Quick access
Pre-Seed Investor Report
An autonomous engine for activating private C2C supply. Three acquisitions in 12 months priced supply engines at $10–$90 per private listing. Shack's cost per listing in DE dropped from $24 to $6 during cold-start compression, now at $10 blended across markets — with room to compress as CPI optimizes and organic compounds. Horizontal across all categories. Live in 4 countries. This is not an installed base — it is the supply-creation infrastructure itself.
Investment Thesis
The Supply Thesis
In recommerce there are two kinds of supply. Professional inventory (resellers, dropshippers) can be API-imported and is therefore commoditized. Private supply — a real person photographing their own stuff — requires activating intent and making the process so fast that someone follows through. Three acquisitions in 12 months priced these supply engines: eBay paid $1.2B for Depop, Naver paid $630M for Wallapop and $1.2B for Poshmark. Each deal bought an accumulated base at $10–$90 per private listing. The investment case here is not an installed base. It is the supply-creation engine itself.
Thesis
Shack is building the autonomous C2C marketplace. Every listing is AI-generated in one tap. Every price is discovered algorithmically via live auctions. Every user is Apple-verified. Zero fees, zero professional sellers, zero complexity.
The Ask
$1M pre-seed on $5M pre-money ($6M post). 16.7% dilution. Priced equity. 8-month runway targeting 75k MAU, 75k live auctions, iOS top spot DE. One angel soft committed at $6M post.
The Investment Thesis
Shack is the supply-creation engine — an autonomous system where cost per listing in DE dropped from $24 to $6 during cold-start compression, now at $10 blended. At $2 CPI, unit economics already sit within acquirer benchmarks ($10–$90/listing). As density grows, organic compounds and blended cost compresses further. 100% private supply, zero professional sellers, horizontal across every category, portable across 4 countries.
What Acquirers Bought
Depop, Wallapop, and Poshmark are accumulated supply pools — built over 10–15 years, mixed with professional sellers who inflate listing counts. eBay and Naver paid billions for the installed base, not the creation mechanism. Their listing counts include 30–80% professional inventory.
Supply Costs
Cost per Private Listing · Benchmark
Acquirer cost per private listing at transaction
Cost per Private Listing
Shack Engine · 100% private · zero pro sellers
Cost per listing = mkt spend ÷ new listings. At $2 CPI with zero organic, unit economics already work. Organic is upside, not a requirement.
Cost per Listing Trajectory
Actual + projected · USD
Why Now
The EUR 40B+ European C2C market is dominated by legacy platforms built before smartphones. eBay, Kleinanzeigen, and Vinted have not fundamentally changed the listing experience in a decade. AI now enables the autonomous marketplace: list in <10 seconds, let the market set the price.
Positioning
Horizontal · Not Fashion-Locked
Depop is ~100% fashion after 15 years. Vinted ~90% clothing after 18 years. Category lock-in is structural — tech, regulation, and brand all calcify around one vertical. Shack is horizontal from day one. Every category flows through the same AI listing engine.
4 Countries · 1 Engine
Live in Switzerland, Germany, Austria, and the US. Same listing UX, same AI stack, same $2 CPI playbook — replicated across markets with zero code changes. DE overtook CH in 4 months.
Friction Wins the First Listing
A private seller can list anywhere — but the lowest-friction UX captures intent first. Shack's AI listing takes seconds, not minutes. Listing retention: 7.9% → 69.7% in 10 months. 18,773 live auctions today.
The Network Is the Asset — Not the P&L
Depop has never been profitable — £40M operating loss in 2024, 0% seller commission in the US and UK. Etsy bought it for $1.625B, sold it to eBay for $1.2B — and eBay still paid. Poshmark: $44M net loss, acquired for $1.2B. These weren't profitable businesses. They were supply networks.
The exception proves the rule: Vinted charges 0% seller fees, optimized for supply activation — and is the only one that reached profitability (€77M net profit in 2024). Shack follows the same playbook.
Sources eBay/Depop · Naver/Wallapop · Naver/Poshmark · Vinted · Shack Backend · Feb 2026
Team
Founders
Shack is built by a small, senior team of operators and engineers. No full-time payroll, no overhead. Every contributor is paid per task, aligned via phantom shares, and compliant under Swiss law.
Julius Ilg · Founder & CEO
Switzerland, Zug · German
Full-stack founder
Strategist · Builder · Marketeer
10 years B2C/C2C marketplace operator. Former CCO at Ricardo (dominant Swiss C2C platform, CHF 4.5B IPO via Scout24/SMG). Scaled Ricardo from CHF 80M to CHF 100M+ GMV. Category Manager at Wayfair.
SwiftUI engineer. Mentored 2y+ by Ben & David; co-built the Shack iOS app.
Former CCO at Ricardo and Category Manager at Wayfair. Now building a mobile-first alternative.
Ben Gottlieb
Founding Mobile Engineer · USA, Chicago
Iteration velocity
& product craftsmanship
30+ years mobile experience: Newton → Palm → iOS. Has shipped consumer products longer than most founders have been alive. Built systems for multiple Fortune 500 companies.
David Scheutz
Founding Full-Stack Engineer · Colombia, Bogotá · Austrian
Architectural stability
& reliability
10+ years blockchain & mobile engineering across sensitive, high-trust systems. Supported 7 startups from idea to launch — 5 still active today.
