Deal Abstract

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

Two founders want to create a new mobility company for "fractional car ownership", sitting in the middle between carsharing (Zipcar, Geatround,) and car leasing (Enterprise, Turo, etc.) Good revenue growth but only has 100 subscribers at present. What happens when cars go autonomous?

Thank you to John for sending me the deal! Bonus, posting a video he sent me that was riveting to watch:

Financials (VRB)

|Question|Notes|
|---|---|---|
|1. Fundraising Target? |$25k-$1070k|
|2. Fundraised So Far?|$493k|
|3. Pre-Money Valuation?|$8m|
|4. Previous Year's Annual Revenue |$65k|
|5. Previous Year's Annual Burn |~$233k|

Upshift Form C.pdf

The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)

Criteria Yes/No
1. A startup that is based in SV? Yes: Oakland, CA
2. Has at least 2 founders? Yes
3. Has product in the market? Yes
4. 6 months of continuous user growth or 6 months of revenue? Yes: 2018 revenue to 2019 revenue increased from $55k to $65k.
5. Notable investors? No: Some debt plays with big motor companies, minor equity collaborations with BMW/Mini.
6. Post-funding, will have 18 months of runway? Yes: Has two years of runway funded presently, but also, ARR is apparently up.

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

Question Score Notes
1. Engineering? 2 Engineering here points to ease of booking a car and price, which is better than carshares but I would not say 10x better than carshares.
2. Timing? 2 Good, demographics on side, but need to figure out if I think Carshare vs. Fractional is right timing.
3. Monopoly? 2 I am not familiar with fractional market/nor a user so I will ask.?
4. People? 3 Cofounders are spouses so both their eggs are in the same basket, CEO has been obsessed with vehicle sharing for 2 decades, need to ask how come previous ventures didn't


Want to read the whole post?


You don't have access to this post on Startup Investing for All by Muhan Zhang at the moment, but if you upgrade your account you'll be able to see the whole thing, including comments, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.