Broker for matching investment property landlords with vetted property managers.
|1. Fundraising Target?||$1070000|
|2. Fundraised So Far?||$105261|
|3. Pre-Money Valuation?||$15000000|
|4. Previous Year's Annual Revenue||$0|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash)||~$0|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||True: San Francisco, CA|
|2. Has at least 2 founders?||True: Two|
|3. Has product in the market?||False: No revenue|
|4. 6 months of continuous user growth or 6 months of revenue?||False: No revenue|
|5. Notable investors?||True: Y-Combinator|
|6. Post-funding, will have 18 months of runway?||False: No financials|
The 7 Thiel Questions (Every Time Man Profits, Don't Dismiss Serendipity)
|1. Engineering?||2||Currently it's word of mouth|
|2. Timing?||2||More people buying investment properties|
|3. Monopoly?||1||No deep market penetration|
|4. People?||2||People are strong at Airbnb but vacation rentals != property management|
|5. Distribution?||1||No unfair advantage in distribution|
|6. Durability?||1||Where does recurring revenue come from this?|
|7. Secret?||1||Venture backable business can be built off of brokering property management and homeowners|
What has to go right for the startup to return money on investment:
1. Launch product; 2. get recurring revenue; 3. drive recurring value through platform
What the Risks Are
1. No venture returns here; 2. One time broker fee no recurring value; 3. Pre-product
Bonus Muhan's Notes
I know the space quite well and am eager to see how they progress.
This is where I’ll post updates about the company. This way all my notes from offering to post-offering updates will be on one page.
Review these deal memos every time the startup raises a new round
Test if original thesis still applies
Notice trends in how you think
So, did I invest?Click here to find out.
Other thoughts, questions, comments, or concerns? Write me at firstname.lastname@example.org and let me know.