June 25, 2024
As a refresher, Cadence OneFive speeds up decarbonization of existing multifamily buildings. Our vertical SaaS marketplace (Momentum) delivers streamlined workflows and market transparency so owners, capital providers, and contractors can transact with confidence.
Annual Run Rate: $1.44MM
Ave. monthly net burn: $45k
Runway in months: 12+
Our thesis that SaaS subscriptions should convert into stacked transactional revenues has shown promising early results this quarter.
Earned our first transaction fees from NY’s Climate Friendly Homes Fund
We conducted our first test for our contractor procurement program and reduced the time needed by 93% (6 weeks to 2 days) while decreasing bid variance by 75% (40% to 10%)
Testing our transactional revenue model was helped by our new program manager hires Kate Jones and Martine Lunis on our revenue & customer success team!
Other highlights include:
Successfully launched 321 Go! on behalf of NYC’s Housing Preservation and Development department just before Earth Day. The program has already attracted more than 600 buildings seeking Local Law 97 assessments.
Released into production a major upgrade that will support national expansion. We also inked an important MOU with a national network of energy consultants.
We’re working with Community Preservation Corporation to further shorten the pre-closing timeline for applicants to NYS’s Climate Friendly Homes Fund. We’re digitizing more of the workflow, which will also mean an increase in our subscription amount.
Received Massachusetts MBE certification, started our B Corp certification and SOC2 processes.
Greenhouse Gas Reduction Fund (GGRF) is just around the corner, somewhere….the grantees’ start-up process has been slow. We had originally heard that procurement would start before July, but now we’re expecting a delay of several months. Grantees were announced in April! The great news is players in the multifamily housing space were well represented, including $7B to Climate United, which includes $2.5B to be deployed by Community Preservation Corp, our NYS Climate Friendly Homes Fund customer.
Thank you to those of you who sent us recommendations for founder scaling coaches and GTM consultants last quarter!
Multifamily portfolio owners: We’re learning about key GGRF markets. Do you have a real estate organization among your LPs that has a multifamily portfolio in GA, MI, MN, OH, PA or TX?
Notes on math above: