???? Investor Update July 2023 ????

Introduction

Hello dear investors, followers, and construction enthusiasts!

Welcome back to our monthly investor updates. We're continuing with our commitment to transparency and authenticity, showcasing the real, unvarnished journey of our startup. This month's update is a bit different and deeply personal. We're diving into a topic that's often overlooked but incredibly important - mental health. It's a subject that's close to my heart, and I'll be sharing some of my own experiences. So, let's get started on this month's journey, and remember, it's okay to talk about mental health. Buckle up, here we go!

Executive Summary

I've been grappling with the decision to share something deeply personal - my struggles with mental health. It's a topic that's often overlooked, especially in the construction industry. I want to take a moment to thank The B1M and Fred Mills for shedding light on this crucial issue in our industry.?

But first, let get the housekeeping done:

Key Performance Indicators (KPIs)

• Around 60 construction companies are now using our platform.
• Our annual churn rate remains steady at 15%.
• Our burn rate this month was around $1K.

Highlights

Our participation in the Next Generation [ ] Action and the UIA World Congress of Architects CPH 2023 in Copenhagen was a remarkable and enriching experience. It was an opportunity to immerse ourselves in a vibrant ecosystem of innovation, creativity, and forward-thinking. We had the privilege to present our ideas and solutions in front of an audience of 100-200 eager individuals, a mix of industry professionals, fellow innovators, and thought leaders. The feedback and interactions we had were invaluable, providing us with fresh perspectives and insights.

During the congress, we had the opportunity to connect with several leading companies in the industry. We met with representatives from Ramboll , a global engineering, architecture and consultancy company; VELUX , a company that creates better living environments with daylight and fresh air through the roof; 奥雅纳 , a collective of designers, engineers, and business consultants; BIG - Bjarke Ingels Group , a #Copenhagen and #NewYork -based group of architects, designers, and builders; DTU - Technical University of Denmark + DTU Skylab , one of #Europe 's leading technical universities; and By & Havn , an urban development corporation. Each encounter was a chance to learn, exchange ideas, and explore potential collaborations.

In addition to the established companies, we were also inspired by the numerous innovative projects and #startups that were part of the congress. Their energy, creativity, and commitment to solving complex problems were truly inspiring.

Looking ahead, we are excited to participate in the P4G Partnerships Summit in #Bogota this September. The summit is a platform for partnerships and green growth, and we look forward to contributing to the discussions and learning from other participants. You can find more information about the summit here .

and Lowlights

The construction industry in Colombia is currently navigating a storm of uncertainty. The allocation delays and changes in the requirements for the "Mi Casa Ya" housing subsidies have thrown a wrench in the works, leading to about 50% of projects being stopped, scrapped, or delayed. This situation is hitting smaller constructors hard and leaving end consumers, who are in desperate need of affordable housing, in the lurch. The suspension of projects is not just a logistical nightmare but also a reputational risk, shaking the reliability of the sector and leading to significant financial risks.

But in the face of adversity, we at Hippo.build are not backing down. Instead, we're setting our sights on new horizons. We're planning to launch a pilot in Mexico in August or September. This expansion represents not just a significant step for us, but also our unwavering commitment to making a difference in the construction industry, no matter the challenges we face.

For more information on the situation in Colombia, you can read the full article here .

Other news

We're delighted to welcome back Sara Ni?o from her maternity leave. As a senior salesperson, Sara has been instrumental in helping our constructors lower prices on materials and increase control and efficiency with our software. We're thrilled to have her back on the team.

Ask/Next Steps

• Our biggest challenge, besides profitability and fundraising, is to prove beyond any doubt that our software lowers the cost of sales and increases the ticket of the sale.
• We're prepping for a fundraise from our community, including family offices, constructors, suppliers, etc. - But we won't do this, until we have posted our first month of positive operational cashflow!

Personal Section

I want to share a personal journey that I've been on, one that's often hidden behind the scenes of success and achievement. It's a journey through the landscape of mental health, where I've grappled with Imposter Syndrome, Chronic Stress, and more recently, Anxiety and Depression. These are not just words or diagnoses, but lived experiences that have shaped me, challenged me, and ultimately, made me more aware of the invisible battles we all fight.

Growing up, I was the kid who felt alone, the one who was bullied. This experience taught me to suppress my feelings, to put on a brave face. As I ventured into the world of startups and entrepreneurship, I was constantly wrestling with stress and imposter syndrome. Every achievement felt undeserved, every success felt like a fluke. Even being part of Y Combinator , felt like a mistake, as if we had somehow tricked Dalton Caldwell into accepting us.

Being part of Y Combinator is a paradox. It's a platform for growth, offering funding, connections, and recognition. But it's also a pressure cooker, constantly pushing you to achieve more, to be more. Questions like "Why haven't you raised that 20 million dollar seed round?" or "Why aren't you generating $500K a month yet?" became my constant companions, gnawing at my self-worth and amplifying my anxiety. You see these amazing founders and startups who are killing it, and you are not...

My mental health has taken a hit, and I won't shy away from admitting that. I'm on medication, I see a psychiatrist, a psychologist. I'm fighting, not just for myself, but for Hippo.Build (YC W22) , the venture I believe in. It's a tough battle, but I know we'll make it.

Why am I sharing this? Because I believe in transparency, in authenticity. I want to break the stigma around #mentalheath , especially in the startup and #construction industry. I want to start a conversation, to let others know that it's okay to struggle, it's okay to seek help.

Inspired by initiatives like Get Construction Talking , a campaign by The B1M that aims to address the mental health crisis in the construction industry. They highlight the shocking statistic that in the United States, construction workers are five times more likely to die by suicide than from all other causes combined.

So, if you're reading this and you've been through something similar, reach out. Let's talk, let's share, let's support each other. Because no one should have to feel alone. And remember, it's okay to not be okay. We're all human, we all struggle, and it's through sharing these struggles that we can find strength and solidarity.?

In the spirit of transparency and support, I want to extend this conversation to the broader community. Let's remove the taboo, let's normalize talking about mental health. Because we each have our battles, and we need to help and support each other. Let's create a narrative where personal struggles are not hidden, but shared and understood. Because in sharing, we find strength, and in understanding, we find empathy.

Take care!

And thank you to all of our fans and supporters, over 650 readers on this news letter.

Daniel Bilbao ???Andres Bilbao ?Tim Griffin ?Y?Combinator ?Ricardo Weder ?Felipe Villamarin ?Enrique Villamarin Lafaurie ?Hernando Rubio ?Kai Schmitz ?Lluís Ca?adell ?Julian Torres Gomez ?Santiago Aparicio ?Maria Echeverri Gomez ?Santiago Bueno ?Miguel Nigorra Esteban ?Esteban Penaloza Guzmán ?Gerry Murfitt ?Conrad Egusa ?Ignacio Javierre ?Alejandro Gálvez ?99 Startups ?Lisa Kleinsorge ?Lars Christian Robl ?BBQ Capital ?Stonks ?Ariel Arrieta ?Trip Gorman ?Latitud ?Endeavor Colombia ?David Sánchez Brugés ?Daniel Sanchez Bruges ?Carlos J Vives Brugés ?Enrique F. Pons Martínez Juan Pablo Chedraui Joshua Karjala-Svendsen

I hope I didn't leave anybody out