Vivoo Deal Memo

Deal Summary

I made a $100 investment into Vivoo as a Crowd SAFE security at a valuation cap of $15M and a 20% discount using the Republic platform. For more information on the deal, check out their deal page. I invested in the company due to their market opportunity, early traction, and an interest in tracking my own health and nutrition. I am a big believer in the “quantified self” and that with data, we can improve our bodily functions, health, and wellbeing. I believe the valuation is high given their current revenue, but their user traction and growth help settle my concerns.

Company Summary

Vivoo is a wellness application that promotes a healthier lifestyle with real-time, personalized advice based on urine data. The product helps users track their body parameters such as hydration, pH, immunity, and ketones. It is the first wellness application that communicates with a body’s data through an at-home urine test and guides consumers to make better decisions based on their body’s needs. The Company currently provides its products and services direct-to-consumer, targeting primarily health-conscious millennials. The Company is also working to establish relationships with corporate wellness partners.

Company website: https://vivoo.io

Total Addressable Market

Vivoo is targeting the $122B mobile health TAM. The SAM of the Fitness, Diet, & Nutrition market is valued at $34B. For personalized nutrition alone, their SOM, the market is valued at $10B. Vivoo can access any market related to health and nutrition, personalized nutrition advice, and mobile health apps. The market opportunity is huge and growing. This is venture scalable, and given the rise of both DTC products and a focus on health and wellness, the company is well-positioned for growth.

Product

Vivoo is an application that gives personalized nutrition and wellness information to users. They use urinalysis test strips to collect real and accurate data about each user. With this information, they provide a highly personalized and accurate analysis of your body’s data to provide user-specific wellness advice. From which foods to eat (or avoid), how much water you need to drink, and more. Their wellness tips are based on your actual health and body’s needs. I’ve used the product, and I’ve found the process to be relatively simple. I’d say the app leaves me wanting more, and the advice is pretty basic, but they have built a solid foundation to build off of. An additional concern that I need to research is product waste. Are the pee sticks biodegradable?

Team

A founding team of four individuals, the CEO has a background in biosciences, a passion for health and wellness, and previously founded companies in medical diagnostics, smart homes, and smart co-living spaces. I found her presentation and personality to effectively get people on board with her vision and excitement about the product.

Customers

Vivoo’s target customer is a health-conscious individual looking to make real changes to their lifestyle. Their goal is to make health analysis personal and affordable so that everyone can access important advice while on their quest for wellness. Their customer base is comprised of a diverse group of individuals and corporate wellness partners. They are currently providing service to approximately 14,000 individuals globally with our wellness application.

Traction

Vivoo has created a community of 30K+ people, 20K of which are users with an average of 2 tests per person. They’ve shipped 100k wellness packs to date, a 30% month-over-month growth in users. They’ve also secured several partners, reaching 100+ affiliates and 50+ gyms around the country. In 2019, the company achieved $22K revenue – a modest amount.

Other Criteria

Vivoo has received over $2M in funding from prominent investors such as Draper Associates, who led their Seed round. Their Pre-Seed funding was from 500 Startups, and they are graduates of Techstars. The markets in which their products are sold are highly competitive, including Habit, Fitbit, Healthy.io, Lumen, MyFitnessPal, and Scanwell. Product quality, performance, value, and packaging are important differentiating factors and something they will focus on to increase penetration into the market.

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