1/ For my first S-1 teardown of 2022, let’s dive into rental cars and @Turo. TLDR: Boasting a superior business model and competitors suffering massive supply chain disruptions, @Turo has potential to be the next shared economy behemoth 2/ With tepid 6% top-line growth, $150M in sales and almost $100M in losses in 2020, @Turo looked like it was destined to fail. It was the same reason we turned down the company in 2016 (then known as RelayRides). There was not a clear “why now” narrative.

1/ TLDR @udemy S-1. A future education giant is building an immensely promising, albeit still sub-scale, enterprise business off the back of a mediocre consumer marketplace. ringingthebell.substack.com/p/udemy-s-1 2/ In today’s labor market, employers will increasingly turn to @udemy, @coursera, @skillshare, and @pluralsight to upskill their workforce and provide educational benefits to employees. COVID greatly accelerated this trend.

1/ TLDR @RenttheRunway S-1. I try to look through rose colored glasses in analyzing the path to ubiquity for a brand. In this case, it’s hard to see a strong sustainable future unless A LOT goes right. ringingthebell.substack.com/p/rent-the-run… 2/ Let’s start with brand - starting with a formal wear rental option, @RenttheRunway has expanded into an unlimited subscription to expand your closet. Similar to @therealreal @thredUP, taps into the consumer desire to shift from ownership to access; to reuse vs buy new.

1/ TLDR @warbyparker S-1: Soulful brand with a sharp price point (in a hard to enter industry) could be an iconic stock. Needs to show operating leverage, prove the next retail locations are as strong as prior ones and prove adjacencies to grow into what will be a hefty valuation 2/ @warbyparker more traditional retail rollout than other DNVBs. ~65% revenue from retail stores and US store count expected to more than 5x from here. Comparatively, @wearfigs is 100% online and fully online @schein has taken the fast fashion category lead over @hm @zara

1/ Souring on consumer as a result of
@Casper is like calling SaaS unattractive due to Domo. There'll be many consumer unicorns over the next decade. @maveron put together our 10 Lessons from Consumer Winners and Losers of the Past Decade link.medium.com/X84IQrFXb4 2/ Many of the best brands start by fostering obsessive brand love within niche, early adopter communities and then moving toward mainstream

S-1 drops from @Casper - interesting positioning as a sleep economy business v a mattress business. Includes CPAP machines, medical diagnostics and pet sleep in that definition. Notes to follow 2/ The financials and growth don’t match with the picture of market size. Growth of only 20.2% YoY (nine months ended sept 2019). Increasing operating losses ($65M operating loss!).