Avarell: Peter Thiel led Ember's Series A in $17.4M combined round
Kurt Avarell · Rockstar Guitarist Launches SaaS, Breaks $3.6m in revenue, $30m valuation · Jun 30, 2022 · at 13:25
Kurt Avarell, co-founder and CEO of Ember, details the startup's equity funding history to host Nathan Latka.
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“So we closed a seed and an A, which we kind of announced together at a 17.4 million dollar financing. The A was led by Peter Thiel. So we were super excited about that to have him lead that financing. And we closed that in February.”
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More from Kurt Avarell
Avarell: Ember will '100%' surpass $100 million in GMV in 2022
“Oh yeah. Yeah, absolutely. Based on the current growth, a hundred percent.”
Avarell: Ember operates near breakeven with almost zero cash burn
“I can tell you, we operate pretty close to a breakeven. Like we've not burned hardly any cash. Most of the cash that we put on the balance sheet is to buy inventory.”
Avarell: Pacaso and Ember are the two dominant players in fractional ownership
“Right now it's basically the two big players in the space are Picasso and Ember. There are a couple others that are smaller but those are the two big ones.”
Avarell: Ember takes 12% markup on home purchase and furnishings
“Where we make the money is on that
You know, we're right now at 4.3 million dollars, the four million dollar purchase price of the home, 300,000 dollars of furnishings.
We take a 12% uplift.
So we'll take that 4.3, multiply it by 12%.
And that's where Embe…”
Avarell: Ember expects to double or triple customer count by year-end
“Well, we've had over a hundred families buy in to Ember to date over the past 10 months, and yeah, we expect to, you know, double, double or triple that number toward, you know, the end of the year or so.”
Avarell: Ember share transactions close in 24 hours via LLC interests
“You list the property, it goes up on the MLS, it goes on Ember's website.
we bring in a buyer, the buyer buys a share, and they can actually close on that share in 24 hours because what they're buying is a membership interest in an LLC, not in not, you know,…”