Lena Wilke
Founding Identity Architect · Germany, Berlin
Brand, UX/UI
& storytelling
10+ years brand and UX/UI design. Designed for multiple startups, including several that raised $20M+.
What This Team Has Shipped
A live marketplace in 4 countries. 41,366 listings. App Store #1 in Switzerland. $731k total spend — no salaries, no office, all capital allocated to product or acquisition. Built by a small founding team with deep mobile experience (30+ years combined) and marketplace operator knowledge.
Next: team expansion to build out global infrastructure. Already receiving inbound from experienced engineers (including Android) who want to join.
Advisors
Anthony Vaslin
Senior Advisor · Strategy, Marketplaces & Growth · Zurich
Former Head of Europe M&A at Naspers (Prosus) — covering classifieds and marketplaces across Western Europe. Seen OLX, Leboncoin, and peers at scale. 12 years TMT & Retail M&A advisory at Goldman Sachs and BNP Paribas.
Isaac Bougherab
Advisor · Risk, Compliance & Regulatory · Geneva
3+ years Swiss finance (Pictet & KPMG) — fund supervision, regulatory risk, compliance. Master's in Corporate Finance, HEC Lausanne. Ensures Shack AG is structured for institutional investment.
Task-First · Zero Employees
The structural advantage Vinted discovered by cutting overhead in year 8, Shack built in at day one.
Sources Decentralized · task-first · zero employees · LEXR Law Switzerland
Traction
Market Replication
Switzerland launched November 2024. Germany launched October 2025, 11 months later. Within 4 months DE overtook CH in both monthly downloads and active users, with zero existing organic community. The same paid playbook produced faster results in a 10× larger market. Austria added organically. US launched February 2026.
Cumulative Downloads
App Store Connect · All markets
Monthly Downloads by Market
App Store Connect · stacked
Auctions Created by Market + Live
Cumulative created (stacked) · Live (line)
CH vs DE
🇨🇭 CH Downloads · M1–M4
387
Nov 24 – Feb 25 · pre-paid, organic only
🇩🇪 DE Downloads · M1–M4
25,815
67× CH at same stage · paid
🇨🇭 CH Listings · M1–M4
305
Nov 24 – Feb 25 · 28 → 144 monthly listings
🇩🇪 DE Listings · M1–M4
6,970
23× CH at same stage · 699 → 2,311 monthly
iOS App Store Rankings · Highest Achieved
Top Spot
🇨🇭 CH All Free Apps
#43
🇩🇪 DE Shopping
#16
🇦🇹 AT Shopping
Replication Thesis
CH proved the model. DE is replicating it at lower CPI.
Switzerland: #1 iOS Shopping (Apr 2025), 61k downloads, 4.4k MAU (paused spend Oct 2025). Germany: launched Oct 2025, already 34k downloads, 10.3k MAU at $2–3 CPI vs CH peak of $9.50. The playbook works — same autonomous AI listing tool, same auction mechanics, 10× the addressable population.
Sources App Store Connect · Firebase · Shack Backend · Nov 2024 – Feb 2026
Spend
Spend Summary
$731k total spend Apr to Feb, $434k pure marketing. CH launched at $1.58 CPI (PR-driven, not repeatable). Aug–Oct was the AuctionShack → Shack rebrand. Germany launched Oct 2025. Cold-start at $10.11 CPI dropped to $2.09 in Dec, $3.19 in Jan, and $2.52 in Feb. The rebrand learnings translated directly into DE efficiency.
DE CPI
DE Steady-State CPI
$2–$3
Dec $2.09 · Jan $3.19 · Feb $2.52
Industry Benchmark
$6–$12+
iOS Shopping · early-stage, no brand
$500k clean marketing budget post-raise → ~250k installs. Algorithm gets more signal at scale — CPI improves with volume.
Spend Breakdown
Monthly Spend vs Cumulative Downloads
USD · App Store Connect
Spend KPIs
Sources Internal finance · USD equivalent · Apr 2025 – Feb 2026
Product-Market Fit
Categories & GMV
Vertical marketplaces lock into one category — Depop is ~100% fashion, Vinted is ~90% clothing. Shack is horizontal by design: no single category exceeds 31%. This means a wider acquisition funnel, higher average listing value, and defensibility that vertical players cannot replicate.
Category Distribution
% of live auctions
Shack vs Vertical Platforms
Fashion share of total listings
Depop
~100%
Vinted
~90%
Shack
~30%
Wider funnel — every household has items across categories.
Higher value — avg CHF 605/listing vs fashion-only ~CHF 25–40. Vehicles avg CHF 4,200.
Defensible — going horizontal means rebuilding listing flow, logistics, and brand identity.
Lister Activation
Lister Activation Funnel
33% install → verify · industry avg ~20–25%
vs Poshmark 31% at IPO (Year 5)
Repeat listing behaviour already forming · no retention incentives yet
Lister Activation · Marketplace Benchmarks
| Platform · Stage | % Listed | Context | Source |
|---|---|---|---|
| Shack · Year 1 | 35.9% | 31,482 verified users | Backend · all-time |
| Poshmark · Year 5 (IPO) | ~31% | 32M registered users | S-1 · SEC · 2021 |
| Vinted · pre-2016 (with fees) | Stagnated | Fee barrier → listings dried up | TechCrunch · 2019 |
| Vinted · post-2016 (fee-free) | Dramatic rebound | Removed listing fees → 4× growth | TechCrunch · 2019 |
| Etsy · mature (2023) | ~8% | 7.5M sellers / 95M buyers | Q4 2023 Earnings |
Fee-free from launch. 35.9% lister activation in Year 1.
