Investor Update 2024 Recap
January 21, 2025
Happy 2025! Following a very busy year-end, I wanted to give you a quick recap of 2024.
As a reminder, Cadence OneFive is building a B2B SaaS-enabled marketplace for decarbonizing multifamily buildings—a $300B market in the making. We streamline retrofit workflows, deliver hard-to-acquire market data (including pricing), and match shovel-ready projects with capable specialist contractors. Our current customers include the Related Companies, ConEdison’s rebate program in NY, and NY State’s multifamily electrification program.
Vitals
- Subscription Annual Run Rate: $1.3m
- 2024 transactional revenue: $32k
- Average monthly net burn: $83k
- Runway in months: 12+
2024 Highlights
The cumulative total of buildings receiving preliminary scopes surpassed 5,800 multifamily buildings by year end. We also saw strong validation of our transaction value-add: We’ve taken 57 buildings with a construction value of $1.7m through the bid process in our Affordable Housing Local Law 97 contractor procurement program, and we’re starting to design the follow-on experiment for market-rate buildings.
We’re ready for national customers. Our database now includes 300,000 buildings across three states, plus 170,000 public housing buildings covering all 50 states and US territories. We also added climate data, energy costs, and greenhouse gas coefficients for the entire USA.
We continued to extend features, adding 17 new decarbonization and electrification measures ranging from ventilation upgrades to various heating electrification options, and 6 new auto-generated preliminary scopes of work, including several designed to meet Greenhouse Gas Reduction Fund loan program requirements.
We have a cleaner, leaner code base with fewer paper cuts to slow us down in 2025. Our engineering team completed architectural improvements, moving toward a more modular, maintainable codebase with better development tooling and quality controls.
Operationally, we achieved two major milestones: completing our SOC-2 type 2 audit and becoming a Certified B Corp.
Challenges
We spent about six weeks last fall testing whether the timing was right for raising a seed round. We had some very helpful conversations and learned that investors would like to see us active outside of New York, especially with our newer transactional revenue (Message received!) Thank you for your time and intros!
Maintaining a 12+ month runway throughout our three-year history has meant being very selective about where we invest in growth capacity. We’re fortunate to have a team capable of stretching to allow us to be frugal.
Excluded from prospective investors
Coming up in Q1 2025
We’re working on a UI refresh! We’ve added a lot of features over the past 3 years, but have fallen behind on keeping our UI clean and streamlined. So we’re taking some time in Q1 to address that. Here’s a confidential preview of the redesigned scoping screen:
- Impact Summary Dashboard displays critical financial metrics in a unified view, including construction costs, available incentives, operational savings, and projected LL97 fines. The interface includes a toggle between building-level and per-unit metrics for flexible analysis.
- Financial Qualification Indicators display showing program eligibility, including qualification for low-cost loans and available rebates. The indicators use recognizable program icons for quick visual reference.
- Each measure in the scope of work includes incentive and construction cost estimates as well as impact on operating expenses, and energy and GHG emissions impacts. The user can drill down into further details, including calculation methodology, by clicking on the “more” link.
- Suggested Scopes are pre-designed, standardized scopes of work based on building typology, keyed to outcomes like qualifying for a particular loan program (e.g. CPC Climate Capital’s Save a Ton program), eliminating LL97 fines, or maximizing utility rebates. These serve as a starting point for comparing scenarios, and can be further edited to create Customized Scopes.
Asks
Now that we have the technical capacity to support national portfolios, we’d love to speak to your LP contacts who have significant multifamily portfolios.
We’re super excited about our planned work for Q1! Thanks for following along with us!