The Ledger
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Robbins: Handle stores generate more revenue and higher margins than typical 7-Elevens
“Our stores generate more revenue and a higher margin than a typical seven 11.”
Robbins: Mature Handle stores will generate $2M in revenue and $500K profit
“There are 500 universities in the U.S. Where, that we've identified are viable markets for this, and if you just do the napkin math, our average store at maturity is going to be doing two million a year, so it's a billion in revenue, and then it's about 25% of…”
Robbins: Handle's customer acquisition cost is under one dollar
“So our customer acquisition cost is actually under a dollar.”
Yin: Handle should optimize existing campuses before expanding footprint
“Yeah, he's better off optimizing the campuses he has, and really, you know, making them very cash efficient, huge revenue generators before moving on to the next campus, but I feel like so many investors are fixated on, let's expand all these campuses.”
Robbins: Handle received an acqui-hire offer during insurance disruption
“This looked really scary the first two weeks, and in the middle of all of this tumultuous period, we get an acquisition offer as well.”
Hudson: Handle is going to be super successful with hyperlocal model
“Really impressive articulation of the business, and I think you're doing everything you can to maximize the hyperlocal nature of the business, and I think it's going to be super successful.”
Handle reports $17 average ticket and $4 net contribution margin per order
“Handle builds vertically integrated dark stores adjacent to college campuses. We deliver a curated set of 700 SKUs to students on and off campus in an average of 12 minutes, And we deliver them profitably. Our average ticket is 17 dollars, and we net four doll…”
Robbins: Handle's USC store generates $10,000 per month in profit
“Our stores, we've actually brought our first two locations to cashflow positivity. So our flagship market USC is producing 10,000 dollars per month in profit.”
Yin: Enclosed college campus density makes delivery unit economics easier
“The funny thing about college campuses is it's very enclosed as a community, and I think that's an insight I didn't have years ago. But it makes the unit economics easier because everything is happening in this dense area, right?”
Phillips: Handle will grow with or without outside capital infusion
“I mean, the business strikes me as one that capital infusion is great, but it will, you've got something here, right? And it will grow with or without that capital infusion, and I think the hyperlocal nature of it, and not growing too fast, Is actually what's …”
Robbins: Opening a Handle store costs $60K upfront and $60K in burn to break even
“To give you an idea of opening a location, it's roughly 60 K in upfront investment to get the licenses, build out the store, purchase the inventory, and then it's roughly 60 K burn over the first kind of six to seven months to bring that store to break even.”
Robbins: Handle sees direct correlation between hiring couriers and customer signups
“Our delivery couriers, we intentionally overstaff because they turn into brand ambassadors, and then they go in and bring their own community inside the school onto the platform. And we've seen the data and the direct correlation between hiring new employees a…”
Robbins: Handle's delivery insurance costs spiked tenfold after regulatory changes
“Essentially, right after we recorded, literally in the days following, there's a big regulatory change that happens in our industry, and overnight, our insurance costs 10 X's.”
Robbins: DoorDash couriers cannot access USC campus after 10 p.m.
“So if I'm a USC student, after 10 p.m., I actually can't get a DoorDash delivery, even to the building I'm in, much less my door. Because we're using students, they have student IDs, they can get in at any time, and we're able to deliver the best customer expe…”
Robbins: Handle stores can reach $2M revenue and $500K profit at maturity
“We're projecting that at maturity, which is about three to four years after opening, stores can do two million in top line and 500 K in profit per year.”
Robbins: Handle Couriers Drive Direct Correlation in New Customer Signups
“Our delivery couriers, we intentionally overstaff because they turn into brand ambassadors, and then they go in and bring their own community inside the school onto the platform. And we've seen the data and the direct correlation between hiring new employees a…”
Yin: Handle should optimize existing campuses for cash before expanding
“Yeah, he's better off optimizing the campuses he has, and really, you know, making them very cash efficient, huge revenue generators before moving on to the next campus, but I feel like so many investors are fixated on, let's expand all these campuses.”
Robbins: Handle uses part-time W-2 labor instead of 1099 contractors
“One significant advantage that I see is that we're actually using W-II labor, even though it's part-time.”
Doherty: Past investments at Handle's valuation generated much higher revenue
“What, I feel like I look at the businesses that I've done at that valuation in the past and they've had much higher revenue.”