Vinted's CEO credited removing listing fees in 2016 as their biggest growth lever — 4× growth. Shack launched this way on day one. AI listing (1 tap, <10 sec) accelerates supply creation.
1-Unit Starting Auctions
Monthly new (bars) · cumulative (line)
Dec 2025: 1-unit default switch.
Switched from opt-in to opt-out starting at 1 currency unit. 1-unit starts jumped from <3% to 28% of new listings. 4,367 auctions now start at 1 unit. Same mechanic drove Ricardo's $400M valuation.
Sources Backend export · 41,366 listings · keyword classification · Feb 2026
Growth
MAU Growth
MAU grew from 55 in January 2025 to 15,767 in February 2026 — a 287× increase in 13 months. Rolling 30-day actives reached 6,566 on January 26, up 5× from October lows.
MAU / WAU / DAU
Google Analytics · bi-weekly
Engagement
L30D Rolling Active Users
Weekly · Firebase
CH vs DE MAU
Firebase · monthly
C2C Marketplace Norms
C2C marketplaces are inherently low-frequency. Users show up when they have something to sell or find something to buy. Unlike social apps (50%+ DAU/MAU), engagement is intermittent by design.
At pre-seed, MAU slope and WAU density are the leading indicators (a16z). One-third of Shack's user base returns every week. MAU grew 287× YoY.
a16z Marketplace Benchmarks · Statsig · HSBC Innovation Banking
Retention
Cohort Retention · CH vs DE
D1 / D7 / D30 · Firebase
Cohort Retention · CH vs DE · D1 / D7 / D30
| Cohort | 🇨🇭 D1 | 🇨🇭 D7 | 🇨🇭 D30 | 🇩🇪 D1 | 🇩🇪 D7 | 🇩🇪 D30 |
|---|---|---|---|---|---|---|
| Apr 25 | 14.9% | 4.8% | 1.8% | — | — | — |
| May 25 | 14.3% | 4.8% | 1.4% | — | — | — |
| Jun 25 | 13.4% | 4.7% | 1.5% | — | — | — |
| Jul 25 | 15.1% | 5.1% | 1.5% | — | — | — |
| Aug 25 | 14.9% | 4.8% | 1.8% | — | — | — |
| Sep 25 | 14.6% | 5.2% | 1.6% | — | — | — |
| Oct 25 | 12.2% | 3.1% | 1.5% | — | — | — |
| Nov 25 | 8.3% | 3.2% | 1.3% | 10.3% | 2.8% | 0.7% |
| Dec 25 | 9.9% | 3.2% | 0.4% | 10.0% | 3.0% | 0.6% |
| Jan 26 | 13.0% | — | — | 13.7% | 4.6% | — |
| Feb 26 | — | — | — | 14.2% | 4.5% | — |
CH paid stopped Oct 25; budget redeployed to DE Nov 25. DE retention improved materially — D1 up from 10.3% to 14.2%, D7 from 2.8% to 4.5%.
Retention correlates with liquidity.
Users tell us directly: “Love the app, just needs more users” — confirmed across App Store ratings. C2C retention is structurally different from B2C. Every listing comes from an individual person. Supply density has to be earned one user at a time, which means early retention is always worse than B2C benchmarks.
At 18k live auctions, most users don't yet find what they want on first visit. CH retention was highest during peak MAU months when density was strongest. Vinted saw the same pattern.
The raise is designed to push past the cold start. At 75k MAU, discovery works, bids compound, and retention scales with inventory — not features.
Listing Retention
Listing Retention by Cohort
% of cohort listings still live
Listing Survival by Age
% still live · decay curve
Listing retention improved 9× in 10 months.
Cohort retention grew from 7.9% (Apr 2025) to 70.7% (Feb 2026). This reflects denser search results, better AI matching, and growing buyer-side activity. The combination of rising retention and natural decay is the signal of a maturing marketplace.
Sources App Store Connect · Firebase Analytics · Jan 2025 – Feb 2026
Supply & Demand
Supply Metrics
41,366 auctions from 11,304 unique listers. 18,773 live right now (12,802 CH · 5,061 DE · 744 AT). Supply is the hardest side of any C2C marketplace — it cannot be API-imported, every listing requires a real person.
Auctions Created by Market + Live
Cumulative created (stacked) · Live (line)
Cumulative Bids
Monthly new bids (bars) · cumulative (line)
By Market
Live Auctions by Market
Unique Listers
11,304
Of 31,482 verified · 35.9% activation
Supply Velocity
3.4×
Avg listings per active lister
AI listing (1 tap, <10 sec) accelerates supply. Push notifications re-engage dormant listers.
Demand Signal
Demand follows density — 997 unique bidders, 1,725 orders completed.
All without integrated shipping (local pickup only). At 3.7× listings per lister, repeat supply behaviour is emerging without retention incentives. AI shipping recommendation is in development.
