Company Info

Company Name

Sunny Day Fund Solutions Inc.

Member Type

Startup

Website

http://www.sunnydayfund.com

Description

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For the first time, companies can offer a simple personal savings benefit that gives workers the freedom to save for whatever they want, get a match, and take out money whenever they need it without restrictions. Our product creates FDIC-backed savings accounts for workers, integrates with payroll processes to deduct directly from paychecks, automates allocations to their goals, deposits interest at a rate that’s 10x the national average, and conducts quarterly matches based on the respective worker’s savings behavior and attributes, effectively gamifying the act of saving.
 
We started this product motivated by our own personal experience, and we realized we weren’t alone – only 29% of Americans are financially healthy. And 100M+ workers don’t really take advantage of retirement savings benefits. Workers told us that current employer-sponsored savings options like 401(k) and 529 programs are too restrictive, inaccessible, or difficult to navigate. This sentiment manifests at the company level through poor 401(k) participation (e.g., a 5,000-worker company with <10% participation), high loans from 401(k) programs, and attrition.
 
Companies and workers are looking for a savings product that’s accessible, flexible, and simple. This is exactly what SDF delivers.

Sector(s)
Subsector(s)

Fintech, HRtech

State

Virginia

ZIP/Postal Code

22041

Country

US

Contact Person

Contact First Name

Siddhartha

Contact Last Name

Pailla

VIRAL

VIRAL Level(s)

4

Team VIRAL

3

Problem & Vision VIRAL

5

Value Proposition VIRAL

2

Product VIRAL

6

Market VIRAL

3

Business Model VIRAL

3

Scale VIRAL

3

Exit VIRAL

6

VIRAL Level 4: Attacking the Market

You’ve validated that your product or service is worth investing in.

You’ve defined your market, and now you’re planning on how you’re going to attack it.

What investors at this stage are likely to like about your business:

  • Your initial traction.

    You’re going to want to highlight both a story of an initial customer–who did you sell to? Why did they buy it? How is their life different?–as well as numbers behind why that customer isn’t alone.

  • Your market size.If you’re raising venture capitalventure investors will want to know that you’re attacking a market of at least $1B. You’re going to want to talk through how big the market is for products like yours, and how you can logically capture meaningful market share. NOTE: A best practice for this is to walk an investor through growth. “The market for human resources technology is $300B. The market for job-matching software is $30B. The market for job-matching software that attracts young people coming out of school is $10B.” is much better than “The market for human resources technology is $300B, and if we can achieve just 1% of market share, we will be a $3B company!” (It’s very, very hard to achieve just 1% of market share.)
  • Your team’s experience in your market.You’re starting to get to the point where, in order to grow, you’re going to need major strategic partnerships for sales and distribution. You’re outgrowing the time where it’s charming and exciting to be inexperienced; now you need to prove your bona fide experience in the market.

What investors at this stage are likely to ask questions about:

  • Your team’s capability beyond the founders.

    You’ve likely gotten this far because you have awesome founders. But teams build companies. Who is running your sales-and how are they “as good or better” as your founder? Who is running product? The founder or founders are probably getting to a point where they are stretched thin. Who is on your team–or who would you bring on your team if you could afford them? That’s why you’re raising money!

  • Your unit economicsIt’s possible, even likely, at this point that you are making revenue, but still unprofitable as a company. Investors will care, though, that you are profitable–at a unit level (each product or service you sell makes more than it costs). If you don’t know what your “customer acquisition cost” is, as well as your “lifetime value of a customer,” you should start to figure out–and make a case to investors that, as you grow, your customer acquisition cost is decreasing and the lifetime value of each customer is increasing.
  • Customer validation beyond early adopters. An investor will want to know that you are able to sell to a large enough market to justify investment. How can you demonstrate that you are making progress beyond early adopters? Do you have data on customer satisfaction (a net promoter score?) Are you tracking customer referrals, and for new sales, do you track outbound versus inbound leads? An investor who wants to help you reach the next stage will want to know these numbers.

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Sunny Day Fund Solutions Inc.

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@sunnydayfundsolutionsinc

active 1 month, 4 weeks ago