Emerging food brand centered around Lupini protein. Revenue generating but can they take it to the next level?
|1. Fundraising Target?||$1070000|
|2. Fundraised So Far?||$155080|
|3. Pre-Money Valuation?||$6000000|
|4. Previous Year's Annual Revenue||$174141|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)||~$-584335|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||False: Brooklyn, NY|
|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: Grew revenue substantially|
|5. Notable investors?||False: No one I know|
|6. Post-funding, will have 18 months of runway?||True: But needs to raise full round|
The 7 Thiel Questions (Every Time Man Profits, Don't Dismiss Serendipity)
|1. Engineering?||3||Lupini protein|
|2. Timing?||3||Good time for health conscious brands|
|3. Monopoly?||2||I am quite enthusiastic about plant based protein but have never heard of this brand|
|4. People?||3||Good founders|
|5. Distribution?||2||Online and retail stores, nothing proprietary|
|6. Durability?||2||No moat or subscription, also what's stopping another company from using Lupini?|
|7. Secret?||2||Lupini based protein products are enough to build a venture sized business|
What has to go right for the startup to return money on investment:
1. Grow market share for Lupini protein; 2. While reining in costs; 3. and build something proprietary like a supply chain or brand
What the Risks Are
1. Food isn't venture backable; 2. Lupini beans are proprietary; 3. Distribution is still choke-held by grocery stores
Bonus Muhan's Notes
Hope to try one in my local grocery store.
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Review these deal memos every time the startup raises a new round
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