Sources Shack Backend · all-time · Mar 2 2026
Competition
Feature Comparison
The DACH C2C market is dominated by legacy platforms built before smartphones. eBay and Kleinanzeigen require email signup, allow professional sellers, and charge fees. Shack is building toward a fully autonomous marketplace where AI handles the entire transaction lifecycle end-to-end.
| Platform | Market | 0% Fees | Apple SSO | AI Stack | Auction | C2C Only | Map | All Cat. |
|---|---|---|---|---|---|---|---|---|
| Shack | DACH + US | YES | YES | 11 layers | YES | YES | YES | YES |
| eBay | Global | — | YES | ~ (3 layers) | YES | — | — | YES |
| Kleinanzeigen | DE | ~ | — | ~ (2 layers) | — | — | ~ | YES |
| Vinted | EU | YES | YES | — | — | — | — | — |
| Etsy | Global | — | YES | ~ | — | — | — | ~ |
| FB Marketplace | Global | ~ | — | — | — | — | YES | YES |
AI Stack
Legacy platforms bolt AI onto one step of an otherwise manual flow. Shack is autonomous across the entire transaction lifecycle.
1 tap · <10 sec. Photo → title, description, category → live auction.
Market-based suggestion based on item recognition and comparable listings.
Every listing scanned. Restricted item detection, policy enforcement, fraud signals.
Intent-aware search. "Cool gift for my parents" → AI surfaces results across categories.
Set max, AI bids for you. No monitoring, no sniping, no missed auctions.
Learn what you browse, bid, buy. Surface relevant listings before you search.
Real-time listing translation across DE, CH, AT, US. One marketplace, no language barrier.
Community chat safety. Spam, toxicity, fraud — all caught automatically.
Smart recommendation: price estimation, carrier comparison, best-rate suggestion.
Evidence review, fair outcome proposals, instant mediation. No ticket queue.
Contextual help, how-to guidance, account issues. Zero headcount CS.
Horizontal Strategy
Why Category-First Fails for Horizontal
- Tech lock-in — Vinted live since 2008, 18 years, still ~90% fashion
- Seller lock-in — eBay by 2015 ~85% listings from professional merchants
- Brand lock-in — Depop acq by Etsy $1.6B then resold to eBay $1.2B
Shack's Approach: Geographic + Technical Vertical
- Geographic focus — launch in CH, prove model, expand to DE
- Technical focus — iOS only. One platform = faster iteration
- Horizontal from day one — brand, AI stack, UX built for “anything”
Gen Z
Shack Audience · TikTok
Gender: 50% F · 49% M · 1% other
CH 31.8% · DE 29.2% · AT 19.7%
48% under 35. 50/50 gender split. Horizontal, not fashion-skewed.
61% search used first before buying new. 49% sold a pre-owned item for the first time this year. Gen Z plans to spend 46% of apparel budget on secondhand.
Why Legacy Platforms Lose This Cohort
Shpock/Kleinanzeigen primary demographic: 45–54 (Similarweb 2025)
Shack's Design Advantage
Mobile-first and visual. Bold identity, comic-style visuals, auction mechanics. Designed to feel fast and intuitive.
Autonomous simplicity. Photo → AI handles listing, compliance, buyer matching → live in 10 seconds. Matches UX expectations set by TikTok and Instagram.
Depop lesson: 90% of active users under 26. Shack takes a similar design-first approach but applies it horizontally.
Sources Public filings · App Store reviews · product research · Feb 2026
Revenue
Monetisation Strategy
Shack is deliberately pre-monetisation on the marketplace itself. Zero fees accelerate supply activation and trust — the same approach that preceded Vinted's growth inflection. IAP revenue comes from optional tools: ID verification, auction ads, Hoist, and gamification. The Shack Association raised $230K through community token sales — $120K accessible by Shack AG via formal SLA.
IAP Revenue
IAP Revenue & Transactions
Cumulative · RevenueCat
Business Model
Revenue Flywheel
Liquidity unlocks monetisation. More users → more auctions → more competition per listing → sellers pay to stand out. At 75k MAU, even 1% IAP conversion at $12 avg = $9k MRR from optional tools alone. Revenue grows with density, not pricing pressure.
Revenue Stack · Phased Rollout
Proven in CH · Ready to Repeat
CH IAP revenue grew steeply as marketplace density scaled — users paid for visibility once competition per listing made it worthwhile. DE is 10× the population at significantly lower CPIs, making it the right market to concentrate resources.
$SHACK Token
$SHACK · Community Token · Solana
Raised
$230K
Holders
2,405
Accessible by AG
$120K
Token Infra
$110K
Issued by the Shack Association (Swiss non-profit), paired with JUP on Meteora. Total supply: 1B tokens, ~300M in circulation, 80% vesting through July 2026. The token confers no equity, governance, or rights in Shack AG. A formal SLA (LEXR Law) governs fund flows from Association to AG. Token holders become evangelists and early supply.
Sources RevenueCat · IAP · Shack Association · Apr 2025 – Jan 2026
Press
20 Minuten · Switzerland's Largest Daily
“While the neon design and features like the comic function emphasize the fun of bargain hunting, there's a serious mission behind the startup: to reduce throwaway culture and promote reuse.”
169 reader comments · inbound coverage
Handelszeitung · Swiss Business Daily
Feature coverage within days of US launch. Valentine's Day US launch tie-in.
