Deal Abstract

Invest in Popshop
Republic is a startup investing platform where you can invest as little as $10 in impactful startups

Airbnb for commercial real estate. Company is reimagining commercial leases for companies and helping them secure short term leases for pop-ups.

Financials (VRB)

Question Notes
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)

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: 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

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

Question Score Notes
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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