NEWS & NOTES
🎙️ We’re Reimagining the Kingscrowd Podcast
The Kingscrowd Podcast is getting a refresh. We’re working on a new format that puts more of Kingscrowd’s investment research and analyst insights front and center, including deeper looks at startup investment opportunities from our analyst team.
We’re excited to share what we’ve been working on. Stay tuned for a new episode coming soon.
📊 Have You Tried the New My Portfolio?
If you haven’t checked out the latest improvements to My Portfolio yet, now’s a great time. Automatically import your investments from Wefunder, StartEngine, Republic, or CSV and see their estimated value based on the latest available data, all in one place.
🎉 Our First Syndicate Deal Sold Out
The Kingscrowd Capital Syndicate has officially sold out its first deal. Members invested $86,262.50 in Aquagga through Wefunder, filling the available allocation.
It’s an exciting first milestone for the syndicate and an early example of how Kingscrowd’s research and ratings can help inform where Kingscrowd Capital puts money to work.
The syndicate is open to accredited investors who apply and are approved to participate.
🚀 Kingscrowd Startup Showcase Heads to San Francisco
Join us on October 8 at 5 PM PT during SF Tech Week for an evening of live startup pitches, investor insights, and networking. Hear directly from founders actively raising capital, ask questions, and get expert commentary from Kingscrowd's Léa Bouhelier-Gautreau. Kingscrowd is hosting the event at Wefunder’s San Francisco office.
⏳ UPCOMING WEBINAR: Productive Patience - What Your Capital Can Do While You Wait for the Next Great Opportunity
Not every opportunity deserves your capital. On October 13, Kingscrowd CEO Chris Lustrino sits down with Dr. Steven Kaufman, Founder and CEO of Zeus Companies, to explore how investors can stay patient without letting capital sit idle, including the real cost of holding cash, how income-producing real estate notes work, and the risks investors should understand.
▶️ ON DEMAND WEBINAR: An Inside Look at the Company Building the NASDAQ for the Creator Economy
Could the creator economy become a true investable asset class? Watch Kingscrowd CTO Brian Belley’s conversation with GigaStar CBO Scott Kitun on creator investing, secondary trading, and GigaStar’s vision for building the “NASDAQ for creators.”
CHART OF THE WEEK
By Brian Belley | Read
Reg CF isn’t always a one-time raise. In our latest analysis, companies with multiple successful campaigns represent about 15% of included issuers—but account for roughly 53% of recorded Reg CF dollars since 2016. We added up their fundraising histories across platforms and years to see which companies keep coming back. These totals count Reg CF only, excluding Reg A+ and Reg D. The full analysis also includes a separate Reg A+ chart, showing how repeat fundraising compares at a larger scale.
For investors, another round offers a chance to compare earlier promises with actual progress. For founders, it’s a reminder that the investor relationship continues long after a campaign closes. This week’s chart explores the leading repeat issuers, Pirouette Pharma’s returning-investor example, and the questions worth asking before investing again.
PITCH REVIEW 💸
By Teddy Lyons | Deal Report
Gryphon (on Highlander)
Teddy’s Quick Take: I first met John Wu, the co-founder of Gryphon, back in 2022.
I was immediately drawn to his energy and knowledge of the internet router space. I just caught up with him last week, and I actually think the company is in a much stronger position today, even though annual revenue is roughly where it was four years ago.
Two major things have changed. The first is regulation. In March, the FCC effectively banned new foreign-made consumer routers from the U.S. market. Any new model needs a Conditional Approval from the Department of War before it can be sold. Almost all consumer routers sold in the U.S. are either designed or manufactured overseas, so all players in this space were affected. Gryphon is among the few retail consumer brands on that exempt list, alongside Netgear, Amazon’s eero, SpaceX’s Starlink, and ASUS. Gryphon is in great company here. While these are all competitors of course, Gryphon is one of the few startups that can really compete in this space at the moment. This is a regulatory moat that did not exist when I first spoke with John in 2022.
The second major change since 2022 is Gryphon’s transition into a far more durable revenue model. Today, recurring software revenue accounts for 65% of the company’s revenue (with the rest being in physical router sales). This software has historically been premium protection subscriptions, but in 2024, Gryphon has also begun licensing its software to run on hardware sold by other brands (including Nokia).
In my Analyst report, I dive into the nitty gritties of the company’s revenue evolution, its newest premium hardware product, and the regulatory landscape that I believe will drive Gryphon’s next phase of growth.
Ready to go deeper on every deal?
The Pitch Review gives you a glimpse of the research available with Kingscrowd Edge. Edge members get 5-star quantitative ratings, expert-reviewed analyst reports, and portfolio tracking across every active raise, plus access to Top Deals, the highest-conviction opportunities identified by the Kingscrowd analyst team. Only a select few raises make the cut. If you're not already an Edge member, try it free for 7 days.
STAFF PICKS 🌶️
By Léa Bouhelier-Gautreau
I started my research on The Bouqs Co. genuinely excited: a business among the leaders in its category, $90 million in revenue, and only 2.2x revenue multiple. Then I started digging. And I'm glad I did.
By Léa Bouhelier-Gautreau
I love a good bundle. I feel like I’m getting more for my money. Kokopelli, the outdoor packraft brand, acquired ROVR Products, a cooler brand that makes coolers designed to roll well on rugged terrain. The company is trying to grow by acquiring new products and expanding beyond its initial niche market. That’s the right way to grow. The company has ambitious growth projections. Will it get it done?
Until next time!
Thanks for reading and for being part of the Kingscrowd community. If you found something valuable in this issue, share the newsletter with a fellow investor. We’ll see you again in two weeks.
