May 4, 2018
Greetings Investors and Advisors,
I’m pleased to share an update with you about Equitizer (dba Mastly). Many exciting things have happened in the past few months.
- Decided to rename from Mastly to UpStock.io. coming in May / June.
- Brought on new key advisers:
- Arne Peders Blix - Having bootstrapped a SaaS business within plan design, accounting, valuation and disclosure of equity-based incentives from start to sale to a major PE, Arne brings Mastly more than 15+ years of experience and global network within the equity-incentives industry.
- Fred Whittlesey - Link… Principal Consultant of Compensation Venture Group, has been providing expert witness and litigation support services in the compensation field for over 30 years. His globally-recognized expertise in executive compensation, incentive compensation, equity compensation, and employment agreements has provided valuable support in a variety of legal cases. He is helping ensure our legal documents are as bulletproof as possible.
- Joined NCEO (National Center for Employee Ownership)
- Continued improving our legal documents / agreements (the plan, employee, adviser, contractors, etc). For liability reasons we need to be sure our docs are signed off on by top legal experts before we go to market.
- Lowered our burn even more using equity, currently under $10k a month.
- Met with PwC, KPMG and other law firms across Europe (many in person while speaking at entrepreneur conferences) to test out potential partnerships with partnerships. Barcelona, Reykjavik, Oslo, Helsinki, Paris, Amsterdam, Zurich, Sweden, Sydney, etc.
- Partnerships that are currently under construction: Iceland is already signed (KPMG), Norway may be next (PWC), Switzerland soon too (KPMG), Germany in a couple months hopefully (KPMG), Australia is in talks (PWC), Barcelona is in talks.
- PwC in the US wasn’t willing to partner with a startup (not surprising) but did give us some valuable insights around reducing liability.
- Meetings planned with GlobalEquity.org leaders to become a member and receive their endorsements.
- I was a top speaker on the Central Stage at Slush in Helsinki. I spoke about equity and trust: http://docs.mast.ly/Slush.
- Starting another round of fundraising as we have two months runway left. We’ve raised about $400k so far.
- Product upgrades:
- Live Estimated Valuation - instead of only showing workers the last valuation which often makes their slice seem smaller over time, we now default to showing a valuation based on the last valuation plus the value of the work that has been done since that time. Eg.: last valuation $2m + $100k cash salary paid + $200k equity dollars contributed = LEV of $2.3m.
- Our funnel is more fully defined and close to deploy. With this we can cold message potential customers.
Please reach out any time with questions! 415-786-4546