Investment Updates (Nov 2021)

Nov 5, 2021 4 min read

Arlene

Arlene recently published an update for Q3 2021. Since it's exclusive to investors, I cannot share all the info here. However, I am more than happy to share that revenues grew ~70% QoQ with the company working with leading brands like Macy, Coach, Disney, MrBeast, Plaza Hotel, and more. As well as this, the company made some key hires across sales, design, and marketing. I love seeing the company keep on growing at this pace.

Customer.io

In the investment report, we noted that the company had surpassed $20M ARR in March 2021. The company recently published an update for Q3 2021 — unfortunately, again, it is reserved for investors; however, I am incredibly pleased to share that the company surpassed $26M in ARR, implying a 78% growth YoY and a 30% growth since our investment just a few months ago. The company is also hiring its first VP of Marketing. I can't wait to see how this will play out in the long term!

Elemeno

Backed by ~300 investors, the company's fundraising on StartEngine was recently successfully closed after reaching their goal of ~$1.2M.  

In the investment memo, we saw that the company closed 2020 with ~$967k in ARR. Elemeno recently published an update for Q3 2021 in which they provided some interesting highlights:

KPIs:

  • Annual Recurring Revenue: $1.35M
  • Churn: 0
  • Pipeline: $4.8M
  • Channel Partners: 2

New logos/contracts:

  • 3 new Louisiana clients: Touro Infirmary, East Jefferson Hospital, West Jefferson Hospital
  • 1st Southern California client launched: Pacific Neurosciences Institute
  • Benioff Children’s Hospital San Francisco converted from free to paying client

Expansions:

  • Expanded from Inpatient to Ambulatory: Children’s Hospital Oakland
  • From Inpatient to external/referring providers: UCSF
  • From single hospital to system: LCMC Health

Channel Partnerships:

  • National Perinatal Information Center launched: first jointly developed lead now in contracting
  • Texas Hospital Association launched: initial marketing pitch narrowed to help onboard traveller nurses and new hires; already presenting to new leads

Relay On Demand

Not many of you will recall Relay On Demand since we invested in the company in the very early days of Angel Notes back in March 2021. At the time, the newsletter had a different format, so there isn't an investment memo available. But for those of you that have been here since day one, I'm happy to share that Relay recently held a virtual meeting for investors in which they informed us that GMV is now at $5M, up 150% from $2M of 6 months ago.

Linen

Backed by ~5,000 investors, the company's fundraising on Republic was recently successfully closed after reaching the maximum target of $4.9M.  

Two months ago, I had a talk with the founder to discuss their current strategy and business plan, which eventually led to a proposal by them for me to join them as their head of growth (part-time). In March this year, I left my previous job to focus on Angel Notes. However, Angel Notes has gained significant traction since then, and I started making some key hires to help me on this journey. As I now have some more time, I accepted Linen's offer, and I'm now enjoying the journey from the inside!

In the previous update in July, we saw that the company removed their waitlist and released their app on iOS, which currently supports the Ethereum Blockchain only. The company is now working on implementing its first additional chain, Polygon. This should be a key moment in Linen's growth, as this will allow users to enjoy DeFi and Web3 without paying the high transaction fees required by the Ethereum Blockchain.

Place Technology

Backed by 417 investors, Place's Wefunder campaign was recently successfully funded and closed after reaching a goal of ~$1.1M. Furthermore, the company recently published an update for Q3 2021, sharing the following highlights:

  • Booked ARR run rate 2x end of Sep 2021 compared to the end of Sep 2020
  • 106% Average Net Dollar Retention Oct 2020 through Sep 2021
  • 2.2x average sales price increase year-to-date

The company also informed investors that they've launched, and are already selling, Place's second product line called RevOps — a revenue management/operations solution.  

Factmata

The company's founder, Dhruv Ghulati, recently published a very touching post on his decision to step down from Factmata and hand over the lead to Antony Cousins, the current CEO.

As Dhruv mentioned in his post, there is a stigma attached to founders who make this move, as may be seen as signaling that they no longer believe in the idea or that there is some other thing more valuable for them to work on. However, people don't often see that a founder's life isn't easy, especially if you are a product person who has no business/management experience.

As you can see in the team section of the report, Antony was the co-CEO, so that's been in the plan for a while. This shouldn't be a problem, though. Factmata's founder has been through some very tough times in his personal life, and it might have been the right choice to step down, take some time, and have some fresh minds to take the business forward!

Beyond this, the founder informed readers that the company's Wefunder raise of ~$350k, combined with grants and R&D tax credits they have due, gives them 12–15 months of runway, as they lower their burn rate to ~$30k per month in 2021.

As an update for Q3 2021, the company has 8 ongoing trials and 3 paid enterprise customers. According to the founder, they should be hitting $1m in ARR easily by Q2 2022, which will bring them to profitability and allow them to raise a significant funding round. The company also has a product launch planned by the end of the year. You can read more in Dhruv's post.

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