the pitch two so we ran the numbers and surprise surprise some of the biggest successes from our show so far they're not software companies they're consumer product companies ant Flo a feminine hygiene company pitched on our show in 2017 they recently raised an $8.5 million series a fight Camp a consumer hardware company that we met in 2016 they're worth hundreds of millions now and more recently on our show a little startup called pepper you've probably seen their ads they make bras specializing in small cup sizes they're doing very well so well that we're not allowed to tell you and yet most VCS still don't invest in consumer products and I've made it my mission to show them they're wrong when we met today's founder Monica Williams we saw the makings of another consumer success uccess story now she just has to convince the five VCS on our show will a consumer product made just for tween become a billion doll brand or will it stay tweeny tiny I'm Josh mucho welcome to the pitch where real Founders pitch real investors for real money let's meet the investors Elizabeth Yin with hustle fund do you love the problem you're working on Charles Hudson with with precursor Ventures I wish that had been your open that was so good Pascal anger with focal VC that's I think how you have a chance outside of raising just a boatload of money Beck bamburger with bad ideas group I got to start my muffin business Matt Conwell with Rare Breed Ventures as a unicorn Hunter I want to see every unicorn real quick if you're not following the show already hit that subscribe button and turn on notifications the pitch for red drop is coming up after this all right Lisa oh we need quiet lisais Lisa Lisa Lisa tell them to be quiet out there hello hey how are yall doing good good um I'm going to start with a personal question but I want to know how how would you feel if you went into the bathroom and you found blood in your underwear well that happens here and there so yeah but for the men in the room it would probably be shocking at the very least probably terrifying but this is how thousands of us girls experienced their first period my name is Monica Williams I'm the CEO and one of the co-founders of red drop and we're redefining feminine hygiene for twins we have a system of products and education that is revolutionizing transforming the period experience for elementary middle and high school girls we're working hard to capture this you know our slice of the $6 billion doll pie we've generated $5 million in Revenue since our launch in 2021 $3 million last year and we have a clear path to $100 million in Revenue in five years or less and I'd love to invite you to join a five I'm sorry $500,000 seed round that we're raising for scale and to transform more periods for girls in America so tell us more on this tween Market especially since periods are starting much earlier what is this kit helped them prepare for what are they getting you obviously have the tools here so tell us more well I welcome you if you'd like to kind of open them and play it might be noisy I'll pass them both pop it open there's all kinds of cool stuff inside this is a sizable pouch and in here we've got um tampons small ones twin size we got tween size it says you got a little oh little little little vagina little squishy it's a uterus U uterus yes okay uterus but it's a stress ball this could be stress B yes there's different sizes of pads in case you're wondering Pascal mhm one through four yep yep one through four wipes you got to have the hygiene going a bathroom pass oh I like that so you don't have to talk if you're uncomfortable and like let's say have a male teacher you can just yeah because they only get two bathroom breaks a day generally yeah yeah there's a lot in this bag all right so um what tween periods means for me is the normal age for a girl to start their period is 8 to 16 yeah it feels like girls are starting younger and younger so you know 9 10 is not uncommon we mark it to moms um to really get prepared and start having the conversation because what the the situation I described happens in schools and so one of our other co-founders is a lifelong educator and she can tell you a story of a child going into the bathroom and literally feel thought she was dying so just starting to have that conversation early is really really important and so that's a big part of what we talk about it's just start having small conversations normalize this desexualize it Google's a terrible teacher we want parents to be involved what does mom really know about her period so we step into all of those gaps as well as provide better products for twins in terms of size um absorbency it's order control without fragrance and um just being there for them so you said you launched in December 2020 so call it 2021 you've done 5 million sales you did 3 million yet last year very impressive thank you I have multiple questions yes um so my first question is how do you find these moms how do they find you like how what is your customer acquisition B to this point customer acquisition right now is using social media marketing um right now we have two channels of business so D Toc is our biggest and that's where social media marketing comes in our second is schools and so in a lot of ways we're using that the always model 26 states are required to buy feminine hygiene for students and so we go and do conferences in school nurses um spaces where we sell to schools as well so it's really customer acquisition for which we are paid okay and when you talked about D Toc is that that's your largest customer base today absolutely and so you talked about social media what social media platforms do you use and are you using paid or is this organic like we use both um organically we use YouTube Facebook IG primarily and our paid is primarily Facebook and IG we also do Pinterest we really just try to to be in all place but our biggest drivers are Facebook and Instagram okay how much does it cost for you to generate one of these packet and how and and what are your margins on it so our direct margin's at least 