Helping startups incorporate from anywhere in the world. Building business-in-a-box solution that allows startups to focus less on legal stuff and more on the building the product.
|1. Fundraising Target?||$5000000|
|2. Fundraised So Far?||$545000|
|3. Pre-Money Valuation?||$40000000|
|4. Previous Year's Annual Revenue||$2400000|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)||~$|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||False: New York, New York|
|2. Has at least 2 founders?||True: Two|
|3. Has product in the market?||True: Revenue generating|
|4. 6 months of continuous user growth or 6 months of revenue?||True: 20% MoM, $200K+ in monthly revenue|
|5. Notable investors?||True: Y Combinator, Earnest Capital, Amino Capital|
|6. Post-funding, will have 18 months of runway?||False: No financials on burn|
|1. Engineering?||2||Seems fine, but is a YC startup version of Stripe Atlas|
|2. Timing?||3||Good time for remote work|
|3. Monopoly?||3||Good revenue but the fact that there is still no burn comments after a month of upload is concerning|
|4. People?||3||Team seem fine but pretty standard bunch of YC Bros|
|5. Distribution?||2||How will this company beat the competition on distribution? I've never heard of them|
|6. Durability?||2||Platform for regulation and filing|
|7. Secret?||1||Firstbase can beat Stripe Atlas and all the other US-Incorporation-As-A-Service companies|
What has to go right for the startup to return money on investment:
1. Upload financials so we can dive into the heart of the business; 2. Address a niche in intl registration that Atlas does not do; 3. Drive recurring value for recurring revenue platform
What the Risks Are
1. Copy-cat competition; 2. No meaningful differentiation; 3. Leadership has not addressed financials or answered questions on WeFunder.
Bonus Muhan's Notes
Need to see financials. $$$$$$$$$$$. Originally submitted on 4/6/21.
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?Click here to find out.
Other thoughts, questions, comments, or concerns? Write me at firstname.lastname@example.org and let me know.