Guac Fees and Miso Robotics Make Chipotle Do What it Do
Every week I breakdown startup pitches with the added hook that you can invest whether you’re accredited or not (if you don't know what that means, click here).
I base my review on a 3-minute founder pitch and some light diligence.
My scoring system is not a validation of idea, or grading for likelihood of success. It just means, all things being equal at launch — this startup has these boxes checked.
What I look for:
Founder — ability to lead, sell into and influence a given market
Idea — is it inevitable or solving a BIG problem in a scaleable way
TAM — how big is the total addressable market
Traction — do they have meaningful early traction
Unfair Advantage — do they have a competitive edge
Key People: Mike Bell, Ryan Sinnet, Rob Anderson, and Chris Kruger
Brief: Miso Robotics, with a valuation of $500 million, is raising funds on Dalmore Group through Reg A+ crowdfunding. The company has developed an AI-enabled robot, Flippy, that functions as a kitchen assistant. Flippy, the robotic chef, cooks food along with other chefs in commercial kitchens and makes the process more efficient and consistent. The company has also designed Flippy 2 Wings as the robotic chicken wing frying solution.
Terms & Takeaway
Invest in Miso here 👉 Term Sheet
Security Type: Reg A+
Series E: Preferred
Fundraise Goal: $40,000,000
Minimum Investment: $995.00
Here's what I like: EFFICIENCY! Can we all just agree that restaurants (at least fast and fast-casual) will be using automation, kiosks and robotics?? Ok, good. With Miso, restaurants like Chipotle are a) reducing location footprint sq. ft. b) producing 30% more food output and c) 2x’ing food prep time 👀 From an investment standpoint, this is a later stage deal. $500M valuation is very high, especially given the status of product integration — despite the brands they’re in pilot with being massive. With that said, the parent company, Dalmore Group, has been in the robotics field for a long time with a lot of success (I’ve reviewed their products before); so there’s definitely a proven track record.
Here's what I don't love: The price is relative to expectations. I do frequently invest in later stage deals because the risk is far less, and a 2x return is nothing to sneeze at. The product and use case is inevitable, but my only real complaint would be, how long will it take for brands to roll the new tech out?? This matters to me because 2x ROI is great if the horizon is 1-3 years, after that, I need to start eating into better gains elsewhere… unless there’s even bigger than 2x potential — which at $500M is steep.
Who should invest and why: It goes against conventional thinking, but I actually think later stage deals make for better early investor entry points because the sophistication level of the deals are more buttoned up and the risk is significantly less (to say nothing of the fact that less imagination is required to see the opportunity). In the case of Miso, the investment minimum is a shade under a grand and you’re getting preferred stock, rather than an uncapped note or SAFE. Whether you’re a newbie or decently-versed investor, I think Miso is worth a look given that what they’re building will 100% be adopted; the only question is, who will own the market??
As always, startup investing is super high-risk, anything can happen.
Invest in Miso here 👉 Term Sheet
Questions, DM me 🤳 @kitun.