October 19, 2023
| Hi friends,I hope you’ve had a great wrap-up to your summer and are looking forward to a great Q4. Many of us at Cadence OneFive got some R&R in August, and we’ve had an eventful fall so far, including new customers, certifications, and a prize!As a refresher, Cadence OneFive is building a vertical SaaS marketplace (Momentum) to speed up decarbonization of existing multifamily buildings. VitalsNew ARR since Jan 1: $301KNew ARR since last update: $58K2023 revenue to date: $1.2MQ3 average monthly gross burn: $141KUpdatesWon the 7th Urban Future Prize Competition! We were among the top 8 of 224 applicants, and ultimately one of two winners, each receiving a cash prize of $50K and admission to the ACRE incubator. ACRE boasts a portco survival rate since 2009 of nearly 90%, aggregate capital raise of $2.3B, and 4,000+ jobs created. We’re honored to have been selected by a panel of venture investors, and excited to join the ACRE ecosystem! | | — |
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| L-R: Principal Mechanical Engineer Jason Block, and Co-Founders Bomee and Marc, and the Ed McMahon-style check, courtesy of Urban Future Lab, NY Community Trust, and MUFG Bank. Nine new customers in 2023, including L+M Development Partners, an influential for-profit affordable housing developer in NYC (national top 25). L+M signed on In August to use Momentum to evaluate retrofits for nearly a third of its NYC portfolio. Launched the new contractor procurement feature! At the start of 2023, we set a goal of being able to support construction planning from preliminary scope to contractor procurement - and we’ve achieved it! The new feature allows an owner or owner’s rep to create standardized construction RFPs and receive bids right in the platform. It will be available first to the applicants, lenders and service providers of the NYS Climate Friendly Homes Fund. Became a NYC-Certified Minority Business Enterprise. This is important to us because some of our partners and clients–public agencies, utilities, and affordable housing organizations–have goals they have to meet in contracting with MBEs. ChallengesStretched Thin! We have a SUPER team, and we came perilously close to burning out this summer. So we took a breather from new feature development in August and we’re now looking for helping hands. Tooling & Process: Related to the fact that we’re a small team punching above our weight, some of our processes were adding meeting time at the cost of focus time. Our fractional CTOs helped us revise our DevOps process and adoption is off to a promising start. We’re looking forward to fewer meetings and faster, easier code deployment. AsksHead of Engineering Search: This month we launched the search for the right leader in engineering management to shape our technology vision, strategy, and execution for the long haul. It’s a role requiring technical knowledge, dexterous management, and aligned values. We’d really appreciate it if you shared our posting! Out and About TownNYC Tech Week has started! Last night, Marc participated in the startup showcase of NYC EDC’s Venture Access launch event.Bomee was in DC this week as a Pitch Competition Judge with some the the country’s foremost affordable housing experts for the Enterprise/Wells Fargo Affordable Housing Breakthrough Challenge. | | — |
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| And finally, NYC Climate Week 2023 is done, but not forgotten!Marc co-led a discussion on what we know and what we only think we know about centralized vs decentralized heating strategies, hosted by NYSERDA. This was an invite-only event, fondly nicknamed the “nerd-off,” of a veritable who’s who in NYC building energy, including the Chief Program Officer of the NY Public Service Commission, ConEd’s VP of Energy Efficiency, NYC Housing Preservation and Development’s Chief Sustainability Officer, and many senior leaders of the (nerdiest) NYC energy consultancies. It was Amazing!Bomee shared a panel with Luke Falk, COO of Clean Path New York and Pat Sapinsley, head of the Urban Future Lab, moderated by Michelle Li of Clever Carbon, at the fabulous Marketplace of the Future event, which was an impressive combo of pop culture and very serious climate action thinking; andCadence OneFive participated in Streetlife Ventures’ and Burnt Island Ventures’ climate tech showcase. | | — |