80% our gross margin is around 65% for this for our school product it's a little bit lower because we we pay commissions on that our customer acquisition does vary like C last last quarter it was awful but I would say it's generally around $20 our average order value is around $40 okay and and how much is it it cost to make one of these uh about five bucks okay and you sell them at 40 correct got it well $37.99 to be got it what percentage of your customers are repeat customers like I understand this is for the this is like here's your first one here's the pack get ready but I also have to assume that some of these twins are going to have a good experience with the product and so like what percentage of these customers end up becoming repeat customers it's a great question and I'd say if there's one where one area where we didn't do great job in the beginning but we're doing a much better job now is subscription so we we are just launching subscription um in terms of repeat customers the best way I can answer that question for you right now is that when we have a sale event 40% of our sales are from repeat customers and so the my best and most honest answer is I'm not sure yet um but we are we are looking to have a lifetime value of upwards of $200 per customer um how much and I know it's it's early days but how much are you thinking about digital tools as a retention tool on top of the physical products it's definitely been a part of our planning there's a Tech play to this for sure I mean just we can start very basic with a period tracker most period trackers tell you when you get pregnant but that's not the the driver for this so just to normalize that for her in a digital way and then tie that to the back end in terms of supply chain can be very very powerful so absolutely that's certainly part of our plan so something like hey your period is going to be starting in two days do you have Molin because you know the first two days are going to be really heavy and really painful exactly and tie it to mom so she isn't surprised and she can buy the moin mhm absolutely we we definitely planned some of those things the um for us just because of our fun mandate um we focus our investing in software companies um so it's way too far outside of our scope but it's awesome what you're doing and fantastic job with the packages and everything not having gone through it myself I guess I very impressed by what all you have in there and I can very much see kind of the level of comfort that provides in what is a tough situation awesome thank you yeah I think I'm I really believe in this category I'm think I'm conflicted I'm an investor in a company called opflow that's focused just on really the B2B in school and it is a huge problem and I'm really happy to see that legislation's moving in a direction to make this mandatory yes but I think they're probably too close okay good to know and similarly I'm a personal investor in Ruby love so I think unfortunately that's going to be too much of a conf but I'm very impressed by what you've built thank you Charles yeah I don't know if you can you can speak to this but and maybe you two Elizabeth what are some of the pitfalls that you've seen in the industry overall I will just say retail distribution is really hard and online D Toc can be hard I mean the good news is there's like honey there've been like a number H about a number of like d to c/ on me channel brand new brands that have like one shelf space so I have no concerns about total addressable Market or the ability to build a meaningful company in this category like I think it's just because it is such a it's such a emotional issue for the Target customer that like you can build passionate following and I think in the beginning for a lot of the companies I've talked to it's just managing your inventory across channels how much do you want to give to Target or Walmart or Walgreens or if he asked how much do you want to do DTC every company we have that's scaled we have an incontinence brand focused on sort of the other stage of life you end up being multi Channel and the mix of D Toc B2B wholesale and Retail every company ends up with a different formula but that seems to be the magic getting that formula right for your brand and your customer how about you elizabe 100% agree with that like that has to be unlocked yeah yeah so these three have already spoken very very very quickly and the reason they've already spoken is because they're impressed by you and they want to say yes and they know they can't right that's why we got to this point uh dope like Elizabeth and Charles I have seen a lot of these companies I've never made an investment in the space I think this is amazing I think what you've done is incredible I think with the resources you've had the ability to do 3 million in sales last year um you should be raising more than 500,000 first and foremost that was a really small number for a company to done as much as you have but you know I get it those are different conversations I don't know if those are conversations for the pit show but have you had those kind of conversations cuz you know you as a black woman building a physical product dealing with feminine care you're going to have a lot of things stacked against you I think what you're doing right now is what's working but I think to Charles Elizabeth's point if you got to figure out the Omni channel strategy D Toc is your way there are some things I wish I had heard from you like I wish you had talked us through like okay this is where you get started this is how we get your young daughter going but then this is how we build to the Future this is how we walk her through her journey I'm sure all that's in your head yes it didn't come out for SE well let's hear it how about that been a little while understand go ahead Monica all right so there's so many things I'd love to so thank you let me start with that thank you very much for the compliments I appreciate them so the period kit is really our hero product but we our goal is to own elementary middle and high school so we start with