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Commissary Club isn't accepting new investments

Commissary Club’s deadline was August 6, 2021

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Logo of Commissary Club

Commissary Club

The exclusive social network for people with a criminal history
Software B2C B2B
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Featured image of Commissary Club
$89,640
Raised
224
Investors
Successfully funded and closed on August 6, 2021.
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Co-investors
Founders Fund
San Francisco-based VC firm
Founders Fund is a San Francisco-based venture capital firm and had more than $6 billion in aggregate capital under management as of 2020. Peter Thiel, the founder and former CEO of Paypal, founded Founders Fund in 2005. Portfolio companies include: Airbnb, Stripe, SpaceX, Palantir, Affirm, Oscar, Spotify, Facebook, Wish, Lyft, Postmates, Twilio, Compass, Zocdoc, Asana.
Founders Fund also invested in:
Companies
Y Combinator
The leading startup accelerator
Y Combinator is the world's top startup incubator and accelerator, known for producing breakthrough companies such as Airbnb, Twitch, Dropbox, Reddit, Instacart, Stripe, Coinbase and many others. YC has produced 102 companies worth $150M+ and 21 companies worth $1B+, with a total portfolio value of $155B+.
Y Combinator also invested in:
Companies
Pitch Updates 5 Reviews 63
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Closed on August 6, 2021. Information may not be up-to-date. Campaign closed on August 6, 2021. Information displayed may not be up-to-date.
Problem Solution Product Traction Customers Biz. model Market Competition Vision and strategy Funding Founders
About Team Press

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by 70 Million Resources, Inc.. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
Commissary Club Crowd SAFE Commissary Club Form CA.pdf Commissary Club Form C.pdf
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Hear from some of the 224 investors in Commissary Club


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Highlights


$1M+ raised
Company has previously raised over $1M in capital
  • $5M ARR (pre-coronavirus) + 3,000 jobs placed
  • Re-branding of highly successful 70 Million Jobs
  • $40M in revenue by year 3
  • $1.7M in funding from investors, Y Combinator, Founder's Fund, Insight
  • 11M+ people in community with 170M+ potential customer base
  • Minimum TAM of $80B+
  • Finalists on Meet the Drapers

Problem


Reentry is very, very broken

There are 70 million Americans – 1 in 3 adults – that have some kind of criminal record, and they all face unbearable challenges in achieving a successful reentry. Whether it’s landing a job, finding housing, or joining a community, the odds are stacked heavily against them. The unemployment rate for people with records exceeds 50%, and there is a 75% chance they will be rearrested after their initial release. Commissary Club will disrupt this very broken system.

Solution


The exclusive social network for people with criminal histories 

We launched 70 Million Jobs four years ago with the goal of helping the formerly incarcerated find employment. By any measure, we've had great success, helping thousands of deserving men and women land jobs. Along the way, our community of 11M+ told us that in addition to employment help, they were hungry to be part of a larger community. We knew that building a digital destination where they could meet, share advice, and serve as role models and inspiration, should be our next priority. In response, we built Commissary Club. 

We continue to do employment work and expect it will be an integral part of our product mix. But with our new company name & product, Commissary Club, we are dramatically expanding both the size of our market and the services we're providing. 

Product


All the necessary resources in one place

Commissary Club makes all of the essential resources needed by a returning citizen available in one place: employment, housing, education, mentorship and more.

Traction


Commissary Club evolved out of the success of 70 Million Jobs

We've helped thousands of deserving men and women land jobs, more than any organization has ever done before. 

Introduced just a few months ago, Commissary Club is already a big hit. Our active user base is growing 5-10% week over week, and people are starting to notice. Check out our feature in TechCrunch

Customers


Our clients love us. We've helped them with jobs, but we've just begun

We’ve established ourselves as a trusted partner for people eager to lead a new, productive life after prison. Our first job was to get them employed. Now, they’re asking to connect with one another. Through our user feed, video groups, chat rooms, and special events, we’re bringing people together to learn, to grow and become productive members of society.

One of our most popular community events is Tha Yard, a weekly virtual hangout where we highlight and humanize individuals who have spent time in prison. If you'd like to check it out, it happens every Thursday at 5pm PST/8pm EST. It's 100% free. REGISTER here: www.bit.ly/ThaYard

Business model


Multiple revenue streams 

We will continue making money by providing employment services, under 70 Million Jobs. Job seekers never pay a penny; we get paid by employers.

On Commissary Club, we make money several ways: advertising, subscriptions, and referral fees. With our current success, we project revenue of $40M by year 3. 

Market


Reentry impact: 170 million people, $344B annual market

There are 70 million Americans with records, but additionally, their 100 million family members and friends are also in desperate need of the services that we can provide. 

Economically speaking, states, counties and the federal government spend hundreds of billions every year on reentry, and get very little in return. Not only is our tech-enabled, data-driven solution far more effective, it’s also less expensive for everyone. Now more than ever, our services are greatly in demand.

Competition


We only focus on people with records

While there are many other job boards and staffing companies, we only focus on the formerly incarcerated. 

As it relates to social networks, we are unaware of any other company that competes with us in this space. This gives us a huge advantage and provides a stiff barrier to entry to any would-be competitor. 

Vision and strategy


A historic opportunity to address all the needs of a huge, emerging population

As one of the few for-profit companies marketing exclusively to this huge population of formerly incarcerated people (and their friends and family), we have an unprecedented opportunity to both drive explosive revenue growth while achieving massive social good. We call this "double bottom line returns." 

Funding


$1.7M in funding to date

Our parent company 70 Million Resources, Inc., has raised $1.7M in funding from investors including Y Combinator, Founders Fund, Insight general partners, MaC Capital and Quake Capital. We are currently raising a seed extension round with a target of $2M. Investments are done through a SAFE with a $10M market cap. Proceeds will be used to further build out our platform, marketing and key personnel hires.

