Plei

Plei

Growth Stage

Play Soccer Anywhere, Anytime

Play Soccer Anywhere, Anytime

Overview

Raised to Date: Raised: $122,281

Total Commitments ($USD)

Platform

Republic

Start Date

09/12/2023

Close Date

12/12/2023

Min. Goal
$25,000
Max. Goal
$1,235,000
Min. Investment

$150

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$20,000,000

Discount

20%

Rolling Commitments ($USD)

Status

Active

Reporting Date

09/26/2023

Days Remaining

77

% of Min. Goal

489%

% of Max. Goal

10%

Likelihood of Max
unlikely
Avg. Daily Raise

$8,734

# of Investors

87

Momentum
warm.svg
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Year Founded

2017

Industry

Fitness & Wellness

Tech Sector

MarketplaceTech

Distribution Model

B2B/B2C

Margin

Low

Capital Intensity

Low

Location

Miami, Florida

Business Type

High Growth

Plei, with a valuation cap of $20 million, is raising funds on Republic. The company is offering on-demand play anywhere, anytime soccer via an app that allows anyone to join a game in their city. The app handles all the logistics of the game, ensuring every match is an exciting experience. Some of their achievements include generating $4.5M revenue in 2023, having 180,000+ soccer players on the Plei App, and hosting 40,000+ games on the Plei App as of Aug 2023. Brothers Alejandro and Sebastian Duque founded Plei in Jan 2017. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $1.24 million. The campaign proceeds will be used for staffing, marketing, travel, and R&D.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$1,690,689

$786,795

COGS

$1,145,689

$528,424

Tax

$0

$0

 

 

Net Income

$17,437

$-112,962

Summary Balance Sheet

FY 2022 FY 2021

Cash

$116,625

$104,988

Accounts Receivable

$0

$0

Total Assets

$144,274

$110,477

Short-Term Debt

$559,745

$543,385

Long-Term Debt

$305,316

$305,316

Total Liabilities

$865,061

$848,701

Financials as of: 09/12/2023
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Plei 12/12/2023 Republic $20,000,000 $122,281 SAFE Active RegCF
Plei 04/30/2020 Republic $10,000,000 $118,990 SAFE Funded RegCF
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Analyst Report

BETA

Synopsis

Soccer is the most popular sport globally, with an estimated 4 billion fans. Beyond professional soccer, millions of Americans play soccer recreationally, whether in organized leagues or casual pickup games.

However, organizing pickup soccer games can be a logistical challenge. Coordinating players, finding a suitable location, and ensuring a balanced and competitive game can be difficult and time-consuming. This is the problem that Plei aims to solve.

Plei's app allows soccer players to join pickup games in their city quickly. The app handles all game logistics, ensuring each match is an engaging experience. This makes it easy for soccer enthusiasts to play their favorite sport whenever and wherever they want.

Since its launch, Plei has become the largest pickup soccer platform and organizer in the United States. As of August 2023, Plei boasts over 180,000 soccer players on its platform and has hosted over 40,000 games. The company generated $4.5 million in revenue in 2023, demonstrating the strong demand for its service.

Next Section: Price

Price

Plei is raising funds through a SAFE (Simple Agreement for Future Equity) with a valuation cap of $20 million. This valuation cap represents a multiple of 4.44 times the company's annual revenue of $4.5 million. The valuation cap means the maximum valuation at which the investment made in this round converts into equity. Investors in this round also receive a 20% discount on the price per share at the conversion time.

Given the company's impressive growth in revenue, with a year-on-year growth rate of 166.16%, and the fact that it has already captured a sizeable portion of the US pickup soccer market with 180,000+ soccer players on its platform, the valuation cap seems reasonable. Additionally, the company is profitable, further adding to the attractiveness of this valuation. 

For exit potential, for investors to achieve a 10X return (not accounting for dilution), Plei would need to be acquired or go public at a valuation of at least $200 million. This is undoubtedly achievable, considering the company's growth trajectory and the addressable market's size. However, it would require the company to maintain its current growth rate and possibly expand its offerings to capture a larger market share.

Next Section: Market

Market

The United States pickup soccer market, which Plei operates within, is currently valued at $4 billion. Plei's market is characterized by low regulation and a limited competitive landscape. This allows the company to operate easily and face little competition in its niche space. However, it's important to note that while Plei's current market potential is considered low, this is relative to the more extensive fitness and wellness industry. Plei's recent market dominance could still translate to significant growth and profitability as a niche service within this industry.

Plei's current market position is vital due to its unique product offering, high market acceptance, and lack of competition in the US pickup soccer market. With a growing user base and the increasing popularity of soccer in the United States, Plei is well-positioned for future growth.

Next Section: Team

Team

Plei was founded by brothers Sebastian Duque and Alejandro Duque. Sebastian serves as the CEO of Plei and has been involved in the development and growth of the company since its inception. Alejandro, the COO, is a first-time founder but has been dedicated to the success of Plei. Together, they have built Plei into the largest pickup soccer platform and organizer in the United States.

The Plei team consists of 25 members who are passionate about soccer and dedicated to providing an exceptional experience for players. The team has experienced high growth since the last funding round, indicating a strong commitment to expanding the business. 

With the Duque brothers' leadership and the Plei team's dedication, the company is well-positioned to continue its growth trajectory and solidify its position as a leading platform in the US pickup soccer market.