these products and we start with them because of size and fit and experience but we currently we already sell period underwear which is a more sustainable option um and is expanding us into an older kid because we go we have seven sizes we're introducing menstrual cups um about that next and um again a sustainable option and um it's it's good for twins as well as older kids and we have introduced tampons and that's actually in our next kit we didn't introduce it initially frankly we're from the south and so there's you know there's some biases there so our goal is to go a bit wider on this full the full period experience for schoolage children I didn't mention we also have education so we partner with Rebel girls we have a book I'm an investor in Rebel girls oh yeah I was going say I saw book I was like that looks like one of Jess's books yeah so we so they reached out to us and we co-branded a book and so that was kind of our first foray into physical education we do a lot of video education as well um we're looking to expand that so that we're we can become the big sister and so to your point about what's the experience when my friend has her period and how do I have this conversation with her about introducing her to Red drop just as a word of mouthpiece that's definitely direction that we have started and are growing into so for us I see red drop as being the the tween and teen feminine hygiene brand can it grow beyond that for sure now as a you you open the door as a black woman for me to come on here and say I'm going to become the new always that's super audacious and I could could for sure what makes it audacious told us what you want that's what I wanted to hear nothing audacious about that that's what every the numbers like showing that you're on that Journey absolutely but I will say this has not been an easy Journey of course you you learn to to temper and to make it so that it's it is consumable for your audience and so when you're pitching in front of investors you don't got to temper nothing you got to make us convinced that you you be like look Uber's great but we going to be bigger oh absolutely s back her experience might have been a little different it has been it has been for sure yeah however there's something very smart about getting in at a impressionable age how many Millennials will eat a bowl of cereal that they ate when they were 10 years old why because it's ingrained in you like I will eat a bowl of Life cereal if you put it in front of me right now cuz I ate it when I was 10 you know so if there was a brand that could be you know secured that age you can ride into the decades until you get to the incontinence package over there but then you could own that too you you could own the the lifeline of a woman that's kind of the storytelling and and the aspect I want to hear ideally from you is like we're starting here but women have blood forever you know until they don't and then we have another thing so I mean wow that's that's a long customer so yes we we've we've spent a couple minutes telling you how much we we think this is incredible and what you could do with it so I'm in um I'm gonna say I'm in for 50k I want to be in for a lot more um if I could I would tell you I'd give you the whole 500 but I can't um butk you so I am out you are fantastic I like what you're doing it's a crowded space for me and a little outside of what we do but I really like What's Happening Here I appreciate that thank you be I disagree on the crowded like I don't think many of these companies are really focusing so much on the twins they're like your mom uses this so your mom's going to give this to you or your dad's going to run into the next nearest CVS and pick the first thing he sees and hopes is Right none of these Brands like when you see their marketing it's not to this demographic now as red drop gets bigger and they see the the potential there like yes so for this almost more than anything else is going to be how well you can build a brand but you've done something right to this point right your your number speak to that thank you I don't know if I love the name red drop but well to your point back there's honestly there's only one tween brand if you go into the store there's always CeX and stay free they have a teen brand if you open the package it's a size one adult pad it doesn't fit isn't tween that's teen so to be honest our space is not crowded yet it's unbelievable that in 20124 that I can sit here and tell you that thank you amazing thank you this is our First Institutional investment ever like we we we bootstrapped you haven't raised any money we've only raised 274 wow that is very impressive impressive how far you've come with uh it's very incredible no outside a very little outside and being first check or First instit Institutional check is kind of my thing so I stole it from this guy and this and this young lady over here plenty of room for all of us yeah yay thank you thank you save the M that looked really expensive incredible Monica finished her pitch with a literal mic drop before leaving the room if you thought that pitch was short you'd be right one of the shortest pitches on our Show Ever Mac decided to invest in just 20 minutes when we come back the investors make a case for why more VCS should pad their portfolios with consumer startups [Music] welcome back to the pitch Monica walked out of the room with a commitment from Mac for 50k but all of the investors were bloody impressed by what Monica had accomplished in just a few short years 3 million in sale and raised less than 300K very impressive impressive for a physical product com come on you know you wanted to say yes all she's awesome she's really awesome if I weren't an upflow I would when I saw the both of y'all the like oh yeah yeah yeah yeah yeah I'm the only one without a conflict this is this is great Charles I didn't know you invested in ant flow we had them back on the show forever ago yeah you know what's Wild is for most of its life that company had an all mail board oh are we surprised no shouldn't be see if you've met