The Ledger
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Soininen: Playven could have raised its bridge round at $8M
“We could have, ah, gone to them at eight and we probably should have, ah, we like.”
Diamond: Playven cannot successfully do both SaaS and a marketplace
“You're doing two things, and I don't think you can do both.”
Manus: Playven's revenue does not justify an $8M valuation
“No, you shouldn't have because your revenue and this does not, ah, represent an eight million dollar valuation.”
Manus: Topias Soininen lacks capacity to build a cross-sport platform
“But also, I don't think he has the capacity to build out a platform for all sports across, right, all venues.”
Soininen: Sports court booking can reach venture scale like OpenTable
“I completely disagree with that. A great example of this is, is open table. They started off as a booking system and then they become this billionaire billion dollar platform for a marketplace for finding a restaurant. So I completely disagree with that.”
Hyatt: Playven's 10% take rate is probably not enough to scale
“The reason it's very very expensive, is that 10% gets eaten very quickly on customer acquisition cost, your marketing costs, you're getting in the players. So the 10% isn't probably enough to scale. You have to go through a lot of cash.”
Soininen expects to raise at a valuation above $4M in the fall
“I think you know, we, I believe we can raise money at a bigger valuation than four at this point. We just, you know, need to clarify that focus a little bit and that's what we're doing. So I think, you know, once we show that we'll be able to raise at a bigger…”
Soininen: Playven generates only $2,000 a month in revenue
“Revenue we're making about 2000 bucks a month right now.”
Manus would invest in Playven at a $4M to $4.5M valuation
“If this was at four million, I would definitely come into this, or 4.5.”
Phil Nadel passes on Playven, citing founder's lack of urgency
“There's a lack of urgency that I'm not, as an investor, comfortable with, so I'm going to pass.”
Soininen: Playven is a full club management system unlike ClassPass
“We're a full-on club management system for tennis and sports clubs, where you manage space bookings, lessons in clinics, coaches so it's a completely different product on the backend side compared to ClassPass.”
Nadel: Playven only has 24 paying clubs after years of operating
“He's been doing this for a few years. He only has 24 clubs paying him.”
Playven has processed almost 200,000 bookings across 180 clubs
“We've already processed over two, almost 200,000 bookings. We, ah, at 180 tennis clubs.”
Playven spent zero dollars on user acquisition through May
“So up until May of this year, we haven't spent any money on user acquisition.”