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Marketplaces: the party is not over!

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A presentation of the latest trends in marketplaces and why we are still at the very beginning of their evolution in every major category including food, real estate, cars, jobs, home services and lending

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  • Very interesting deck, thank you for sharing. One point I would challenge though is the macro outlook for car models. Throughout the industry we see an increasing shift from ownership to usership of cars, thus supporting new mobility models such as ride-sharing or subscription based-models. This trend is particular growing in larger cities where consumers may only need a car for a specific time period.
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  • awesome stuff Fabrice !
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Marketplaces: the party is not over!

  1. 1. MARKETPLACES: THE PARTY IS NOT OVER JUNE 2019
  2. 2. PRIOR INVESTMENTS 2
  3. 3. FOUNDERS Fabrice Grinda • Forbes #1 Ranked Angel Investor LANGUAGES BACKGROUND Jose Marin LANGUAGES BACKGROUND 3 FOUNDER FOUNDER Zingy Aucland IG Expansion
  4. 4. IN A NUTSHELL VENTURE CAPITAL • Pre-seed / Seed / Series A focus • Average investment size $400K • Global strategy: Active in U.S., Europe, LatAm, India • 80+ investments per year • 65% new investments + 35% follow-ons • Do not lead rounds or join boards • Co-invest with larger funds we know and trust COMPANY BUILDING • Build 1-2 businesses from scratch per year • Invest $2.5M to $5M per company • Executive chairman role • Hands-on role in product, marketing, hiring, strategy & fundraising • Expertise in scaling using TV advertising (FJ has bought over $1B of TV ads) • US focus but have built companies in Europe + Brazil 4
  5. 5. INVESTMENT HEURISTICS Verticalization of horizontals Transition to supply pick marketplace B2B marketplaces 5 Does it meet our thesis? Storytelling skills Grit and tenacity Demonstrated passion Metrics driven and analytical Attractive unit economics (actual or theoretical) $1b+ potential enterprise value Low disintermediation risk Market leader potential Scalable and capital efficient Growing market Attractive price relative to team, traction, and market opportunity Is the team compelling? Is the business attractive? Are the deal terms reasonable?
  6. 6. NET INVESTMENT TRACK RECORD REALIZED GAINS UNREALIZED GAINS # OF INVESTMENTS 313 AVG. INVESTMENT $466K AVG. HOLDING PERIOD 3.3 Y IRR 70.9% INVESTED $30.8M As of December 31, 2018. Includes FJ Labs LLC investments. MOIC is based on last round valuations. 6 MOIC 5.7X CARRYING VALUE $176.0M INVESTED $146.7M MOIC 2.0X CARRYING VALUE $290.9M AVG. INVESTMENT $224K # OF INVESTMENTS 132 AVG. HOLDING PERIOD 2.6 Y IRR 30.1%
  7. 7. We follow and invest in the evolution of marketplace models MARKETPLACE MODELS AND INVESTMENT THEMES 7
  8. 8. VERTICALIZATION OF THE HORIZONTALS CONTINUES 8
  9. 9. CONTINUED VERTICALIZATION OF HORIZONTALS 9
  10. 10. EVOLVING FROM DOUBLE COMMIT TO MARKETPLACE PICK 10 Double commit SupplyDemand Buyer and seller interact to agree to T&Cs Demand pick Marketplace pick SupplyDemand SupplyDemand Buyer originates transaction Marketplace picks the supplier Marketplace
  11. 11. B2B MARKETPLACES Examples High Margins of 20%+ High Average Order Value High Recurrence B2B Marketplaces have attractive characteristics that makes them more resilient 11
  12. 12. Food Models 12
  13. 13. FOOD IS UNDERGOING MASSIVE SHIFT TO OFF PREMISE CONSUMPTION On Premise Revenues (grocery shopping & dine-in) Off Premise Revenues (pick-up & delivery)
  14. 14. VERTICALIZATION OF ON-DEMAND FOOD Verticalization happens around discovery, trust, convenience and priceHorizontals benefit from the growing demand Managed delivery for business lunch Discovery platform for pick-up Managed delivery for authentic food Discovery platform for local pizzerias Discovery platform for discounted pick-up
  15. 15. NEW MODELS ARE FOCUSING ON OFF PREMISE CONCEPTS High upfront costs On-premise experience first - physical storefront - Not flexible to changes: one kitchen, one brand, one menu In-house customer comes first Off-premise experience first - digital storefront - This Model works as long as food is still hyper-local and physical space is needed This Model works when cultural habit shifts to mobile-first world (like China) Digital presence is needed Low upfront costs Out-of-house customer comes first Flexible to changes: multiple brands from single kitchen