Next Section: Differentiation

Differentiation

Plei is the most significant pickup soccer platform and organizer in the United States, offering on-demand play anywhere, anytime soccer games through its app. The company has successfully created a platform that caters to soccer enthusiasts of all skill levels, allowing them to join games in their city quickly. Plei takes care of all the logistics, ensuring that each match is an engaging and exciting experience for its users.

One key factor differentiating Plei from its competitors is its impressive user base and track record. With over 180,000 soccer players on its platform and hosting over 40,000 games as of August 2023, Plei has established itself as the go-to platform for pickup soccer in the United States. These numbers demonstrate the company's strong traction and popularity among soccer enthusiasts.

Plei's differentiation level in terms of quality is high. The company's focus on providing an exceptional user experience and managing all game logistics sets it apart from other solutions in the market. By taking care of the organizational aspects, Plei ensures that players can enjoy their soccer matches without hassle.

Next Section: Performance

Performance

Plei has demonstrated impressive performance in the pickup soccer market. The company has positioned itself as the largest pickup soccer platform and organizer in the United States, with over 180,000 soccer players on its platform and hosting more than 40,000 games as of August 2023. This significant user base highlights Plei's success in attracting soccer enthusiasts and creating a thriving community for players of all skill levels.

In terms of financial performance, Plei has achieved profitability, with one year of profitable operations. The company reported an annual revenue of $1,690,689 in the most recent fiscal year, representing a remarkable growth rate of 114.88% since the last round of funding. This revenue growth strongly indicates Plei's ability to generate income and capitalize on the growing market demand for on-demand soccer games.

Plei's revenue primarily comes from recurring sources, indicating a stable and sustainable revenue model. Additionally, the company has experienced high growth in both its user base and revenue since the last funding round, reflecting the effectiveness of its business strategies and the increasing popularity of its app.

Next Section: Risk

Risk

Plei presents a relatively de-risked investment opportunity. The company has achieved profitability and has a solid user base, with over 180,000 soccer players on its platform and hosting over 40,000 games. Plei is well-positioned in the US pickup soccer market and stands as the country's largest pickup soccer platform and organizer. The company's revenue growth is also impressive, with a 114.88% increase in annual revenue from the prior fiscal year. Plei's innovative app handles all the logistics of the game, providing a seamless and engaging user experience.

While the competitive landscape is not currently intense, there is a risk of new competitors entering the market and challenging Plei's position as the leader in the space.

Overall, Plei presents a promising investment opportunity with its established user base, revenue growth, and unique value proposition in the pickup soccer market. However, investors should carefully evaluate the company's valuation and monitor potential competition in the future.

Next Section: Bullish Outlook

Bullish Outlook

Plei has positioned itself as the leading pickup soccer platform in the United States, offering a unique and convenient solution for soccer enthusiasts. With its on-demand play anywhere, anytime soccer app, Plei has disrupted the traditional pickup soccer experience by streamlining game logistics and creating an engaging environment for players of all skill levels.

Plei has achieved impressive growth, boasting over 180,000 soccer players on its platform and hosting over 40,000 games as of August 2023. The company's revenue growth has been substantial, with $4.5 million in revenue generated in 2023, representing a remarkable growth rate of 166%. This strong revenue growth demonstrates the growing demand for Plei's services and the effectiveness of its business model.

One of Plei's key strengths is its ability to capitalize on the increasing popularity of soccer in the United States. The pickup soccer market presents a significant addressable market for Plei, and the company has positioned itself as the go-to platform for organizing and participating in pickup soccer games. This market positioning, combined with Plei's robust user base and successful revenue generation, sets the stage for continued growth and expansion.

Plei has the opportunity to scale its operations further, expand its user base, and solidify its position as the leading pickup soccer platform in the United States. The current crowdfunding campaign on Republic allows Plei to secure additional funding, which can be utilized for staffing, marketing, travel, and research and development initiatives. With its strong market presence, revenue growth, and dedicated team, Plei is well-positioned for continued success and a bright future in the pickup soccer market.

Next Section: Bearish Outlook

Bearish Outlook

Despite Plei's impressive achievements, several reasons suggest caution in investing. One primary concern is the low entry barrier in the industry. The concept of organizing local soccer games through an app is not intellectually protected, meaning any other company can easily replicate Plei's business model. This could potentially lead to an influx of competition, threatening Plei's market share. Even though Plei claims that the market is not competitive, the lack of a patent could expose the company to potential competition in the future.

Additionally, while the company has achieved profitability, its net income is relatively low at $17,437. Considering the company's valuation, potential investors may question whether they can reach an adequate return on their investment.

Finally, the company's low margin level could concern potential investors. This could limit the company's ability to invest in growth or weather any future financial difficulties.

Next Section: Executive Summary

Executive Summary

Plei is a unique platform that allows soccer enthusiasts to join and play games in their city anytime. The company's app handles all game logistics, ensuring an engaging and exciting experience for all participants. Plei has positioned itself as the largest pickup soccer platform and organizer in the United States, boasting over 180,000 soccer players and hosting over 40,000 games as of August 2023.

The company has shown impressive growth, with annual revenue reaching $4.5 million, marking a significant increase of 166.16% in revenue growth. Plei also reported a net income of $17,437 in the most recent fiscal year-end, indicating that the company is profitable. This growth is awe-inspiring, given the US pickup soccer market's low market potential and competitive landscape.

The company plans to use the campaign proceeds for staffing, marketing, travel, and R&D, which could potentially enhance its offerings and increase its market share. 

 

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Plei on Republic 2023
Platform: Republic
Security Type: SAFE
Valuation: $20,000,000

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Follow Plei on Republic 2023

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