Brian, Scott, and Léa unpack the 2025 funding rebound across the online private markets—highlighting Reg A+’s triple-digit YoY growth, steadier Reg CF dollars despite fewer offerings, and how security mix is shifting (more preferred equity, more debt). Then Léa leads a deal review of BabyQuip: revenue progression (~$3.4M FY22 → ~$6M FY24), burn reduction, peak-season cash-flow positives, new “GoQuip” expansion, and partnership-led distribution—while raising again at roughly the same share price as ~2.5 years ago. (Not investment advice.)
Chapters
00:00 – Welcome & agenda: 2025 recap + BabyQuip deal review
01:00 – Headline stats: ~$380M Reg CF, ~$547M Reg A+, >$900M combined
02:30 – Reg A+ up ~124% YoY; Reg CF up ~11% YoY despite fewer offerings
04:10 – Quality over quantity: CF offerings down ~28–30% (~1,000 deals)
06:00 – Security mix: preferred equity hits a high; debt/rev-share keep rising
08:00 – Platform behavior & the “fewer, bigger, better” issuer trend
10:20 – What the 2026 IPO climate could mean for A+ pipelines
12:00 – Introducing the deal: BabyQuip overview (marketplace dynamics)
13:00 – Growth: ~$3.4M (FY22) → ~$6M (FY24), aiming ~+$15% YoY
14:00 – Same share price as ~2.5 years ago: what that implies
15:00 – Unit economics & seasonality; peak months cash-flow positive
16:00 – Burn down: ~$2.6M (’24) → ~$1M (’25)
17:00 – Distribution: partnership placements with a major travel site; more in pipeline
18:00 – GoQuip expansion: beyond baby gear (mobility, beach, bulky travel items)
19:00 – Network effects & competition in two-sided marketplaces
20:00 – Founder lens: marketplace experience & execution discipline
22:00 – Final thoughts, reminders, and Kingscrowd raise/webinar info