March 26, 2024
As a refresher, Cadence OneFive speeds up decarbonization of existing multifamily buildings. Our SaaS platform (Momentum) delivers streamlined workflows and market transparency so owners, capital providers, and contractors can transact with confidence.
Current subscription ACV: $425.3k
Ave. monthly net burn: $27k
Runway in months: 12+
Related Companies joined L+M, Urban American and NYU on our RE customer list. Related has signed on more than two dozen market-rate properties.
Closed $1.375M in pre-seed funding, including an $875k round led by Catalyst Innovation Lab, with Great Wave Ventures, NY Ventures, NU Impact, and angel investors. We also received a $500k non-dilutive program-related investment (PRI) from Kresge Foundation, a leader in environmental grant making and social impact investing.
Since bringing on François Huet as HOE in November, we’ve used our newly raised resources to hire 4 software engineers so we can move faster toward a national product.
Renewed our Coned Multifamily annual contract, securing $1M revenue for 2024. With our strong relationship with Willdan and Coned, we’re working on further streamlining the rebate process.
Recruiting is super time consuming! We’re looking forward to increasing our development velocity and improving code quality as a result of the time invested.
We’ve been late taking care of administrative tasks like sending out renewal notices. While we’re focusing on supporting our RE and programmatic customers with large pipelines (ConEd multifamily, the state electrification program, and the city’s affordable housing program), we’ll also find low-overhead ways to stay on top of admin tasks.
Multifamily portfolio owners: We’re starting to build our national outreach list. Do you have a real estate organization among your LPs that has a multifamily portfolio with regulatory exposure to Building Performance Standards?
Who are your go-to coaches for “founder scaling?” Marc and I have worked with a co-founder relationship/communication coach nearly from the very beginning. We’re planning to pivot to coaching with a focus on scaling up and would appreciate recommendations.
Last, but not least, several of you sent us talent referrals after our last update. Thank you!