Largest Swiss business newspaper · inbound · no PR budget
Startupticker.ch · Zuger Zeitung
“Back to simplicity: sell everyday items in just a few clicks.”
Startup ecosystem coverage · organic pick-up
Paid → Organic Flywheel
Ads are optimized for social sharing, not just installs — creative is designed for re-sharing across social feeds. Paid spend seeds organic distribution: users share listings, auction wins, and Shack clips to Stories and feeds, extending the reach of each paid dollar through organic amplification.
Sources 20 Minuten · Handelszeitung · App Store · Instagram · X
Use of Funds
Cold Start
The conventional playbook is to start in one vertical, build liquidity, then expand. That works for dominating a vertical. But it consistently fails as a path to horizontal — tech, seller, regulation, and brand lock-in calcify around one category.
Why Category-First Fails
Tech lock-in — Vinted: 18 years, still ~90% fashion. Clothing-first UX, size filters, brand matching don't transfer.
Seller lock-in — eBay: by 2015 ~85% listings from professional merchants. C2C sellers get crowded out.
Regulation lock-in — Vestiaire built luxury auth, Poshmark built fashion social features — all impossible to repurpose.
Brand lock-in — Shpock was “the boot sale app” — never escaped it. Depop: still 100% Gen Z fashion after acquisition. Wallapop: ~80% Spain-only after 12 years.
Each vertical creates structural debt. Horizontal expansion doesn't just require a second cold start — it requires a second product.
Shack: Geographic + Technical Vertical
Stay horizontal from day one — but constrain geography and platform to concentrate density.
Geographic focus — launch in CH, prove model, expand to DE. Already live in 4 countries. Expansion is a deployment decision, not a product rebuild.
Technical focus — iOS only. One platform = faster iteration, tighter UX. Android and web come after the model works.
Horizontal from day one — brand, AI stack, and UX built for “anything”. No category pivot needed later.
Solve the cold start once per market, not once per category. Then expand geographically and technically.
Phase 1 · Now
DACH · iOS
Main focus DE · prove liquidity
Phase 2 · Post-Seed
DACH · iOS + Android
Add Android, deepen density
Phase 3 · Series A
EU + US · All platforms
Expand geo + web
Phase 4 · Scale
Global
Full horizontal, all markets
Budget
The hardest problem in any marketplace is the cold start — compounded in horizontal C2C where density is needed across thousands of categories. In the last 90 days, 163 users placed 503 bids. The demand signal exists, but at current density most searches return too few results. The $1M is sized to reach the cold start threshold in Germany. Projected burn: $150k/mo (50% mkt, 35% infra, 15% runway) over 8 months.
$500K
Marketing · 50%
~250k installs @ $2 CPI target
$350K
Infra · 35%
Dev, legal, ops
$150K
Runway · 15%
Buffer
Seed Milestones
Liquidity Threshold · Seed Trigger
75k MAU · 75k live auctions · $25k IAP · iOS top spot DE Shopping → Seed prep begins. At this density, the average listing gets meaningful views and bids, search returns relevant results, and retention compounds with inventory instead of decaying.
Priorities
Growth Priorities · Post-Close
Product Priorities · Post-Close
Capital Efficiency
Median EU Pre-Seed (Carta 2025)
€1.8M
Shack raises 44% below median
Median Consumer AI Seed (2025)
$2.1M
AI marketplaces raise 2–3× more
Capital Efficiency vs Peers
| Platform · Stage | Raised | Users | $/User | Revenue | Outcome |
|---|---|---|---|---|---|
| Shack · Pre-Seed Y1 | $1M | 94k | $10.64 | $6.6k | — |
| Depop · Seed Y1.5 (UK, 2012) | $2.5M | ~120k | $20.83 | $0 | $1.6B exit (Etsy) |
| Shpock · Seed Y1 (AT/DACH, 2012) | ~$2.5M | 120k | ~$20.83 | $0 | €200M acq (Adevinta) |
$1M is 44% below the EU pre-seed median. Depop and Shpock each spent ~$20/user with 2.5× the capital and zero revenue at that stage. Shack has generated $6.6k in IAP revenue at pre-seed.
Runway & Projections
Cash Runway · Without vs With $1M
| Without Raise | With $1M | |
|---|---|---|
| Starting Cash (Mar 26) | ~$200k | $1,200k |
| Monthly Burn | $30k | $150k |
| Runway | 6 months | 8 months |
| Reaches Seed KPIs | No | Month 4–6 |
| Cash at Seed Trigger | ~$20k | $300k–$600k |
Without raise: $30k/mo burn. Sustainable but insufficient to cross the cold start threshold. With $1M: $150k/mo buys density — enough installs in DE that buyer-seller matching starts working across categories.
Cash Runway Projection
$k · monthly burn
MAU Projection
Target: 75k MAU at M12
Downloads at M12
~330k
vs ~120k without raise
MAU at M12
75k
vs 6.5k without raise
IAP Revenue at M12
$25k
vs ~$9k without raise
Path to Seed
Path to Seed: Month 4–6 post-close.
With $1M deployed at $150k/mo, Shack reaches seed KPIs (75k MAU, 75k live auctions, iOS #1 DE) by month 4–6. Cash remaining at seed trigger: $300k–$600k. This positions a $3–5M seed raise at 3–5× valuation step-up from pre-seed.
