[smalter]

a plug: we did a research report on gumroad's financials to give potential investors a deeper look at the company: https://sacra.com/research/gumroad-android-creator-economy/

here are 3 key points:

1. gumroad experienced major covid tailwinds. whereas the company's five-year compound annual growth rate is 37%, it grow 94% from 2019 to 2020. they've been profitable since 2017.

2. gumroad's core customer base is creators making less than $10k/yr. gumroad is best positioned as an entry point for novice creators to start selling quickly and easily online. as creators cross the $10k/yr threshold, they become a churn risk because all-in-one products like kajabi and podia offer a more fully-featured product at the same price.

3. at the campaign's $100m pre-money valuation, gumroad will need to grow 40% yoy for 10 years to return double digit IRR.

check out our report for a full breakdown of financials, competition and more: https://sacra.com/research/gumroad-android-creator-economy/

[eigenvalue]

Sounds like a terrible investment at a $100mm valuation. Probably worth closer to $35mm or $40mm tops.