Frank App on WeFunder | Deal Memo

Jun 4, 2021 2 min read
Invest in Frank App Inc.: Generate detailed remodeling estimates automatically, on-site, and in minutes. | Wefunder
Generate detailed remodeling estimates automatically, on-site, and in minutes.

Company Overview

Problem Addressed: The average contractor spends countless late nights at the office estimating potential projects. Since he can't tell which customers are serious, he loses projects because they take too long to sumbit a bid. This all adds up to $42,000 in unbillable hours estimating each year. (Based on an industry average of $44/hour, 18 hours per week.)

The Product: Frank is a software that lets renovation contractors estimate projects on-site, with the client, in just minutes.

How it works: Frank works through an advanced project questionnaire system where contractors input basic project information, and the company's construction intelligence creates a stunningly detailed estimate automatically.

Business Model: The company adopts a SaaS business model.

Deal Terms

  • Security: SAFE
  • Valuation Cap: $8,000,000
  • Min. Investment: $100

(Data as of June 2021)

Frank App : Wefunder Campaign Highlights

  • According to the team, Frank App has already raised $300k+ in pre-seed from contractors who believe in the product.
  • The company started pre-sales and hundreds of contractors have already signed up to be "first to get Frank".
  • Huge untapped target market: Over 650k remodelers in US alone–a $450B industry.
  • Powered by a completely proprietary backend estimating logic built in-house, from the ground up.
  • Team includes pros from contracting, construction tech (Procore), and business consulting (BCG).
  • The company's team has 30+ years in contracting, 20+ in software, and 5+ in construction tech.

Did I Invest In Frank App?

I’m still in the process of writing a full deal report and decide whether or not I will invest in Frank App on Wefunder. At Angel Notes, I review 100+ pitches on 10+ platforms every month and send a detailed report every Saturday to subscribers of the Angel Notes newsletter (you can join through the form below). See you soon!

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