Q3 Featured Founder | Throne

The 4th of the Top 10 New Majority founders currently fundraising from YOU this quarter

Hello New Majority Investor Circle!

🚽🌟Introducing an exciting development in public hygiene: Throne. Your opportunity to reshape public bathroom experiences for everyone.🚽🌟

Throne

First, some context:

• 🚻 The average person uses the bathroom 7 times per day. 

• 😬 But what happens when nature calls and you’re on the go?  

• 👎 Traditional porta potties aren’t exactly inviting or comfortable. 

• 😄 Throne has a better idea; they are offering a reimagined and comfortable public bathroom experience by leveraging technology and behavioral science. 

• 🚽 From outdoor venues and events to parks, municipalities, and transit, Throne's modern, self-cleaning restrooms redefine public convenience.

This company is made for you if:

• 💡 You're part of the human race and value accessible, clean amenities.

• 💚 You're a champion of human health and well-being.

Tell me more

Across the US, Throne is building a network of clean, reliable, and smart public bathrooms to expand bathroom accessibility for everyone. 🚽🌟

The details

• Industry: Tech, Healthtech

• Impact: Advancing clean water and sanitation (SDG 6) and accelerating industry, innovation, and infrastructure (SDG 9). The United Nations also recognizes World Toilet Day on November 19, raising awareness about the 3.6 billion people without managed sanitation access.🌍🚽🌎🚽🌏

• Team Diversity: Woman Co-Founder

• HQ: The nation's capital: Washington, DC!

• Company size: 2-10

• Year founded: 2020

• Key investors: 💰Throne has already secured an impressive $6.2M in funding through a seed round raised in 2021.

• Investment type: Convertible Note*

  • *A convertible note transforms your investment into equity or ownership in the company upon the occurrence of a specific financing event. 

  • Valuation Cap: $16M ($12M for early birds)

  • Interest Rate: 8% 

  • Investor Perks: Early birds get a 20% discount for the first $500k invested through Wefunder - as of publish date, the 🐦 early bird discount is still available❗

  • Throne is doing equity crowdfunding in conjunction with their current raise.

• Deadline: 9/30/2023

• Early traction:

  • DC, NYC, and Los Angeles are already working with Throne on pilot projects to improve their bathroom infrastructure.

  • Throne has a large contract and manufacturing partnership with the #1 market leader in portable sanitation manufacturing, Satellite Industries.

    • This reduces their costs for the “easy part” of manufacturing while they install the “smart” additions in-house.

  • They have racked up headlines from esteemed sources like Washingtonian, Fox 5, and WUSA.

Founding team

• Jessica Heinzelman: Co-Founder & COO. Marketing and operations whiz drawing on experience from Meta, and managing partnerships with UN agencies and the World Bank. Smith College, BA. Tufts, MA

• Fletcher Wilson: Co-Founder/CEO. Experienced entrepreneur with first name on 50 patents. UPenn, BS Engineering. Stanford, MS Engineering.

• Ben Clark: Co-Founder. Hardware expert and inventor on 70+ patents. His specialty is transforming new products to products ready for large-scale launch. Mechanical Engineering, BS.

Due diligence

Pros:

• 💡 High tech brilliance with over 70 patents. 

• 🚽 1-year payback on a 10-year Throne. 

• 🏆 Super complementary team with experience in operations, marketing, patenting, and engineering (from Uber, Amazon, Meta, Allied Portable Toilets, UPenn & Stanford)

• 💰 First mover advantage in a huge $122B market. 

• 💼 $25M ARR in the sales pipeline, with an average contract size of $74K. 

• 🚀 Scalability primed for growth across municipalities, parks, and beyond.

Potential risks:

• ⏳ A 10-year lifespan to consider.

•  💸 Current negative cash flow with a monthly burn rate of $250,662. 

• 🔄 Future capital needs just 3 months after this offering closes. 

• 🛠️ Competition from traditional porta potties—will cities prioritize elevated public facilities, a public good with no revenue stream?

Competitors

• 🚽Porta Potty

• Jupe: Jupe is building an outdoor toilet called the Portal that it bills as both a "work of art" and (eventually) a way to transform outdoor waste into fertilizer.

• Portland Loo®: Portland’s famous free, accessible, and stand-alone bathroom, The Portland Loo®, was designed to prevent problems that are commonly experienced with public toilets.

Why Throne: With lots of cities in need of upgraded public bathrooms, Throne is stepping into an untapped and overlooked market ripe for innovation. The uniquely qualified team puts them in the position to be a first mover in this significant market opportunity. By investing, you're helping Throne expand operations to new cities and make investments in R&D to continue improving their bathrooms. The potty problem is not going away, but your investment ensures clean, modern bathrooms are accessible for all. 🚽🌟

Convinced? Invest today in Throne.