Airbnb for commercial real estate. Company is reimagining commercial leases for companies and helping them secure short term leases for pop-ups.
|1. Fundraising Target?||$1070000|
|2. Fundraised So Far?||$125925|
|3. Pre-Money Valuation?||$10000000|
|4. Previous Year's Annual Revenue||$393275|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)||~$-467310|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|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: Revenue generating|
|4. 6 months of continuous user growth or 6 months of revenue?||True: Grew revenue by 10x|
|5. Notable investors?||False: Bootstrapped so far, with $1m from founders|
|6. Post-funding, will have 18 months of runway?||True: Needs roughly $700k|
|1. Engineering?||3||As someone who has booked a commercial lease, going through a digital marketplace is significantly better|
|2. Timing?||3||Good timing. Bricks still have value but no one wants to be locked in|
|3. Monopoly?||2||Solid revenue|
|4. People?||3||Cofounders have strong relationship, though I wonder if their skills are redundant|
|5. Distribution?||3||Have strong real estate backgrounds and have been able to build both sides of the marketplace|
|6. Durability?||3||Network of short term commercial real estate leasing|
|7. Secret?||3||COVID has hurt physical retail enough that they'll allow a new model of leasing for short-term spaces to stop the hemoragging of money|
What has to go right for the startup to return money on investment:
1. The market for pop-up shops keeps growing; 2. Eventually this becomes the leasing platform for all commercial real estate (or at least, it becomes good enough for negotating normal leases as well; 3. Grow other platform benefits
What the Risks Are
1. The physical marketplace is valuable, but the software has no value add; 2. will the demand of revenue from pop up be venture backable; 3. Will the acquisition costs for landlords ever go down where people self list
Bonus Muhan's Notes
Very cool. Reminds me of a company Jason Calacanis invested in a company that lets you rent commercial retail storefronts by the hour for fun stuff like a birthday party. if anyone knows the company i'm talking about plz help me remember.
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