Sources Internal strategy & financial model · Feb 2026
Vision
Autonomous
60 min of friction → AI handles everything
Create Listing
~15 min
AI Listing: 1 tap · <10 sec
LIVEBuyer Finds You
~5 min
Shack GPT: intent-aware search
BETAAgree on Price
~10 min
Bid Engine: codified price discovery
LIVEFulfillment
~30 min
AI Shipping: smart recommendation
2026Timeline
ATOMS
2026
Physical goods · DACH + US · 75k MAU · Seed end of 2026
$1M pre-seed · Seed Q3–Q4 2026
BITS
2027
Android · Digital goods · EU + US · $1M+ ARR · 500k MAU
Series A · physical + digital C2C
TIME
2028+
Web platform · Global · Services · 5M+ MAU
Series B · global platform
Appendix
Monthly Data
| Month | Downloads | MAU | Mkt Spend | Total Spend | Cost/DL | IAP Rev | IAP Txns |
|---|---|---|---|---|---|---|---|
| Nov 24 | 41 | — | — | — | — | $0 | 0 |
| Dec 24 | 18 | — | — | — | — | $0 | 0 |
| Jan 25 | 119 | — | — | — | — | $0 | 0 |
| Feb 25 | 209 | — | — | — | — | $0 | 0 |
| Mar 25 | 1,992 | — | — | — | — | $0 | 0 |
| Apr 25 | 10,205 | 9,821 | $16,082 | $17,869 | $1.75 | $245 | 20 |
| May 25 | 6,767 | 10,198 | $14,917 | $26,686 | $3.94 | $111 | 21 |
| Jun 25 | 8,463 | 11,269 | $21,384 | $86,099 | $10.17 | $399 | 50 |
| Jul 25 | 11,186 | 13,881 | $34,797 | $53,256 | $4.76 | $1,280 | 120 |
| Aug 25 | 4,219 | 15,412 | $40,092 | $55,510 | $13.16 | $1,134 | 84 |
| Sep 25 | 6,849 | 15,989 | $54,196 | $87,603 | $12.79 | $1,310 | 94 |
| Oct 25 | 5,022 | 12,453 | $79,106 | $114,821 | $22.87 | $1,331 | 85 |
| Nov 25 | 9,388 | 11,395 | $94,923 | $145,172 | $15.46 | $430 | 31 |
| Dec 25 | 9,529 | 11,824 | $19,884 | $41,013 | $4.30 | $157 | 10 |
| Jan 26 | 11,407 | 16,790 | $36,360 | $69,784 | $6.12 | $151 | 13 |
| Feb 26 | 9,017 | 15,767 | $22,682 | $32,839 | $3.64 | $116 | 10 |
| Total | 94,431 | — | $434K | $731K | $4.60 | $6,664 | 538 |
Cost note: Shack AG incorporated May 2025. Pre-incorporation spend (Nov 24 – Apr 25) funded personally by the founder via sole proprietorship — not reflected in Shack AG books. Cost reporting begins April 2025.
Monthly Downloads by Market
App Store Connect · stacked
Monthly Spend vs Cumulative Downloads
USD · App Store Connect
IAP Revenue & Transactions
Cumulative · RevenueCat
$SHACK Community Token
Issued by the Shack Association (Swiss non-profit), paired with JUP on Meteora. Total supply: 1B tokens, ~300M in circulation, 80% vesting through July 2026. The token confers no equity, governance, or rights in Shack AG. A formal SLA (LEXR Law) governs fund flows from Association to AG. $230K raised — $110K invested in token infra, community, artwork/character design, and market making; $120K accessible by Shack AG via SLA.
Price
$0.0036
Market Cap
$2.3M
Liquidity
$156K
Holders
2,405
FDV
$3.6M
DEX
Meteora
Pair Age
7 months
TOP HOLDERS
Contract: BHvPQ9dFAiZJUSYJFpEmdfMmgz48iLohyxyixBfZjups
Pair: SHACK / JUP · Pooled: 21.6M SHACK ($78K) + 519K JUP ($78K)
Audit: No issues · 24h volume: ~$1.4K · 24h txns: 37
Valuation
Three standard pre-seed valuation methods converge on $5M pre-money / $6M post-money. One business angel has already soft committed at this valuation. The raise targets $1M on $5M pre-money, implying ~16.7% dilution.
Method 1 · Berkus / Scorecard
Weights each factor against EU pre-seed median of $3M.
Method 2 · Comparable Transactions
European C2C marketplace early-stage rounds, inflation-adjusted.
Shack has more traction at pre-seed than any comparable at the same stage.
Method 3 · VC Method (Backward)
Consumer networks are valued on network density and brand, not revenue. Depop: never profitable, £40M loss in 2024 — still acquired for $1.2B. WhatsApp had ~$300M revenue, sold for $19B.
Consumer networks that achieve liquidity re-rate fast — Whatnot: $0 to $11.5B in ~5 years, Vinted: pre-seed to $5.4B. At $6M post-money, even the conservative scenario returns ~8× on pre-seed capital.
