2 out of 3 startups are still tempted to say, “we’re the Netflix of something” or “we’re the Uber for something else”.
Maybe that was neat in 2012. Today, it’s a good sign you should put away your deal signing pen. If not sooner that’s the moment their pitch falls apart. Because it’s just not true. They don’t have billions of cash on hand, hundreds of millions of users or the ability to acquire all who threaten their growth trajectory.
But it’s very rare when a global tech giant could most accurately describe their latest product category as “we’re the SOMETHING by Apple”.
In the case of new Bluetooth trackers, the best way to describe AirTag would be to say exactly that.
What’s that SOMETHING -> Chipolo.
The fact that Apple did its own version of their tracker, is awesome news. Because now the market for these devices is growing astronomically and Chipolo trackers have a tie in to Apple’s Find My Phone functionality.
And the best part, up to this morning, Chipolo has only $700k of funding to their name as recorded on CrunchBase. Not bad for a company that started as a Kickstarter campaign of 7 friends who kept losing their keys.
Since 2013 that idea grew into a business serving customers in over 200 countries worldwide.
Here’s the basics>
1) Raised $290k with crowdfunding in 2013
2) Executed the idea and got $260k seed funding in 2015
3) Evolved into a business, attracting B2C and corporate customers like Oracle, Lufthansa, Daimler, Samsung, Santander, or Bentley, providing the hardware and needed software platforms
4) They have a great team. (Doesn’t everyone? No.) Just talk to CEO Primož Zelenšek. He’s honest, hungry, and humble. And he’s been at this since 2013, day in day out.
5) They’re one of many interesting investments by the Slovene Enterprise Fund, who also benefit from a strong startup ecosystem of mentors and entrepreneurs.
If you want to meet more real people like Primož, apply to Next Round.