In late 2019, 173 investors, including myself, invested in WOMP through WeFunder for a total round of $348,399. Let me tell you why I invested in WOMP, the CEO Gabriela Trueba, and the rest of the team.
The Problem & Solution
3D is often out of reach to the average person. Let’s be serious the average 3D printer can run you a couple of hundred dollars and quickly becomes out of date.
Womp believes “3D tech, like 3D printing or AR, promises to change the way we make, buy and sell products, but DIY and hired 3D services are complex, scattered and expensive.” Your success with 3D tech depends on “easy access to create, interact and share 3D files.”
The team at WOMP is focused on providing you with innovative 3D tech all in one place to turn your ideas into products that can be sent right to your doorstep.
The Products & Services
WOMP offers 3 services: 3D scanning, 3D modeling and 3D printing.
The 3D Scanning vertical act of sending your object to womp.xyz and having it appear on your browser in 3D. Side note, can we talk about the Slick model that was made. I mean super cool!
The 3D Modeling vertical act of uploading your idea to womp.xyz and having it appear on your browser in 3D.
The 3D Printing vertical act of uploading your 3D model to womp.xyz and having it appear on right on your doorstep.
Here is a consumer use case that resonated with me that explained the lifecycle of their services to bring an idea to reality. As you can see from the imagine above, this ring was super affordable at $55.
Most recently with COVID, WOMP has begun a PPE beta program to by anything from face shields to a generative nasal swab for carbon clip tech. These products can be purchased in bulk off the WOMP site.
The Valuation & Financials
WOMP is very early stage and did not have a valuation. So what I purchased was a SAFE security.
To better understand this, let me leverage the WeFunder glossary here:
First developed by Y Combinator in 2013, a SAFE grants an investor the right to obtain equity at a future date if the startup sells shares in a future financing. It has been historically used by top startups in Silicon Valley raising money from accredited angel investors. You should only invest in a SAFE if you believe that the startup can raise financing in the future from professional investors.
SAFEs are used by early-stage startups because they delay the difficult task of figuring out how much a startup is worth. It is also a much cheaper and simpler contract than priced equity rounds, which may require months of negotiation and upwards of 30 pages of legalese costing tens of thousands of dollars.
Carolynn Levy of Y Combinator authored the SAFE. You can watch her video explaining it:c/o WeFunder
The financials were promising. As they noted in their WeFunder campaign, in 2 years of stealth mode with no marketing or advertising costs, they 3x revenue with 20-85% sales margins servicing over 300+ customers. Projections for 2020 was 5x 2018, and comprised of 70% 3D content and 30% manufacturing.
Disclaimer, revenue or projected revenue should NOT be the ONLY indicators for your investing. In this case I looked at many factors and the interesting and niche services.
The 3D market is roughly about $11B and by 2030 it will be $500B.
There is no direct competitor that is both a full service creative agency and manufacturer. As WOMP points out, the disjointed market requires customers to pay an hourly design and manufacturing fee as well as visit these companies in person.
Gabriela notes “WOMP’s pricing is 20- 50% lower than our competition for 3D content and we undercut our competitor’s lead times by a factor of 4X to 6X for any of our 3D services. Finally and most importantly, we offer an easy and friendly interface for anyone to access our 3D services. Zero knowledge and zero files required.”
The Bottom Line
Putting aside that WOMP is still in its infancy stage, but growing rapidly, especially during COVID, the product, the unique market and problem and especially so female c suite was the determining factor.
I am interested to see this company grow and be a part of their journey. To add they’re located in NYC, Brooklyn to be exact so I’m excited to see what’s next.
Go check them out.
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