Team
68Strong growth marketers. Light on anyone who has owned a contribution margin.
Weight 30
Passed
Shopping agents that were supposed to take a cut of the basket.
Strong growth marketers. Light on anyone who has owned a contribution margin.
Weight 30
Consumers will delegate a repurchase. Merchants will not happily fund the agent that sits between them and the buyer.
Weight 25
Gross merchandise looked like a business. Net revenue after returns and incentives did not.
Weight 25
None we could find. The merchant can email the same offer. The model is rented.
Weight 20
Investment memo
Screened 26 Sept 2026Pre-written. The replay is simulated.
Passed on 28 September. Echo takes a fee when its agent completes a purchase. Reported GMV was €18m. Net revenue was €800k, and a cohort cut showed the second order depended on an incentive we would be funding. We do not need a more eloquent version of that.
A bank was running a process with a deadline. Deadlines are how funds talk themselves into take-rate stories. We wrote the pass instead.
A consumer agent plus a merchant offer feed. The agent is fine. The feed is a set of discounts. Nothing in the loop gets better because Echo saw the last basket, because the merchant will not share the basket.
Take rate on GMV, in theory. In the file, contribution margin after returns, fraud, and the incentive was roughly zero on the newest cohort. Older cohorts looked better because they were subsidised less, and they were also not growing.
Pass. Reopen only if they come back with a merchant-side product that a retailer renews without a subsidy. Do not reopen for a new GMV chart.