Deal Abstract

Platform and white-label service for providing self-guided home showings.

Financials (VRB)

Question	Notes
1. Fundraising Target?	$1000000
2. Fundraised So Far?	$85000
3. Pre-Money Valuation?	$16000000
4. Previous Year's Annual Revenue	$776731
5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)	~$-434974

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: Atlanta, GA
2. Has at least 2 founders?	True: Two
3. Has product in the market?	True: Yup
4. 6 months of continuous user growth or 6 months of revenue?	True: Revenue grew from 578k to 776k Y2019 to Y2020
5. Notable investors?	False: Got into 2 day events and workshops but no LAUNCH or 500 Startups yet
6. Post-funding, will have 18 months of runway?	True: Needs ~$750k for burn

Source

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

Question	Score	Notes
1. Engineering?	2	Software to allow for self guided showings, better but not 10x better
2. Timing?	3	Def good time to provide self booking for home showings
3. Monopoly?	1	Have not heard of them before Republic despite being fairly knowledgeable about proptech
4. People?	2	Team has good startup backgrounds but no Proptech background
5. Distribution?	2	Not seeing unfair advantages to distribution
6. Durability?	2	What's stopping a Nada from integrating this feature?
7. Secret?	1	Automating showings for homes is the secret to digital transformation of the home buying process

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

1. Grow faster in the house showing process; 2. Become a tool for real estate agents instead of supplementing (them for now); 3. Build the business so it becomes a platform for the other sectors

What the Risks Are

1. Has had fairly linear growth for last two years; 2. Hardware solution to showing is somewhat limited in growth; 3. Not able to capture the other sides of the home buying process after showing

Bonus Muhan's Notes

Compare to Nada which I also reviewed and invested in.

Updates

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

Test if original thesis still applies

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