Get-listed-729x90
Location: 1020 W Main St, Ste 370, Boise, Idaho, United States United States
Founded in: 2012
Stage: Revenue generating
Number of employees: 1-5
Funding history:
- Date: 05/2016, Seed: $500 k (post valuation: $2000000).
Short URL: vator.co/retrolux
Vatorx1

Retrolux

Startup/business
Boise, Idaho, United States United States
http://www.retrolux.com
  • About
Company description

Business Summary:

RetroLux™ transforms the traditional commercial lighting sales channel to an integrated digital mobile sales platform by helping lighting vendors connect, and sell, directly to their buyers. We provide them with all the technology tools and platform to simplify project workflow from lead through commissioning.

Business Model:

Retrolux takes a 7% transaction fee on all product sold by vendors on the platform. We give all the technology tools and workflow platform to the buyers for free with premium third party apps available that we take 25% fees on.

Product/Market Fit:

Retrolux has achieved product market fit from buyers by providing industry leading technology tools built for blue-collar workers and a 30% MOM growth rate. Retrolux has achieved early adoption from vendors with six (6) vendors on the platform representing 2% of the market and 30 in the queue representing over 10% of the market.

Leadership Team:

Leif Elgethun, CEO, is a serial clean energy entrepreneur, has four (4) technical and business degrees, is a licensed professional engineer, and is a community leader.  Brett Adler, CPO has 20 years full stack experience in software development, including Fortune 500, several startups, recently first software developer at Wevorce (Y Combinator). Devon Anderson, National Sales Director, has 27 years experience in lighting industry, recently at Daintree, a lighting software company acquired by GE.

Customer Problem:

1: Commercial Lighting Systems are complex to design, estimate, sell, and install. 2: Brick and mortar distributors and manufacturer representatives are expensive and disconnected. 3: No easy way exists to buy and sell lighting systems and manage the projects.

Target Market/Customers:

The commercial lighting industry TAM is $19B in the US (Navigant). Product Sales are 50% of the market value (Retrolux metrics), for a SAM of $9.5B. Retrolux is projecting 60,000 projects sold @$25k/project for a total of $1.5B, or 15% of market. Our customers are vendors & include: manufacturers and other lighting vendors. Our users are buyers & include: energy service companies, electrical contractors, agents, distributors, and value added resellers.

Sales/Marketing Strategy:

Our primary sales strategy is network effects with our users inviting their network. Current average is 1.5 invites/user. Our Secondary sales strategy includes: attending events including Lightfair, NAESCO, NALMCO, and AEE; leveraging third party partnerships including financial, utility rebate, sales partners, and trade associations. Our marketing plan focuses on press releases, newsletters, and partner support at trade shows.

Competitors/Competitive Advantage:

Current competitors include, but are not limited to EcoInsight, Snapcount, Light Bulb Finder App, OptiMizer, Electrical Estimating System, Amazon Business, Salesforce, and many proprietary spreadsheet solutions.  Advantages include: cross platform, mobile, simple user interface, no installation or training required to use, LuxSmart™ lighting product selection, real time field analysis, in app purchasing, integrated financing, and expert network.  Disadvantages include: later entrant (ecoInsight) and resources (Amazon Business).


Team
Investors
Investor Deafult Image
Boise Angel Alliance - Unconfirmed