Interesting comments. I had similar feelings about the rev...

Interesting comments. I had similar feelings about the rev growth or lack of over the previous 3 years. $20m capital injected should help improve the top line you would hope as they haven't put a heap of capital since inception really for a B2C marketplace. Their traffic is great though and 88% organic which is impressive and is something they can continue to leverage at limited cost. You also have to read the document remembering that sales of bikes and online sales in particular went crazy through covid. You can see a huge spike in traffic around March April then declining to more normal levels thereafter.

I wasn't overly sold on their potential growth opportunities. I was also initially sceptical of the fact that their platform was powered by Marketplacer till I saw it was built for Bike Exchange with some of the founders on the Board of that business too. Not a bad move and akin to Amazon and AWS - though I'm unsure of the market potential for a Marketplace platform (I digress).

Overall, I'm feeling like this could do ok with the large injection of capital however at 15x rev valuation I think it's expensive at the outset.