Investor Return at $5M Pre-Money
MOIC · assumes ~50% dilution through Seed + A
MOIC for a $1M pre-seed cheque at different exit outcomes. Assumes ~50% dilution through Seed + Series A. Exit values driven by network density, not revenue multiples.
Valuation Convergence
Deal Terms
Current Cap Table
Post-Seed Cap Table
TAM / SAM / SOM
TAM · Total Addressable
$12.2B
DACH recommerce (2025). DE $9.2B · CH $1.5B · AT $1.1B. Growing 11–17% YoY.
SAM · Serviceable Addressable
~$4B
C2C-only segment. ~33% of DACH recommerce. All horizontal categories, mobile-first.
SOM · Serviceable Obtainable
~$40–80M
3-year capture. 500k MAU × $80–160 GMV/user/yr. 1–2% of SAM at Series A density.
Why DACH first: Switzerland is the most expensive C2C market per capita in Europe — high disposable income, high resale prices, high willingness to pay for convenience. Germany is 10× the population at lower CPI, making it the volume engine. Austria bridges both. Combined: 100M population, €115B e-commerce volume, 11–17% recommerce growth. Shack does not need to win globally — DACH alone supports a $100M+ outcome.
Blockchain
Blockchain gives Shack three structural advantages traditional infrastructure cannot provide: permissionless payments, collectible tokenisation, and a community memecoin as non-dilutive crowdfunding engine.
1. Permissionless Instant Payments
The Problem with Traditional P2P Payments
Cross-border friction — SEPA takes 1–2 days, costs vary, chargebacks are a headache for C2C.
Payment processor gatekeeping — Stripe/PayPal charge 2.9–3.5% + fixed fees. On a $15 used book, that's 20%+ eaten by infrastructure.
Currency conversion — DACH spans CHF and EUR. US adds USD. Every boundary adds cost and complexity.
No global standard — Twint in CH, Klarna in DE, Venmo in US. Each integration fragments the experience.
Why Stablecoins Solve This
Permissionless — no KYB, no merchant onboarding. Any user can send and receive value instantly.
Global by default — USDC/USDT work the same in Zurich, Berlin, Vienna, and New York. One integration, every market.
Near-zero fees — on L2 chains, a stablecoin transfer costs fractions of a cent. That $15 sale costs $0.001, not $0.50.
Programmable settlement — smart contracts enable trustless payment: funds release on buyer confirmation or timeout.
2. Collectible Tokenisation · Trade Globally Without Shipping
Tokenising physical collectibles — trading cards, watches, sneakers — creates a digital certificate of ownership on-chain while the item stays in vault custody. Ownership transfers instantly, globally, 24/7. The item doesn't move. Only the title does.
Courtyard.io · $30M Series A
Tokenises physical trading cards. Items ship to Brink's vaults, get authenticated, NFT minted. 500k+ collectibles tokenised. $56M in sales volume in March 2025 alone. Backed by Forerunner, NEA, Y Combinator.
Collector Crypt · Solana-Native
Tokenises Pokémon and sports trading cards as pNFTs on Solana. Cards vaulted, tokens trade on Magic Eden. $70M+ revenue YTD. Leading Solana RWA trading card dApp.
3. Community Memecoin · Non-Dilutive Crowdfunding
$SHACK is a community memecoin — issued by the Shack Association (separate Swiss entity), not Shack AG — that serves three strategic functions traditional fundraising can't replicate.
Non-dilutive crowdfunding — $230K raised from 2,400+ holders. No equity given up, no cap table complexity.
Global brand seeding — 2,400+ holders across dozens of countries are organic brand ambassadors with skin in the game. The community seeds demand before Shack enters a geography.
In-app economy (planned) — first test: referral rewards. If validated, expands to listing boosts, seller incentives, and token-powered rewards.
Auctions
Most C2C marketplaces default to fixed-price listings with chat-based negotiation. Shack uses auctions as the primary model — not because the format is novel, but because it is structurally better for peer-to-peer commerce.
The Problem with Fixed Price + Chat
Pricing paralysis — sellers don't know what their stuff is worth. Overprice → sits. Underprice → feel cheated. Both kill retention.
Chat negotiation is broken — "Is this still available?" → lowball → counter → ghosting. Fewer than 1 in 5 chat negotiations convert.
No urgency — fixed-price listings sit indefinitely. No time pressure, no competition, no reason to act now.
Seller burden — manage every conversation, respond to every lowball. Most casual sellers list once and never come back.
Why Auctions Are Built for C2C
Market sets the price — sellers set a starting bid (or let AI suggest), the market decides. Removes the biggest friction: "How much should I charge?"
No chat, no negotiation — bidding replaces messaging. Buyer expresses interest with money, not words. Highest bid wins.
Built-in urgency + auto-renewal — 7-day cycles, auto-renew if unsold. Time pressure drives action.
Engagement loops — watching auctions, getting outbid, last-second bids — inherently engaging. Every auction is a mini-event.
AI Bidding — buyers set a max bid and walk away. AI bids incrementally on their behalf.
Whatnot · Auction Mechanics at Scale
Whatnot is B2C (sellers stream live), but the auction mechanics tell a clear story:
$11.5B
Valuation
$6B
GMV (2025)
95 min
Daily engagement
80%+
MoM retention
Whatnot validated that auctions drive superior engagement, conversion, and retention. Shack applies the same mechanic to C2C: asynchronous, AI-powered, no streaming, no performance. The auction mechanic delivers the same urgency, accessible to anyone.