Claire you know she handled US mail board yeah it's been impressive watching that company grow yeah anyway but red drop so you barely talked to her and you seemed like you had enough information to make a decision and I know her business because I've spent a ton of time with her million in sales in two years with less than 300K of funding she figured out her customer she's got to figure out how to grow figure out how to grow is a problem money solves a lot of Founders we see have other problems that money doesn't solve that we're trying to get to when you got a Founder where their only problem is I need money to solve this problem that is something that VCS are really good at by the way and she was clear on that to scale she said I'm getting this 500k seed round for scale and I appreciated that because we're not hearing that sometimes from people they come and oh I'm raising this and I'm like to do what for what like alive to H we're out of money to it's like it's buried somewhere 500k is too low she needs to be she needs to be raising more and she probably needs to be thinking of a higher value but I get why she made that ask yeah I get it okay so this is something I've been talking to a lot of Founders about actually I remember the the day I talked with Monica about it and I said I feel like with some of the smaller investors early stage investors we have on the show they want to feel like their money can go a long way so if you come in the pitch room and you say we're raising a million dollars $2 million but we don't have anybody who's committed to that round yet it's just a really hard ass that's true but if you come in and you say I'm raising 500k you can be the first check in like you see that pattern and think I can really help this founder so I actually coached I mean she felt like she should lower it too but like I was like I think your instinct's right she was originally going to come out with a $1.5 million ask that would have with her Revenue growth that would have made more sense and and and even for the for smaller investors yeah we're valuation sensitive but a good company is a good company right like we've all done rounds much larger than what we normally for the right Founders and right companies it's true but I'm much more attracted to the smaller ask for a whole variety of reasons one is to this point but two also and and not only valuation but the other is I feel like like I feel like when people come out with a big Ask My worry is if they don't hit that then you know it'll be troubled water right versus like oh she can make it work on half a million great and typically once you have one Institutional Investor and to help you um get the rest of the round and things start to become easier or like pepper you just won't ever raise money again and yeah oh my God that thing is they are crushing I I missed out wait which one pepper Miss I've been trying to get Jacqueline back on the show but she doesn't she doesn't want her numbers out there like like we don't have to talk about the numbers I just I wouldn't either I wouldn't either if I were her yeah I wouldn't come back yeah I I don't know if I told you I emailed her later I was like you know what I I've changed my mind I would love to do it personally and she was like too late no wait what is it company what is this it's a bra company oh okay interesting focused on smaller cup-sized bras oh yeah yeah I mean we don't do any physical products and so for me this was a hard one uh no I mean in some ways it was quite easy yeah so Charles you said something when she's talking about her experience and you were saying no pitch it all out there like pitch the big vision and there was like some hesitancy in Monica and then Charles do said it sounds like you've had a bit of a different experience like what can you tell me about that I mean I deal with a lot of a significant junk of our portfolio are female Founders and founders of color and especially if you're not in the coasts you sometimes do get your ambition tamped down H you don't get encouraged to tell the big story so people end up shrinking she had no lack of ambition yeah yeah but I was like this is a person who's had an experience why would investors tell them to temper their pitch there's there's been because they don't believe they don't believe this person or someone who looks like this person can credibility go or or you're pitching or you're pitching why would a less ambitious pitch be better I know it's crazy it's it's just um this is a psychological thing the the weird line to straddle and sorry I cut you I cut you is I think for everybody is you have to sell the dream to the investor but you also have to be believable right and so there's I think there are certain people who can get away with selling a bigger dream because the investors believe they can execute on that but if the investors already go in either with preconceived notions for whatever reason whether it's your idea or who you are or whatever then they think then all of a sudden you seem like you're you're not credible you're not you're not a serious person you're not serious you don't live in San in San Francisco you're from the south you're a black woman I don't know if and you're a female product that is a physical good there also like I just see like there's an appreciation for ambition in Silicon Valley and in New York and I think there are other places where investors are more conservative but I think it's also deeper than that right so to Charles point like I spent my career as an investor specializing working with diverse Founders and female Founders I invest in everybody but you know very often I'll meet these Founders who they don't want to sound too audacious cuz they believe in authenticity they're like I'm just getting started how am I going to be a billion dollar company they I don't want to sell you on this dream but then they'll also get ding from investors like that like well you're not thinking big enough and so it becomes this double sword of like am I not thinking big enough but if I think too big I'm not a serious Barbie