  16. 16. OFF-PREMISE EMERGING MODELS 16 - Smart industrial kitchens rented out to restaurants - High-flexibility and easy expansion for current brands - Merit based: Low-cost barrier to entry for new brands - Players provide shared space, infrastructure, and SaaS - Brands renting dark kitchens or using existing underutilized restaurant space - Players in the space usually take charge in providing the brand, raw-materials, customer acquisition, and delivery support - Cooking-on-the-go renovated and sold with healthy margins - Players in the space provide well-equipped vehicle with a cooking space, and often an app Dark Kitchens Virtual Restaurants Autonomous Restaurants Fleet
  17. 17. 17 Real Estate Models
  18. 18. MULTIPLE SUCCESSFUL MODELS EMERGING IN THE REAL ESTATE SPACE 18
  19. 19. OVERVIEW OF IBUYER MODEL 19 The iBuyer model requires getting involved in every step of the transaction
  20. 20. SUCCESS FACTORS FOR IBUYER MODELS 20 - Mortgage market for buyers - Debt capital market to fund homes up to ideally 90%+ - Culture of home ownership - High broker fees - High % of transactions going through brokers - High complexity transaction - Long time to close transaction (90+ days) - Availability of low priced assets that can be renovated and sold with healthy margin Every market Efficient markets Inefficient markets
  21. 21. Car Models 21
  22. 22. Ridesharing EVOLVING CAR MODELS 22 Used New Own Access Used car leasing New car leasing Allows consumers to sell to dealerships
  23. 23. FRONTIER CAR GROUP IS BRINGING THE AUTO1 MODEL TO EMERGING MARKETS Frontier Car Group is bringing the Auto1 model to emerging markets Auto1 model has proven successful in Europe Not clear which markets are fully operational Initial target markets
  24. 24. SUCCESS FACTORS FOR CAR MODELS 24 Information sources and use Incumbents - Absence of wholesale marketplaces - Low penetration of largest incumbents Financing - Social acceptance of credit - Credit scoring system - Access to credit Macro factors - Market size - High and/or increasing car ownership - Price differential across regions - Potential for pricing models built on proprietary data set
  25. 25. Job Marketplace Models 25
  26. 26. SUCCESSFUL JOBS MARKETPLACE MODELS 26 Blue collar Full Time Jobs Staffing / Gigs Vertical Marketplace Pick White collar
  27. 27. SUCCESS FACTORS FOR JOB MARKETPLACE MODELS 27 Regulatory - Employer responsibility for insurance/pension/sick leave/… - Ease of hiring/firing employees Macro factors - Industries which require rapid hiring/firing of large amounts of people (e.g. ride sharing or oil & gas for staffing) - Job churn in the market - Unemployment rates
  28. 28. Home Services Models 28
  29. 29. VERTICALIZATION OF HOME SERVICES MODELS 29 Horizontal services marketplace New verticalized and transactional competitorsHorizontals still dominate the bulk of home services models Managed marketplace for home maintenance and repairs B2B marketplace for construction materials Managed marketplace for home renovations Managed marketplace for restaurant renovations
  30. 30. Lending Models 30
  31. 31. VERTICALIZATION OF LENDING MODELS 31 … followed by a second wave of startups that address specific client needs The first wave of fintech challengers brought significant disruption to the market … Banking for self- employed freelancers Pay-as-you-go smart- phone purchasing POS financing for veterinary clinics Better returns for online shopping Lending for produce farmers
  32. 32. SUCCESS FACTORS FOR VERTICAL LENDING MODELS 32 Better understanding of customer needs • Faster decision making • Targeted UI/UX • Higher approval rates /lower cost Better customer experience Customer Needs Vertical Fintech Edge Outcome More business + more data ProducePay for farmers ScratchPay for vets ClearBanc for freelancers
  33. 33. AMAZING THINGS LIE AHEAD! 33 Thank you!
  34. 34. Thank you. FABRICE GRINDA fabrice@fjlabs.com JOSE MARIN jose@fjlabs.com 19 W 24th Street, 10th Floor, New York, NY www.FJLabs.com 34

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