Deal Abstract

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As your friends have pitched you, there's finally an app that aggregates all the prices from all the rideshares.

Financials (VRB)

Question Notes
1. Fundraising Target? $535000
2. Fundraised So Far? $435794
3. Pre-Money Valuation? $19500000
4. Previous Year's Annual Revenue $0
5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) ~$-925678

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: New York, NY
2. Has at least 2 founders? False: Two
3. Has product in the market? True: Has product in market
4. 6 months of continuous user growth or 6 months of revenue? True: Really strong user base but no revenue
5. Notable investors? True: Plug and Play Center
6. Post-funding, will have 18 months of runway? False: Burned a lot of money

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

Question Score Notes
1. Engineering? 1 This is aggregating other rideshare app value, no value creation independently
2. Timing? 1 Not sure why now is the right time for this business
3. Monopoly? 3 Strong users
4. People? 2 Good work experience but no background in rideshare startups
5. Distribution? 4 Really strong distribution surprisingly
6. Durability? 2 What's to stop another aggregator from popping up?
7. Secret? 1 Creating an aggregator for rideshare is a good business model

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

1. Monetize; 2. Continue sustainable CAC; 3. Create value in addition to just aggregating it

What the Risks Are

1. No business model; 2. No independent value creation; 3. Google Maps already has Uber/Lyft estimates

Bonus Muhan's Notes


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