script can't be too much can't be too little but yet you like humble Founders too yeah but there's a I think humble is almost like more of a personality trait versus division to a certain degree so you'd rather hear a humble Person Pitch an ambitious business than a proud Person Pitch I think there's some Nuance in that it's something to say and walk in and say hey I have a vision for the plan for this to be 100 million in revenue and a billion dollars eventually that question you just asked me we haven't figured that out yet yeah yeah I need your help on that actually so you can be both somehow I think you that the line you're walking and it's a very hard line to walk that's why there's an art to pitching and I just said what I said cuz I could tell by the look on her face I was like oh she's had some experience this is not she's not projected she's had some experiences that have convinced her that this is the way she should show up okay I would have probably done the same thing M did if I didn't have a conflict she was great yeah she was great I know my teammates I learned from the best but I will say this right this pitch also epitomizes some of the issues in the Venture space yes cuz very quickly we got to the point of this isn't Tech this isn't software so you don't have as much access as many investors right you're a black woman yeah doing F Tech right so that's even a smaller group that's even going to take you serious so when she goes in the rooms there's going to be a section of VCS that just already just right can't do yeah I mean I don't think we could raise a fund if we wanted to invest in DC products so right it's I personally disagree on that piece but our background's par what we understand right but we also don't invest in d2c with our firm but over the last couple years having had a bunch of Misses like pepper I've now started writing those personal checks because actually there's a lot of really good companies in D Toc especially because there not a lot of VCS in it three of our best companies Bobby pepper and per were all D Toc and they're all like real companies yeah we get pitched a lot of D Toc companies so if we were to sit this one out as a show we'd be missing a lot of good stuff D Toc is hard but you know there's only generally speaking there's like what 50 to 80 unicorns a year all of those aren't in software correct so from my standpoint as a unicorn Hunter I want to see every unicorn not just the unicorns in the one pin but that's just my personal belief as an investor I get a lot of crap for that sorry LPS I invest in everything this is why but blood and boobs yeah forof Recession Proof lightting boobs wow all right that's a wrap thank you great what's our next one did you catch that Charles said three of the best company in his portfolio Bobby pepper and pear eyewear are all consumer product companies this was the moment I realized I'm not the only one who's excited about investing in consumer so much of the talk about consumer product startups has been negative it doesn't scale like software inventory costs are high Facebook ads don't work anymore it's just too hard but actually There's real evidence that consumer products can produce Venture scale returns too it doesn't mean it's easy but building a billion dooll company never is but I digress this story is about Monica after the show we caught up to see how diligence went with Mac uh you had quite an eventful experience pitching on our show you seemed almost hesitant to talk about the big vision and something about the way you reacted when Mac was trying to pull the big Vision out of you and say like no you should pitch it big you don't have to hold back and like Charles was like ah I feel like Monica's maybe had a different experience pitching VCS is that true for sure I mean Josh you and I talked about this I could I could clearly articulate and tell you that I can see aund million in Topline revenue for this company in 24 months or so yeah um but I really was relying on this PCT to go well and so I was definitely strling that line of projecting a big Vision but making it manageable yeah I have no doubt that we will be eight figures in 18 months and nine figures in probably 24 to 36 for sure but that wasn't something I don't think I ever would have said in the room first meeting these people but that's what they wanted to hear that's what they wanted to hear since then I certainly pitch a way more audacious idea I mean I've learned so much just just that experience I'm way more confident in in all of these sorts of situations not just pitches but intructions or connections I put those things kind of front and center and I'll say that it does work so thank you for that because I definitely got some training yeah we gave you a little boost hey man I mean it was a fire it was it was it was it was amazing but it was definitely I didn't know what to expect and I I don't think I I could have handled it better I think you did great I'm just [Laughter] saying all right so let's talk about what happened after the show okay many of the investors in the room seem to love your business right from the start a couple were conflicted out which is obviously a bummer but you can't do anything about that but that seemed to give Mac even more boldness and make him more excited to commit on the show so walk me through what happened after the pitch in the room so we he kind of he said he had some concerns so Monica we are slightly a little concerned about the competition you have to push as hard and fast as you can to be the market leader in the space and so that means a huge focus is going to be big box stores and building that brand recognition absolutely and ironically to that end just hired a retail strategist last week she has got amazing credentials she was the the lead feminine hygiene buyer for Target for 10 years she brought in Honeypot so in terms of just the strategy side I feel like we're getting that covered as well we are Girl Scouts partner now for feminine hygiene and I think we'll have our first placement in retail in the fall at Ulta and then