I work in private equity and have access to Pitchbook, so let's check it out. Interestingly, Run Gum's legal name is Gold Medal Inc. Anyways, off we go:
April 2018: The company raised $22,395 of product crowdfunding via Kickstarter on April 1, 2018.
January 2019: The company raised $800,000 of convertible notes from undisclosed investors on January 1, 2019.
July 2019: The company raised $1 million of seed funding on an undisclosed date.
May 2020: The company raised an undisclosed amount of Series A venture funding in May 2020.
A couple things come from this. First, as you can see below, the post-valuation data is missing for the most recent deal. So, Nick if you're reading this, I recommend you or your VC investors contact Pitchbook to get this information added to Pitchbook. Private equity data is hard to come by and we in the industry appreciate when accurate figures are reported. Second, based on the video, Nick never mentioned a May 2020 deal, so I'm thinking the July 2019 and May 2020 deals are the same? Perhaps it took almost a year to close and it was duplicated? Again, Nick, if you're reading this, get on Pitchbook and sort it out. Or email me and we can walk through it.
Obviously, as Nick said, Nick knows the valuation based on the VC round, so he's not lying. They would have agreed upon the amount of equity for the investment $ to arrive at a valuation, as in Shark Tank. But that info didn't make it into Pitchbook. So, Nick, if you're reading this, get this info updated on Pitchbook.
$10m sounds low. Pitchbook has the revenues for 2018 and 2019 and I won't disclose that because I don't want anyone yelling at me. But suffice to say, if sales growth continued at half the rate it was over 2018 to 2019, and assuming 25% EBITDA margin and using the average industry EV/EBITDA multiple, Run Gum would be worth substantially more than $10m. Even a 10% EBITDA margin, the company is still worth a lot more than Nick's guess.