OwnUp.com for commercial real estate financing. Fundraising $1m on a $20m valuation. Has revenues of $531k from network of websites that drive traffic to them. Profitable. Strangely, claims to have a team of 20 (full-time? part-time?) on a burn of only ~$376k or something. I tested the product and didn't get a response.
Thank you to Krishna and Giuseppe for sending me the deal!
|1. Fundraising Target?||$25k-$1070k|
|2. Fundraised So Far?||$449k|
|3. Pre-Money Valuation?||$20m|
|4. Previous Year's Annual Revenue||$531k|
|5. Previous Year's Annual Burn||~(-)$92k|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||No: Boca Raton, FL|
|2. Has at least 2 founders?||No: One CEO, bootstrapped|
|3. Has product in the market?||Yes|
|4. 6 months of continuous user growth or 6 months of revenue?||Yes: 2018 revenue to 2019 revenue increased from $0 to $500k.|
|5. Notable investors?||No: Bootstrapped.|
|6. Post-funding, will have 18 months of runway?||Yes: Profitable, so can reun in perpetuity by default.|
|1. Engineering?||2||Using a platform to bridge marketplace, nothing revolutionary|
|2. Timing?||2||Good, this is the commercial version of OwnUp.com, but not sure if the market of B2B is as amenable to commoditization.|
|3. Monopoly?||2||Never heard of Janover before this deal. Commercial financing is very fractured.|
|4. People?||2||One founder seems fine, but not seeing other C-suite leadership. Also, somewhat suspect that they only spent $376k in 2019 and appear to employ 20 full-time people. Even at $50k a year that should be $1mm in salaries alone.|
|5. Distribution?||3||Good, distribution is this company's edge.|
|6. Durability?||3||Good, as two sided network|
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