Part of the challenge (and the fun?) of what we’re doing is that we are building a product that the market isn’t yet asking for. The nature of the multifamily sector (regionally fragmented) is the whole reason why we need to to do the VC path (vs nice steady bootstrap): we need to show up and get incumbency in each major market just at the moment the market for what we’re doing emerges, because incumbents have such a strong moat (see crummy but dominant software like AvidXchange and Vendor Cafe) in multifamily.
Much like the cicadas will be doing shortly, our market seems to be emerging: We’re increasingly hearing our messaging coming back to us from NYC people (Joe Chavez at MOCEJ) and the GGRF folks (Relay Network), and there is even a new RFP from NYSERDA that looks written while looking at Momentum.
Jen Leone (HPD) said to me recently that three years ago when I described what Momentum would do, she thought it was magical thinking; now, she thinks we can’t meet LL97 without Momentum.
This is our time!
Current subscription ACV: $425.3k
2024 ARR: $152k
Outstanding invoices as of today: $142,963.51 (SWA $40k, Related $56k)
Rev Team: transactional revenue projection for the next 12 months would be very helpful to get asap
Martine and Kate!
Congrats on Release 61!
Accelerator RFP first planning meeting with Willdan went really well and I think we have a path to beating the incumbent firm! Willdan has already gotten CEO approval to compete (“Go win it!”) and Brian Ott, the president of the PM organization, came in person to the planning meeting from Vermont. We’re now recruiting the core respondent team.
Partner meeting with Aligned Climate Capital: Got an invitation to discuss next raise. I think they are seriously interested, and I think we will probably raise in Sept.
Partnerships: Accelerator, GGRF, NYSERDA Momentum RFP. Lots of strategizing about relationships and winning teams.
Onboarding: Looking forward to getting more feedback, both from ML+KJ and from SOC2 process
Dev pipeline: A lot of work ahead of us!
Metrics: Rolled over: I’ve started to pull in the application metrics into the financial reporting…still need to finish it up!
Prepping Raise: If we’re raising in the fall, we need to do homework (new competition survey, revised revenue projection, etc)
Don’t be a series of small businesses: Marc and I are shopping for some founder coaching to make sure we’re staying on a venture-scale path.
Teaming meetings for Accelerator and NYSERDA RFP
Sign MOU with Relay Network
~Meeting with Lotte (IMT) in DC~ Next week
Meeting with Krista (Enterprise) in NY
Networking w GGRF people at NY Fed on Friday
And here’s what’s on my radar screen - Please add whatever is top of mind for you for next week.
Feel free to leave comments below.
Did I miss a highlight?
Did I miss something that should be on my watchlist?
Something else you want to react to?
| Chuck Lin | |
|---|---|
| Demetria Wambia | |
| Erika Parkins | This is our time- the response from the market is exciting and it’s great to see that we are positioned to get ahead of potential competition. |
| François Huet | So much interest from so many places. Very exciting. |
| Jason Block | I am so excited that people are seeing a need for Momentum! But I am a little saddened by the early feedback from the CPC contractor procurement stuff. I left a couple of things in the watchlist; hopefully we can connect about it this week. |
| Jeffry Luna | Glad to know that the market’s responding well and is excited for our product. Looking forward to doing more. |
| Jeremy Parker | Exciting stuff! |
| Katherine Jones | |
| Luke Floden | |
| Maksym Khrystunov | |
| Marc Zuluaga | |
| Martine Lunis | |
| Naina Shah | |
| Reuben Firmin | |
| Robin Neri |