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A look at Q2 in online startup investing, by the numbers

+ a frozen pizza co. pitch review, a convo with Truleo founder Anthony Tassone, and other top deals

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Heyyo! Welcome again to the converged Monday Memo and Pitch Reviews newsletter. Before we dive into this week's pitch review, a huge shout-out to Blake Janover! I actually broke down Janover’s investment opportunity in an early IG-version of Pitch Reviews back in the day. Janover Inc. is heading for the NASDAQ (JNVR), with shares allegedly between $4 and $6. They're shaking up the commercial real estate lending scene, and we're psyched to see how it goes down.

Scott Kitun


Today’s Chart of the Week summarizes data for Q2 in online startup investing.

  • With the SEC requiring deals to submit new financials to continue raising after April 30th, 412 deals closed in Q2 2023.

  • Despite the high number of deals closing, investors only invested $22 million less than in Q1 2023.

  • Dalmore Group and Wefunder remain the leading platforms for Reg A and Reg CF deals.

  • For once, the Food & Beverage industry isn’t leading the debt raises.


Brief: Blackbird Foods produces frozen pizzas and meat alternatives found in major chains like Target and Whole Foods across the U.S. With 2,500 distribution points and a $4.4 million revenue run rate, Blackbird Foods aims to expand manufacturing, invest in inventory, hire sales personnel, and develop new products. It’s currently raising $1,235,000 at a valuation of $7M with a minimum investment of $100.

Key People: Co-founder and CEO Emanuel Storch, co-founder and Director of Operations Mike Pease

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Here's what we like: With a revenue run rate of $4.8 million, Blackbird is undervalued at $7 million. The company has consistently grown revenue year over year, which is reflective of the founders’ ability to execute. The founding team has a complementary background in consumer goods and the restaurant space that’s ideal for the verticals they’re selling to. The team is off to an impressive start retailing in Sprouts, Whole Foods, and Target. However, there is still plenty of room to expand both in retailers and in restaurants outside of the Northeastern U.S. Presence in an additional 300 Target stores this year will drive the company’s already consistent revenue growth. Finally, the small market is growing at a staggering rate of 23.9% annually. Consumer trends like environmental and health consciousness will continue to drive consumer adoption of meat alternatives.

Here's what we don't: The U.S. plant-based meat market is very small compared to most other food sectors. The strong growth rate is promising, but it will take years for the market to grow to just $10 billion, as mainstream customer adoption is a big hurdle. Blackbird’s wide product offering also invites competition. The company competes with hundreds of vegan, gluten-free, and traditional options in the pizza space. Seitan is far less popular, but the lack of competition likely reflects lower demand. Finally, it should be noted that the increased financial risk rating produced by the KingsCrowd algorithm is the result of $2.5 million in long-term debt, which the team has reported to be convertible notes.

Would you invest in Blackbird Foods?

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In this episode of Inside Startup Investing, Anthony Tassone, the founder of Truleo, discusses how his company uses AI to transcribe and analyze police body camera footage to improve policing standards. Anthony dives into the potential of their AI platform to provide valuable insights from unreviewed body camera data, reduce administrative burdens, and increase the professionalism and accountability of police officers. He also shares his thoughts on the sales cycle in the public safety space, the potential for expansion beyond policing, and Truleo's current fundraising efforts.

Listen to the full episode here


BabyQuip provides a baby gear rental service for the US, Canada, Australia, New Zealand, Mexico, and the Caribbean for traveling families. With over 1,700 Quality Providers and 7,000 affiliate partnerships, BabyQuip aims to raise up to $2.3 million for growth, marketing, product development, staffing, and working capital.

  • Valuation: $29.7 million

  • Minimum Investment: $249

Fueled, a $6.25 million data platform on Wefunder, revolutionizes e-commerce analytics and ad targeting. Used by 1,500 e-commerce brands across 78 countries, Fueled tracks over $75 million in monthly purchase events. The company is now aiming to raise up to $124,000 for product development, marketing, and sales.

  • Valuation: $6.25 million

  • Minimum Investment: $500

Selfmade, a $7 million company on Wefunder, combines psychology and dermatology to create personal products that enhance mental well-being. Focused on interrupting the stress cycle through emotional regulation and self-care, selfmade seeks to raise up to $1.24 million to fund product development, hiring, operations, and customer care.

  • Valuation: $7 million

  • Minimum Investment: $100