BLI Premium Report: Plei

Premium Report

Key Points

Market Leadership: Plei is the premier pickup soccer platform in the U.S., boasting projected revenue of $4.5M in 2023 — a significant leap from $1.7M in 2022 and $790k in 2021.

User Engagement: The Plei App has attracted over 180,000 soccer aficionados and has successfully organized 40,000+ matches as of August 2023, with 30,000 of those in 2023 alone.

Strategic Partnerships: Collaborations with over 130 sports venues across 15 cities have resulted in a revenue generation of over $3.3M for these facilities.

Global Ambitions: Plei has its sights set on international markets, with expansion plans slated for 2024.

The Problem

With an estimated 250 million players active in over 200 countries, the global passion for soccer is undeniable. Yet, the hurdles to spontaneously play a game are many — no one wants to play a game with just a few fellow enthusiasts. Plei's mission is to make playing soccer as effortless as booking a ride, eliminating the logistical nightmares.

Plei stands as a dominant force in the U.S. pickup soccer scene, revolutionizing the way enthusiasts engage with the sport. With its innovative app, Plei has made playing soccer as simple as hailing a ride.

The Solution: Get Out and Plei

Plei's app is a game-changer, literally. It's a platform where anyone, regardless of skill level, can join a soccer match in their vicinity. The app takes the hassle out of organizing, ensuring every game is a thrilling encounter. Just sign up, lace up, and play!

Market Analysis

Soccer's universal appeal is evident with 4 billion fans globally. In the U.S., millions indulge in the sport, both professionally and recreationally. Plei's app has simplified the process of organizing pickup games, making it a favorite among enthusiasts.

While there are several competitors in this market including payment processors, field management, and league management companies, no other company combines all three in order to set up soccer games.

This is a big reason why Plei has been able to scale so quickly, with estimated revenue of $4.5 million in 2023 — and projections as high as $36 million in revenue by 2026, which would be revenue growth of 700%.

Investment Details

Plei is seeking investments via a SAFE (Simple Agreement for Future Equity) with a valuation cap of $20M, which is 4.44 times its (projected 2023) annual revenue. This round offers investors a 20% discount on share prices during conversion. Given Plei's trajectory and its capture of a significant U.S. market segment, this valuation is more than justifiable.

In 2020 Plei had a previous raise at a $10 million valuation, and while they only projected revenue out to 2020 at $1m, they have far surpassed that number.

A Closer Look at Plei's Growth

The meteoric rise of Plei in the U.S. pickup soccer scene is nothing short of remarkable. When we break down the numbers, the growth trajectory becomes even more evident. In just two years, from 2021 to 2023, Plei's revenue saw an astronomical jump from $790k to an estimated $4.5M. This is not only a testament to the company's operational efficiency, but also an indicator of the increasing demand for organized pickup soccer games.

User Engagement and Retention

One of the most impressive feats achieved by Plei is its ability to not only attract but also retain soccer enthusiasts. With over 180,000 active soccer players on its platform, Plei has managed to create a vibrant community. The 40,000+ games hosted by August 2023, especially the 30,000 in 2023 alone, highlight the platform's increasing popularity. It's not just about numbers; it's about consistent engagement and the promise of an unmatched soccer experience.

Strategic Collaborations: A Win-Win

Plei's partnerships with over 130 sports facilities across 15 U.S. cities have been mutually beneficial. While Plei gets access to top-notch venues, these facilities have seen a revenue influx of over $3.3M. Such collaborations not only enhance the user experience but also foster a sense of community among players.

The Global Ambition: Beyond Borders

While Plei's dominance in the U.S. is evident, its vision for international expansion in 2024 showcases the company's ambition. The global soccer scene is ripe for disruption, and Plei's proven model can be the catalyst for change in how pickup soccer games are organized worldwide.

Plei’s Current Funding Round

Plei's decision to raise funds through a SAFE, with a valuation cap of $20M, is strategic. This valuation, which is ~4.4X its annual revenue, offers propective investors an attractive entry point. The 20% discount on share prices during conversion further sweetens the deal. Given the company's past performance and future potential, this valuation is not just reasonable but also enticing for forward-thinking investors.

Market Dynamics and Plei's Position

The U.S. burgeoning pickup soccer market is currently worth an estimated $4B annually. Plei's unique proposition and minimal competition give it a distinct advantage. The company's recent dominance, even in a market considered to have low potential relative to the broader fitness and wellness industry, is a testament to its innovative approach and impeccable execution.

The Driving Force: Team Plei

Behind Plei's success is a dedicated team led by the Duque brothers. Their passion for soccer and commitment to excellence have been instrumental in shaping Plei's journey. The team of 25, which has seen significant growth since Plei’s last funding round, is a blend of expertise and enthusiasm, ensuring that Plei remains at the forefront of the pickup soccer revolution.

The brothers worked together building a successful health insurance agency and COO, Alejandro Duque has had previous experience in startups, building a green energy company focused on industrial markets.

Differentiation: The Plei Edge

In a market where differentiation is key, Plei stands tall. With an impressive user base of over 180,000 soccer players and a track record of hosting 40,000+ games, Plei has carved a niche for itself. The company's unwavering focus on user experience and its commitment to handling all game logistics set it miles apart from any potential competition.

Financial Health and Future Prospects

Plei's financial milestones are noteworthy. Achieving profitability with a net income of $17,437 last fiscal year, given the competitive landscape, is commendable. The company's revenue is primarily from recurring sources, and indicates a sustainable business model. Its consistently growing user base and revenue trajectory underscores Plei's potential to scale even further.

The Bottom Line: B.L.A.S.T Framework

Plei is not just a platform; it's a movement reshaping the pickup soccer landscape in the U.S. Its impressive growth, both in terms of user engagement and revenue, combined with its vision for global expansion, positions it as a frontrunner in the sports-tech industry. For potential investors, Plei presents an opportunity to be part of a revolution, one that promises significant returns and the chance to redefine the future of pickup soccer.

Big Impact: As we have mentioned, there is a huge market for soccer players and outside of Plei there is no one stop shop to pay, organize and play soccer on a large scale. This is where Plei comes in. 

Large Market: There are over 250 million active soccer players across the globe and so far Plei has only captured a fraction of that market with 240,000 users.

Adaptable Management: While the company has not needed to pivot so far, the COO has spent time with previous startups and understands the need to adapt in order to succeed.

Sustainable Growth: Plei is now profitable in its early stages, a good sign for sustainable growth.

Transparent Operations: After its first fundraise, Plei has provided consistent high-quality updates to its investors - https://www.plei.app/investors. 

You can read more about the company here and decide for yourself if you think it fits in your investment portfolio.