Deal Abstract

https://www.seedinvest.com/miso.robotics/series.c

Robotics company selling burger-flipping, french-frying robotic arm with product in the market. Major investor in this company owns a restaurant chain that they are using to give a real customer use case. Recently signed three year contract with PathSpot, a company with Venture for America on the founding team.

In addition, a full-throated shout-out to the team at PathSpot for raising an enormous round!!! Truly an anti-fragile company.

Decision

Absolutely not, though this company is going to do great.

Why Investing/Passing

  1. Great example of a strong company that is already well on its way. It’s less of a good venture deal, more of a real company, e.g. valuation is too large for me to have any novel contribution about its likelihood of success.
  2. Small thing, but the fact that they didn’t have 2019 financials up was sloppy.
  3. Really couldn’t come up with a third reason for passing. I’m a fanboy, but discipline says I should stick to venture deals in the $5MM to $10MM valuation world in work that I have unfair expertise in.

The 6 Calacanis Characteristics (91 161 18)

CheckPass/Fail
1. A startup that is based in SVFail: Pasadena, CA.
2. Has at least 2 founders Pass (4)
3. Has product in the market Pass
4. 6 months of continuous user growth or 6 months of revenue.Pass: (“Miso has doubled revenue (2018-2019)”, 2018 revenue was 54k.)
5. Notable investors?CaliGroup, vertically integrated investor and owner of restaurant group. Unfair advantage.
6. Post-funding, will have 18 months of runway Pass: Targeting $30MM, burn for 2018 was $6.6MM, so that’s 5 years. “Additionally, we have reduced operating losses to approximately $300-$350k per month (4.2MM/yr), and that is before revenue and any gross margin.”

The 7 Thiel Questions (ETMPDDS)

  1. The Engineering question:
    • For Sure: not sure who else are the brand names in this space, but so much as a robotic arm that restaurants are willing to


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