Agya Ventures Revenue (2020)

The consulting business that sits alongside the Agya Ventures fund generated just under $500,000 in revenue in 2020. Lunawat described the consulting operation as a secondary priority, telling the host that the team spends roughly 75 to 80 percent of its time on the fund and the remaining 20 percent on consulting.

Agya Ventures had made five portfolio investments as of the July 2021 interview, spanning four real estate verticals: hospitality, senior living, residential (two checks), and retail. Two of the five portfolio companies are SaaS businesses.

One disclosed investment is Ruumr (spelled r-u-u-m-r), a residential home-sales transparency platform founded by Jordan Allen. Agya wrote a $250,000 check into Ruumr at the seed stage via a SAFE note and was not the lead investor. Co-investors include Adam Neumann, the former founder of WeWork. A second disclosed investment is StayFlexi, a hotel operations software company that came out of Y Combinator. A third investment in the senior living space was described as stealth at the time of the interview. The retail investment was mentioned but not named.

Agya Ventures operates two revenue-generating activities. The primary activity is the venture fund, which charges a 2 percent annual management fee on committed capital and takes 20 percent carried interest on profits, a structure Lunawat described as market standard. The secondary activity is the consulting business, which advises Japanese institutional real estate developers on US proptech deal flow and generated just under $500,000 in revenue in 2020.

The team allocates 75 to 80 percent of its time to the fund and approximately 20 percent to consulting. Lunawat characterized the consulting business as a relationship-building mechanism rather than a core profit center. Gross margin, burn rate, runway, and other operating metrics for either business line were not discussed in the interview.

One portfolio company, Ruumr, received a $250,000 check at the seed stage. The fund's check size policy more broadly was not stated, though the Ruumr figure is the only disclosed check size. The fund's target size of $45 million to $50 million, with roughly 50 percent raised as of mid-2021, implies a management fee base of approximately $450,000 to $500,000 annually at the midpoint if fully deployed, though this is a GetLatka estimate based on the stated 2 percent fee applied to the midpoint of the target range and should not be treated as a confirmed figure.

Team size was not disclosed in precise headcount terms during the interview. Lunawat referenced himself and co-founder and co-GP Nobu as the two principals of the fund. The consulting and fund operations appear to be run by this core two-person partnership, with advisors being recruited on a portfolio-company-specific basis. Total employee count was not discussed.