Cap Table

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Total Equity Raised

$6.20M

Across 5 rounds (2016 — 2024)

Debt Outstanding

$500K

10% interest, 4-year term (Nov 2024)

Last Valuation

$20.3M

Post-money, Seed 5 (2024)

Series A Target

$25M

$100M pre / $125M post

Valuation Progression

Fundraising History

Round	Year	Raised	Pre-Money	Post-Money	Type
Total Equity		$6,197,000

Pro-Forma Ownership (Post Series A)

Stakeholder	Ownership %	Notes

Management Team

Name	Title	Since
Ben Richter	CEO & Founder	2018
Alex Claster	Chief Strategic Officer	2021
Marlon Lerer	CFO	2025
Gabriel Israel	Chief Culinary Officer	2024
Katelyn Sharp	Director of Operations	2020
Denis Halilovic	Corporate Strategy	2023
Lily Kavouklis	Social Media Lead	2024

Advisory Board

Name	Role	Context
James McGehee	Financial Advisor	CFO, Dave's Hot Chicken
Anthony Gatti	Real Estate Advisor	Vice Chairman, CBRE
Jackson Kalb	Consultant	Since 2018

Series A — Use of Proceeds ($25M)

Category	Amount	%	Details
New Unit Buildouts	$35.0M	—	47 units @ $750K avg
Corporate Overhead	$5.0M	—	G&A, hires, systems
Cowboy Ventures + Commissary	$5.0M	—	B2B platform & commissary scale
Less: Realized Profits	($11.0M)	—	20% of projected EBITDA
Less: Store Vehicles	($10.0M)	—	Final-year store financing
Net Capital Needed	$20 – 30M	—

Entity Structure

Entity	Ownership	Revenue	Notes
Towerview Holdings Inc	Parent	—	Holding company
Wake & Late	100% (core brand)	~$11.3M TTM	4 units + commissary
Anwars	50% equity	$2.4M	Mediterranean skewer boxes, $12M post-money
Burgerlords	100% owned	Proj. $2.7M by 2027	Organic burger products
Cowboy Ventures	100% (platform arm)	$2.25M (Alfred)	B2B platform, Alfred contract