one other thing we did have a really good meeting on on Thursday with a a buying group for Walmart they were so excited I have to say you crushed the answer I mean I was getting I was on the call and I was like a little bit nervous I was like oh he's going back into competition I know there's a lot of competition and two of the investors on our show are invested in the competition oh boy and then you just like came in hot with the answers and I was just like oh all right like it sounds like Monica's got this thing down no I'm telling you I learned a lot in the room Josh thank you it was wild like as soon as you were done with that that answer he was like yeah that sounds great we're ready to invest I love you and I love what you're doing I love what you're building we would be honored if you would so have us so we we would like to commit 50k and funding why so this be like our lead investor I don't know cuz like the dollar amount small so people won't consider us lead but we have a strong enough brand that if we set terms they may go ahead and go with the terms it was good like I I really I feel more ready just in general now I like I'm ready for the shits ready for the shits I'm ready for the shits because it's always somebody somebody's always f with some so yeah I'm ready for it bring on the how's the rest of the round going it's uh so far it is going it's a lot of work everyone always says you know funraising a full full time job and I don't think I really believed it and we we just you know we rebranded we've relaunched we've got some major Partnerships that we're trying to work through and it just feels like there is so much to do in addition to lead this team it's a lot it's a lot yeah it is a lot part of it is just finding the right VC and so like we are fem hygiene cpg I'd say that's tough yeah but other than that when I tell our story and now that I've I've learned how to craft it in a way that's more aggressive and more bold about what we have been able to do if we get a really good reception and I know this is a process and so we're just getting started and you know I'd say hopefully in three months I'll have some better results like actual results but I'm not getting the push back that I kind of expected so it's good Monica's got the traction the confidence and Her First Institutional check but there's one thing she's missing terms Mac and Monica are supposed to meet up again soon to set said terms this is a call Lisa and I are eagerly awaiting because we're interested in investing out of the pitch fund I was hoping as you all would that's amazing yes of course and we're we're ready to cut the check we've got the money ready to invest in companies and we want the companies we invest in to have that Capital so that they can deploy you've been bootstrapping this thing for years and accomplished so much I'm just like get the money in Monica's hand and let her go so anyway I'm like I need those terms so that we can uh invest I would yes absolutely definitely would love to add you all um to the family and let's just make it happen yes let's do it let's get those terms let's get those [Music] terms will Monica really be able to build to the next always only time will tell as investors we're on a 10-year Journey with our Founders at least sometimes they pop off before that but usually it takes a decade or more to see a company mature to the point of exit but then again it isn't just about the exit for me and Lisa it really is about the relationships we get to forge with these Founders over the Long Haul to be a part of the thing that they pour every everything into is really special and some people might scoff and say that a teeny tiny tampon startup couldn't possibly change the world but I think that's ridiculous helping twin enter adolescence with just a little bit more confidence anyone who's ever had or been a tween will tell you that's a big deal period we want to work with more Founders like Monica so if you're doing something meaningful and you think you can turn it into a really big business let's chat we're talking to Founders right now for our next pitch event this time we're back in California San Francisco details are up on our pitch event site the pitch event.com Founders you can join us by applying to pitch and for the investors listening angels and VCS alike you can join the live audience for our next event it's a super tight-knit Community we did this in Miami earlier in the year and everyone loved it you should consider joining just go to the pitch event.com to learn [Music] more next week on the pitch would you like fries with that people are what make franchises run the person who knows the business inside and out not someone who came off Wall Street because they're clears franch is the first investment marketplace where people can invest in franchises so you said 800 billion is what this Market is a year and hundreds of businesses are actually franchised business thousands and thousand there are more Brands franchised than there are stocks on the NASDAQ oh you're raising a $4 million price around and what are the terms on that the 19 million post money valuation oh and you do you not think that the valuation is a little frothy next week things get fruy when Kenny Rose brings a new alternative investment class to retail investors subscribe and turn on notifications so you don't miss it this episode was made by me Josh mucho Lisa mucho Anna lad Enoch Kim Jackie papaer and Alma langshaw with casting help from Peter Lou and John Alvarez music in this episode is by Anders Serene sloth rated G our many stars first sticks breake master cylinder imagined Nostalgia and the Muse maker the pitch is made in partnership with the VOX media podcast [Music] Network the pitch Inc and their respective employees and Affiliates do not provide investment advice or make investment recommendations the information provided on this show should not be used as the basis for making investment decisions listeners should conduct their own research and consult with their own investment advisers before making any investment decisions