Deal Abstract

Invest in Navisyo: Dedicated to connecting boat owners with new world travelers around the globe | Wefunder
Read up on our mission, team, and traction | Navisyo | Dedicated to connecting boat owners with new world travelers around the globe
Navisyo on Wefunder

Miami company wants to build a competitor to Boatsetter. Pre-rev, pre-product, at a really tempting valuation.

Financials (VRB)

|Question|Notes|
|---|---|---|
|1. Fundraising Target? |$1070000|
|2. Fundraised So Far?|$47832|
|3. Pre-Money Valuation?|$2500000|
|4. Previous Year's Annual Revenue |$0|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) |~$-6851|

Source

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

Criteria Yes/No
1. A startup that is based in SV? False: Miami, FL
2. Has at least 2 founders? True: Two
3. Has product in the market? False: No product in market
4. 6 months of continuous user growth or 6 months of revenue? False: No Users
5. Notable investors? False: I see '500 Startups' but unsure what that means
6. Post-funding, will have 18 months of runway? True: But somewhat meaningless statement given they have no real burn/operations yet
Source

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

Question Score Notes
1. Engineering? 1 Not sure how this is better than Boatsetter
2. Timing? 2 Great time to build a marketplace
3. Monopoly? 1 No product in market
4. People? 1 No proven commercial successes in this vertical
5. Distribution? 2 Online two-sided marketplace
6. Durability? 3 If they can build it, very durable
7. Secret? 1 Building a unicorn business using revenue sharing is the way to beat differentiation

What has to go right for the startup to return money on investment:

1. Generate revenue; 2. Build a two-sided marketplace; 3. Differentiate from other existing marketplaces

What the Risks Are

1. What's the difference between this company and Boatsetter? Also in Miami; 2. At what point does Airbnb experiences enter this market via Experiences?; 3. How long will it take to develop the site and generate revenue?

Bonus Muhan's Notes

So many yacht marketplaces, not enough yachts (Jokes; owning a boat or plane is a horrible investment)

Updates

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Review these deal memos every time the startup raises a new round

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So, did I invest?

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Other thoughts, questions, comments, or concerns? Write me at mail@muhanzhang.com and let me know.