Founders


From "Wolf of Wall Street" to successful social good CEO: Richard Bronson

Deal terms


Valuation cap

$10,000,000

The maximum valuation at which your investment converts into equity shares or cash.
Learn more

Discount

0%

If a trigger event for Commissary Club occurs, the discount provision gives investors equity shares (or equal value in cash) at a reduced price.
Learn more.

Minimum investment

$100

The smallest investment amount that Commissary Club is accepting.
Learn more

Funding goal

$371.06K

The maximum amount the offering can raise is $371.06K.
Learn more

Deadline
Commissary Club needs to reach their minimum funding goal before the deadline ( ). If they don’t, all investments will be refunded.
Learn more
Type of security

Crowd SAFE

A SAFE allows an investor to make a cash investment in a company, with rights to receive certain company stock at a later date, in connection with a specific event. · Learn more

How it works

Documents

Republic (OpenDeal Portal LLC, CRD #283874) is hosting this Reg CF securities offering by 70 Million Resources, Inc.. View the official SEC filing and all updates:
Official SEC Logo Form C SEC.gov
Company documents
Commissary Club Crowd SAFE Commissary Club Form CA.pdf Commissary Club Form C.pdf

Bonus perks

In addition to your Crowd SAFE, you'll receive perks for investing in Commissary Club.
Invest
$100
Receive
  • Commissary Club Notebook
78 investors
Invest
$200
Receive
  • Commissary Club T-shirt
  • Limited (22 left of 100)
Invest
$500
Receive
  • All of the above + mention of your name or business on social media
3 investors
Invest
$1,000
Receive
  • Richard Bronson will speak at your event
  • Sold out (0 left of 3)
Invest
$5,000
Receive
  • Advertising rights at Commissary Club virtual events
1 investor
Invest
$10,000
Receive
  • Richard Bronson will host your group to an exclusive prison visit
  • Sold out (0 left of 1)

About Commissary Club

Legal Name
70 Million Resources, Inc.
Founded
Aug 2016
Form
Delaware Corporation
Employees
9
Website
Commissary.Club
Social Media
Headquarters
Google Map location of of Commissary Club
145 South Fairfax Avenue 200 , Los Angeles, CA
Headquarters
145 South Fairfax Avenue, 200, Los Angeles, CA, United States 90036

Commissary Club Team
Everyone helping build Commissary Club, not limited to employees

Profile picture of Richard Bronson
Richard Bronson
Founder/CEO
Richard Bronson is the founder and CEO of 70 Million Resources, Inc., parent company of Commissary Club and 70 Million Jobs.
Profile picture of Seth Sundberg
Seth Sundberg
VP of Operations
Profile picture of Adrienne Hatter
Adrienne Hatter
Director of Programs
Profile picture of Chris Wood
Chris Wood
Technology Lead
Profile picture of Victor Lombard "DIVINE"
Victor Lombard "DIVINE"
Business Development, Community Manager
Profile picture of Andrew Garson
Andrew Garson
Business Development, Communications
Profile picture of Amanda Huang
Amanda Huang
Marketing Associate, Graphic Design
6 more team members
Richard Bronson
Founder/CEO
Seth Sundberg
VP of Operations
Adrienne Hatter
Director of Programs
Chris Wood
Technology Lead
Victor Lombard "DIVINE"
Business Development, Community Manager
Andrew Garson
Business Development, Communications
Amanda Huang
Marketing Associate, Graphic Design

Press

Commissary Club wants to help formerly incarcerated peopl...
TechCrunch TechCrunch
·
Mar 3, 2021

Y Combinator-backed employment platform 70 Million Jobs is launching a new social network geared toward helping formerly ...

How Tech Firms Are Embracing Ex-Prisoners
·
Mar 3, 2021

Fortune BY JENNIFER ALSEVER January 20, 2018 5:00 AM PST Richard Bronson made millions on Wall Street in the 1990s, bu...

This CEO Wants To Hire 70 Million People
Forbes Forbes
·
Mar 3, 2021

Richard Bronson is not your typical CEO. Like many who hold his title, however, he has a vision. His is to help hire 70 m...

It's Hard For People With Criminal Records To Get A Job-T...
Fast Company Fast Company
·
Mar 3, 2021

If most job seekers use LinkedIn, it's less useful if you've spent some or all of your adult life incarcerated and don't ...

After serving time, a former "wolf of Wall Street" launch...
Quartz Quartz
·
Mar 3, 2021

Richard Bronson knows all too well the struggle of finding a job with a criminal record. In the early 1990s, Bronson was ...

10 Companies That Are Doing Good While Doing Well
Entrepreneur Entrepreneur
·
Mar 3, 2021

This story appears in the June 2018 issue ofEntrepreneur . Subscribe " It's hard to judge a social mission. Isn't "doing ...

Former Partner at 'Wolf of Wall Street' Firm Launches a S...
·
Mar 3, 2021

Richard Bronson debuted Los Angeles-based Commissary Club in beta just three weeks ago and already has thousands of peopl...

New Commissary Club social network connects formerly inca...
Jails to Jobs Jails to Jobs
·
Mar 3, 2021

Richard Bronson, the founder of 70millionjobs.com, has created the Commissary Club, a new free social network for people ...

"Wolf of Wall Street" Works to Help 70 Million Americans ...
Startup Info Startup Info
·
Mar 3, 2021

We talked to Richard Bronson of Commissary Club on how they are helping Americans with criminal record to have a successf...

Show all
Logo of Commissary Club

Commissary Club

Commissary Club successfully raised $89,640 from 224 investors on August 6, 2021
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Stephon, Marques, Takashi, Ryan, christian, and 219 others invested. 63 Reviews
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