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.
Absolutely not, though this company is going to do great.
- 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.
- Small thing, but the fact that they didn’t have 2019 financials up was sloppy.
- 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)
|1. A startup that is based in SV||Fail: 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)
- 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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