Deal Abstract

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Plant based Chipotle/Sweetgreen/fast casual teams up with national provider Aramark to launch a new category of fast casual food.

Financials (VRB)

|1. Fundraising Target? |$250000|
|2. Fundraised So Far?|$97570|
|3. Pre-Money Valuation?|$10000000|
|4. Previous Year's Annual Revenue |$2925603|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) |~$-26351|


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: Winston-Salem, NC
2. Has at least 2 founders? True: Two
3. Has product in the market? True: Revenue generating
4. 6 months of continuous user growth or 6 months of revenue? True: 2.3m to 2.9m from 2018 to 2019
5. Notable investors? False: No names named
6. Post-funding, will have 18 months of runway? True: Year burn was only 26k

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

Question Score Notes
1. Engineering? 2 10x better than the standard Aramark faire? For sure.
2. Timing? 2 People want this type of food for sure
3. Monopoly? 2 Uncertain if monopoly of plant forward eaters, but good revenue
4. People? 3 Right people, esp for being able to license to Aramark
5. Distribution? 3 See above
6. Durability? 2 Seems durable, esp since I don't see Aramark doing much innovation
7. Secret? 3 Fast casual chains going after the mainstream market missed the opportunity of Aramark/national niche franchises for a long tail business

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

1. Needs to scale more efficiently; 2. Sell more the franchise and idea instead of the small business; 3. Exploit the Aramark advantage

What the Risks Are

1. Food business not venture backable; 2. Distribution not as relevant as delivery makes cloud kitchens more competitive; 3. Ongoing costs of R&D high to make new on brand products

Bonus Muhan's Notes

Very cool! I'll be google around my neighborhood to see if I can try it soon.


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