Deal Abstract

Providing small traders with the same hardware access that large financial traders have.

Financials (VRB)

Question	Notes
1. Fundraising Target?	$5000000
2. Fundraised So Far?	$159535
3. Pre-Money Valuation?	$24000000
4. Previous Year's Annual Revenue	$7588245
5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)	~$-753344

Source

The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Criteria	Yes/No
1. A startup that is based in SV?	False: New York, NY
2. Has at least 2 founders?	False: Two
3. Has product in the market?	True: Revenue generating
4. 6 months of continuous user growth or 6 months of revenue?	True: Grew from 2019 to 2020 in revenue
5. Notable investors?	False: No one I recognize
6. Post-funding, will have 18 months of runway?	True: Needs a $1m for 18 mth burn

The 7 Thiel Questions (Every Time Man Profits, Don't Dismiss Serendipity)

Question	Score	Notes
1. Engineering?	2	Tech seems fine but ambiguous
2. Timing?	2	Not sure why this is the right time, arguably crypto driven exchanges better timing
3. Monopoly?	3	Very strong revenue to valuation earning
4. People?	2	People seem fine but not as scrappy as I'd like to see, that said, revenue is great
5. Distribution?	3	Given CEO's background, super strong
6. Durability?	2	Network effects
7. Secret?	2	Building AWS and lower cost of infrastructure costs to small players is going to be a venture backable business

What has to go right for the startup to return money on investment:

1. Get more small traders onboard and paying; 2. Costs of hardware has to go lower; 3. Partner with more institutions

What the Risks Are

1. Niche market that isn't growing fast; 2. Unclear value proposition besides leasing out cheaper tools to smaller market; 3. What's to stop larger player from cutting out Atreyu and offering this

Bonus Muhan's Notes

Updates

This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.

Review these deal memos every time the startup raises a new round

Test if original thesis still applies

Notice trends in how you think

So, did I invest?

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