Despite this, Lovevery’s lifetime sales per customer are more than double that of KiwiCo’s, according to an analysis by Bloomberg Second Measure. (And at around $700 after 24 months, more than enough to justify spending on customer acquisition.)

The reason I find this company so interesting is it doesn’t seem like a venture-backable business at first glance. In order to get $100M in revenue, they would have to have $1.0B in gross subscription volume. When they went through YC, they had an average revenue / subscriber of $70. If that stays the same, Substack will need about 14.3M paid subsc... See more

(1) Viable business model - can you make decent profits on the unit economics? (note: this means that DTC winners will, by and large, be premium-priced, with decent basket sizes, with efficient cost structures, and have repeat business with a customer rather than just one-off transactions)