
  • Development budget

Some of their weaknesses include:

  • Outdated do-it-yourself technology (and not looking to upgrade anytime soon)
  • Expensive overhead (costs pushed to the consumer; unable to compete with our pricing model)
  • Physical locations are inconvenient
  • Inexperienced hourly part-time tax preparers in most locations
  • Continued simplification of tax law
  • Annoying upgrades
  • Confusing interface (despite being the current best available option)

One of the most valuable propositions for our investors is the experience of our founders. Collectively we have over 40 years of experience in the software development and tax industry. Leveraging our experience, we know how to design and build simple, user-friendly solutions. Basic returns are free and the most complicated returns are a fraction of what the other guys charge because after all, you're doing all the work.

Documents

Confidential

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