Deal Abstract

Invest in Manta Biofuel
Republic is a startup investing platform where you can invest as little as $10 in impactful startups

Algae farming for cost-competitive, eco-friendly crude oil replacement. Has a founder that has operational and academic experience. Needs to figure out how to solve distribution, go-to-market, and scaling risk if they want to become a billion dollar company.

Financials (VRB)

Question Notes
1. Fundraising Target? $1m
2. Fundraised So Far? $135k
3. Pre-Money Valuation? $6m
4. Previous Year's Annual Revenue $0
5. Previous Year's Annual Burn ~$169k
Manta Biofuel Form C.pdf

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

Criteria Yes/No
1. A startup that is based in SV? No: Owings Mill, MD
2. Has at least 2 founders? No: One CEO founder, and co-founder who is now advisor
3. Has product in the market? No
4. 6 months of continuous user growth or 6 months of revenue? No
5. Notable investors? Yes: US DOE grant, State of Maryland, etc.
6. Post-funding, will have 18 months of runway? Yes: Likely but costs may go up when trying to bring product to market.

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

Question Score Notes
1. Engineering? 4 Though I'm not that prepared to evaluate the engineering product, it claims to be better.
2. Timing? 2 Good in that the world is more eco-conscious, negative points in that it may be wrong timing as world transitions to EVs.
3. Monopoly? 1 No, only sold to beta customers.
4. People? 3 Founder has good practical and academic experience, but will be curious if he can commercialize the tech with team.
5. Distribution? 2 Not bad, not great. How do you distribute fuel like this? Fuel stations? Wholesale?
6. Durability? 2 If they can build it, the technology is proprietary, but then asks questions what happens if someone comes up with another fuel.
7. Secret? 2 The timing is not right for full consolidation into EVs yet, and the remaining

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