Robbins: Handle's U.S. TAM is $1B Across 500 Universities
“So there are 500 universities in the U.S. Where, that we've identified are viable markets for this, and if you just do the napkin math, our average store at maturity is going to be doing two million a year, so it's a billion in revenue, and then it's about 25%…”
Robbins: Handle couriers batch six to seven orders per trip on hourly pay
“Every time they leave the warehouse, they're generally taking six to seven orders. That's where we really, because we pay them hourly, we're not paying them per delivery.”
Chase Robbins: 50% of Handle add-to-carts come from top five category items
“50% of our add to carts come from the first five products in any given category.”
Robbins: Handle is raising a $3M seed round
“We're here because we're raising a three million dollar seed round.”
Robbins: Handle uses part-time W-2 employee labor for deliveries
“One significant advantage that I see is that we're actually using W-II labor, even though it's part-time.”
Robbins: Handle achieved $1.2M in cumulative sales with a 25% gross margin
“So we've done, to date, we've done 1.2 million in top line sales. On that, we've spent roughly 600,000 on inventory sold. That's, like, our cogs. And then when you add in the pick pack delivery labor, that's about 20%, and the rest is take for us... 25% of 1.2…”
Robbins: Handle plans to launch 11 locations over the next 18 months
“Right now, our plan is to launch 11 locations over the next 18 months.”
Handle introduces GM compensation tied directly to store-level net income
“We have recently rolled out a new comp structure where they're actually being held accountable to the store level PNLs. So they're able to kind of define their earnings. By what the net income of is, what the net income of their store is based on the percentag…”
Chase Robbins: Handle converts about 50% of signups into first orders
“Right now, our customers, we have about a 50% conversion from signing up for the app and placing their first order”
Yin passes for Hustle Fund but considers personal angel check
“So from the perspective of the fund, we'll be out, but I think, you know, given where you are with your fundraise, if you end up, you know, raising a price round or whatever this is with those funds, I would love to see if I might be able to write a very, very…”
Robbins: Two Funds Are Interested in Leading Handle's Funding Round
“We have two funds that are interested in leading the round, so I'm optimistic that we'll close the round at this point.”
Robbins: Handle burns less than $10,000 per month
“So our burn rate is generally less than 10,000 dollars a month.”
Robbins guarantees round allocation for Doherty and Yin within six months
“Paige and Elizabeth will a hundred percent have allegation when we raise this next round in the next like six months.”
Robbins: Handle's Oregon GM turned down Big Four consulting offers
“He came to us when he was a student and loved the business so much, you know, we gave him a little bit of equity compensation and then we put this new compensation structure in place and he passed up, you know, big four consulting jobs to stay and run this loc…”
Robbins: Handle raised $1.1M on SAFEs and he owns roughly 80%
“So like I said, we raised 1.1 million in safe notes. Those are at a 7.5 million dollar cap. So, you know, those technically haven't converted yet. We haven't sold any priced shares. I currently own roughly 80% of the company.”
Robbins: Built all Handle tech including apps and internal dashboards
“I actually built all of our tech so I'm kind of a software engineer by trade, but yeah, so we have, Application for our couriers. We have an application for our customers, and then we have internal kind of administrative dashboards, order management software, …”
Robbins: Handle raised $1M pre-seed at a $7.5M post-money cap in 2022
“We've raised, ah, so in twenty-twenty-two, early twenty-twenty-two, we raised a one million dollar pre-seed round, mainly from Angels. That was a safe note at a 7.5 million dollar plus money cap”
Robbins: Delivery Times Over 20 Minutes Reduce Handle's Customer Retention
“We've done some testing, and we've done analysis around, you know, delivery times and return rates for customers, and right now we see that if we get above 20 into the 25, 30 minute range, we do see a reduction in returning customers”
Robbins: Handle ties campus GM bonuses to store net income
“We have recently rolled out a new comp structure where they're actually being held accountable to the store level PNLs. So they're able to kind of define their earnings. By what the net income of is, what the net income of their store is based on the percentag…”
Robbins: Handle raised $1M pre-seed at a $7.5M cap in early 2022
“In twenty-twenty-two, early twenty-twenty-two, we raised a one million dollar pre-seed round, mainly from Angels. That was a safe note at a 7.5 million dollar plus money cap”
Robbins: Handle burns less than $10,000 per month net
“Sure, so our burn rate is generally less than 10,000 dollars a month.”
Yin: Hustle Fund passes on Handle, but considers personal angel check
“So from the perspective of the fund, we'll be out, but I think, you know, given where you are with your fundraise, if you end up, you know, raising a price round or whatever this is with those funds, I would love to see if I might be able to write a very, very…”