Shack GPT
Traditional C2C search is keyword-based. Shack GPT understands intent. A search for "cool gift for my parents" surfaces items across categories — a vintage watch, a coffee machine, a framed print. The planned next step: proactive matchmaking — AI identifies the right buyer when a listing goes live.
Beta · Intent-Aware Search
Natural language, not keywords. Users search "cool gift for my parents" or "something vintage under 50" — AI surfaces contextually relevant results across all categories.
Planned · Proactive Matchmaking
1. Seller lists — one photo, AI generates listing in <10 sec.
2. Shack GPT scans buyer graph — cross-references search history, bid patterns, category affinity.
3. "We found a match" — matched buyers get a push notification.
4. Auction ignites — matched buyers bid, triggering urgency and AI autobidding.
Competitive Advantage
eBay — AI on listing, pricing suggestions, ad bidding. Still keyword-first for core search.
Kleinanzeigen — AI listing descriptions + ChatGPT conversational search. No AI pricing/bidding.
Vinted — keyword search + algorithmic feed. No intent understanding.
Shack GPT — intent-aware AI search (beta). Proactive matchmaking planned next.
CAC / LTV
Marketplace unit economics are non-linear. At low density, CAC is high and LTV is near zero. At scale, both curves invert: CAC trends toward zero as organic growth replaces paid acquisition, while LTV compounds as network effects unlock successive monetisation layers.
CAC · Trends Toward Zero at Scale
Today: $2 CPI in Germany. 100% paid acquisition. Every install costs money. This is the cold start.
| CAC Driver | Effect on Blended CPI | Status |
|---|---|---|
| Paid UA (Apple Search Ads, Meta) | $2.09 (DE steady-state) | Live · proven |
| App Store organic (top charts, ASO) | $0 · scales with ranking | #1 CH · #43 DE |
| Word-of-mouth / social sharing | $0 · scales with transactions | Early |
| $SHACK referral rewards | $0 CPI · non-dilutive | Planned |
| Seller invites buyer (deal completion) | $0 · inherent to C2C | Organic |
| Content/SEO (listing pages indexed) | $0 · scales with inventory | Web planned |
Current Baseline · Pre-Density
LTV · Compounds with Network Effects
| Stage | Blended CAC | IAP LTV | Full LTV | LTV:CAC |
|---|---|---|---|---|
| Today (18k listings) | $2.09 | $0.05 | $0.05 | 0.03× |
| Post-raise (75k MAU) | $2.00 | $0.50 | $1.50 | 0.7× |
| Seed stage (150k MAU) | $0.80 | $1.26 | $3.50 | 4.4× |
| Network effects (500k+ MAU) | → $0 | $2.69 | $8–15+ | ∞ |
The LTV Stack · Revenue Layers That Compound
LAYER 1 · LIVE
ID verification · $12 ARPU
Auction ads (promote listings) · $12 ARPU
Hoist (push to top) · $12 ARPU
Gamification (loot boxes, comic images) · $12 ARPU
LAYER 2 · POST-RAISE
AI shipping recommendation · Q3 2026
Featured placement / top-of-feed · 2026+
LAYER 3 · AT SCALE
Third-party ads (brands, retailers)
Collectible tokenisation · mint fee + secondary royalties
Financing / buy-now-pay-later · rev share
Premium seller subscriptions · analytics, bulk tools
Data & insights licensing · pricing data, trend signals
PRE-DENSITY (NOW)
100% paid · $2 CPI · 0.6% IAP conversion · no shipping fees · $0.07 revenue per install · LTV:CAC = 0.03×
POST-NETWORK EFFECTS
$2 CPI still works · organic share growing · 1-unit auctions driving buyer pull · 3–5% IAP conversion · shipping + ads + tokenisation · $5–10+ LTV · LTV:CAC > 3×
CAC Detail
100% paid acquisition (Apple Search Ads, Meta). No organic flywheel yet — every install is bought. The raise funds the cold start, after which network effects shift the mix toward organic.
CPI by Market
Derived Acquisition Metrics
Blended CPI of $4.60 reflects early CH spend at higher CPIs ($9.50 peak Aug 2025) before the pivot to DE. Current DE steady-state is $2–3. Post-raise budget of $500K targets ~250K installs at $2 CPI. At Vinted-like organic ratios (70%+ organic at scale), effective CPI approaches zero on marginal installs.
Methodology
Methodology: All spend converted to USD at mid-market rates (1 CHF = $1.29 · 1 EUR = $1.04). Billing cycle: 22nd prior month – 21st current month, settled end of month. Stand Alone Inc (app development) invoices attributed to work month, not payment month.
MAU from Firebase; downloads from App Store Connect (all markets combined). IAP revenue from RevenueCat.
Active listings (18,773 total: 12,802 CH · 5,061 DE · 744 AT) from backend, geo-attributed via geohash. Total listings: 41,366 by 11,304 unique listers.
Orders created (1,725) from backend, represents orders initiated. Shack does not charge a take rate — the marketplace is free to transact. Revenue generated through in-app purchases (ID verification, auction ads, Hoist, gamification). Verified users (31,482) via Apple Sign-In; CH/DE split estimated 65%/33%, remainder AT + US.