Premoney 55: Bamboo and Dive Chat

Welcome to week 55! Tough market out there…as such it’s an extremely interesting time to be a start-up founder. Inflation, market instability, a looming recession, layoffs and countless other forces making a near impossible job even harder. More the reason to support founders & companies you believe in now!

To our 300+ new readers: Extremely excited to have you all - you can expect to receive this email on a bi-weekly basis, highlighting two early companies that are raising their first round of capital, with an opportunity to be introduced to the founders. You can read more about my vision for Premoney here.

A reminder / shoutout of Outdefine:

🚀 Success! I featured Outdefine in week 49, and was able to make multiple fruitful introductions to investors. Since then, Romil and the Outdefine team were able to secure Jump Crypto, arguably the one of the most influential investors in the web3 space, as a lead investor for their seed round. I’m extremely impressed with the team, and excited for what they’ll do over the coming months.

💰 Syndication: As a “Friend of Premoney,” Rashaad Haque and I were able to secure an allocation in the remainder of Outdefine’s round, which Rashaad is running. After launching the syndicate last Monday, we’ve already locked in 60% of the allocation, and would love for more Premoney folks to get involved.

🙏🏻 Ask: If you are an accredited investor and are interested in contributing to or learning more, shoot me a reply to this note and I’ll share more info! You can also find the syndicate link here. 

This week’s companies:

Featuring two very early companies today, at the beginning of their journeys.

Company: Dive Chat

Founder: Kyle Brastrom

Raise Details: Raising $500k, 50% committed including the Hustle Fund.

Vertical: Community, Social, Consumer Social, Consumer

Business Model: Free

1-Liner: The default communication platform for IRL communities

Description: We are building the digital layer to Gen Z's in-person social life. Dive is the perfect home for groups of all sizes by bringing together a group’s events with organized, yet simple group messaging. We have seen strong love for the product, organic growth, and more than 60% of MAU using the app daily!

Traction Indicators: Early signs of extreme stickiness

• 60% DAU/MAU

• 50% d-30 retention, & 30% MoM increase in messages sent

Company: bamboo

Founder: Dan Heinrich

Raise Details: $1M via post-money SAFE, 50% committed

Vertical: Coaching

Business Model: Revenue Share

1-Liner: The all-in-one platform for fitness and wellness coaches

Description: We're cutting out the corporate middleman in the fitness and wellness space, connecting coaches directly to their clients with our platform so they can present themselves as professionally as a corporation, maximize their revenues, and capitalize on the creator economy! We growing rapidly at 30% MoM and on track to hit 13k users and $1M in revenue by the end of the year.

Traction Indicators:

• $10k MRR

• 25%

• Runrate to hit 13k users by eoy

That’s all for this week!

Jake