Gro
active deal
Gro - Deal Memo
Date Reviewed: January 8, 2026 Stage: Pre-Seed Source: Pitch Deck
Summary
One-liner: AI Sales Co-Pilot for outbound sales teams - multi-channel prospecting, outreach automation, and CRM with 350M+ contact database.
Founder: Leo Jiang (Founder & CEO)
- Ex-CDO of Huawei Cloud & AI
- Founder of Huawei Spark (100+ startups, $50M+ capital raised)
- Named Top 200 Global CIO and Top 10 Global CDO
Co-Founder: Alexis Lee (COO)
- Ex-Huawei, LongHash Ventures, Grab
- APAC startup programs and investor relations specialist
Technical Lead: Clark Shou
- Ex-Founding Engineer of NVIDIA China AI Platforms
- Cornell M.Eng, full-stack & AI infrastructure expert
Head of Product: Xiao Tao
- Ex-Director Vodafone Consulting, IBM, Thoughtworks, Fosun Hive
- 15+ years digital & AI transformation
Round:
- Raising: $1.5M
- Goal: Hit $1M ARR by 2026
- Use of funds: 40% R&D, 30% Sales & Ops, 20% Infrastructure, 10% Buffer
Key Metrics:
- 350M+ contacts database (1st party curated APAC data)
- Won customers: Oxygen (HubSpot biggest agency in APAC), AlliedGlobal (biggest BPO in Guatemala)
- Pipeline: Singtel, Ogilvy, PixVerse (unicorn)
Investment Thesis
1000x Opportunity?
Potentially NO
- TAM: $190B+ Global B2B Sales Technology; $10B+ outbound/inside-sales automation
- Problem is real: Outbound is broken - 4% connect rate, 1% reply rate (declining yearly)
- Timing: AI maturity enables better personalization at scale
- However:
- Extremely crowded market (Lemlist, Reply.io, HeyReach, LeadDelta, Dripify, Apollo, Clay)
- No clear 10x differentiation vs competitors
- APAC-first focus may limit scale
- Enterprise sales cycle is long and expensive
Kingmaker Fit?
Weak fit
- CTO network: Limited relevance for sales automation
- Technical scaling: Not a core need - this is more GTM/sales execution
- GTM guidance: Could help but not unique value-add
- DeepMind access: Not relevant
Green Flags
- Strong team pedigree - Huawei Cloud, NVIDIA, IBM backgrounds
- Real traction - Won Oxygen and AlliedGlobal, enterprise pipeline
- Clear product vision - Full-stack sales co-pilot (Search + CRM + Outreach + AI)
- APAC data moat - 1st party curated database for underserved market
- Self-learning architecture - Compounds intelligence with each interaction
- Strong advisors - AWS Head of AI ASEAN, Microsoft, Salesforce backgrounds
Red Flags
- Extremely competitive market - Lemlist, Reply.io, Apollo, Clay, HeyReach all well-funded
- Feature comparison shows parity - Not 10x better than alternatives
- Low pricing - $49-$249/mo suggests commoditized market
- APAC-first may limit VC interest - Smaller market, harder to scale globally
- Complex multi-product suite - Risk of being mediocre at everything
- Enterprise sales motion - Expensive, slow, high CAC
Key Questions
- What's the unique technical moat vs Clay, Apollo, Lemlist?
- Why will APAC data be defensible?
- What's the current MRR/ARR?
- Customer acquisition cost and payback period?
- Why will enterprise customers choose Gro over established players?
- How will you compete with well-funded US competitors?
Decision
TBD - Revisiting after founder call (Jan 6, 2026)
Previous Assessment (Pre-Call)
Initial assessment was PASS based on:
- Crowded market without clear differentiation
- Weak kingmaker fit
- APAC-first limits scale
- Pricing suggests commodity
Post-Call Status (Jan 6, 2026)
Founder call happened - Steven spoke with Leo Jiang (CEO) and Alexis Lee (COO). Call went well - "conversation resonated" and Steven mentioned enjoying the conversations and congratulated them on strong traction.
Updated deck reviewed (Jan 8) - v4.0 December 2025 deck shows significant improvements:
Revised Assessment After New Deck Review
What's Better Than Initially Thought:
-
Technical Architecture: Multi-agent system with 4 specialized AI agents (Target, Data Intelligence, Outreach, Optimization) that self-learn. Not just another sales automation tool.
-
Traction Velocity: Enterprise pipeline includes PixVerse (unicorn), Singtel, Ogilvy. Won and expanding with Oxygen (HubSpot's #1 APAC agency) and AlliedGlobal.
-
Revenue Roadmap: Targeting $3M ARR by Q4 2026 (vs initial $1M stated goal). More aggressive than initially presented.
-
APAC Data Moat: 650M contacts with 1st party curated APAC database - genuinely differentiated in underserved market.
-
Competitive Positioning: Feature comparison shows Gro winning on most categories at lower price point ($49 vs $59-99).
Remaining Concerns:
- Market is still crowded (Apollo, Clay, Lemlist well-funded)
- Need to verify current revenue (~$20K claimed)
- APAC-first may still limit US VC interest
Decision: PROCEED TO TIER 2
Vision test: PASSED (confirmed Jan 8, 2026)
Leo and Alexis demonstrated the conviction and obsession needed. Combined with the stronger-than-expected deck, this warrants deeper DD.
Tier 2 Next Steps
-
Customer Reference Calls
- Oxygen (Gareth Jones, CEO) - HubSpot's biggest APAC agency
- ccMonet (Hua Mao, Founder) - Closed contract in <1 month
-
Verify Metrics
- Current revenue (deck shows ~$20K)
- Pipeline conversion rates
- Customer retention/expansion data
-
Understand GTM Strategy
- US expansion plans and timeline
- Channel partner economics
- Enterprise vs SMB mix
-
Technical Deep Dive
- AI agent architecture defensibility
- Data moat sustainability
- Infrastructure costs/unit economics
Investment Considerations
For:
- Vision test passed
- Sophisticated multi-agent architecture
- Strong enterprise pipeline (PixVerse, Singtel, Ogilvy)
- APAC data moat
- Aggressive roadmap ($3M ARR target)
Against:
- Crowded market (Apollo, Clay well-funded)
- Kingmaker fit is weak (not CTO-centric sale)
- APAC-first may limit scale
Preliminary View: Worth a small check ($10-25K) if customer references validate traction
Appendix
Contacts
- Founder: Leo Jiang
- Website: https://thegro.ai
Market Size
| Metric | Value |
|---|---|
| TAM | $190B+ (Global B2B Sales Tech) |
| SAM | $10B+ (Global outbound automation) |
| SOM | $1B+ (APAC outbound automation) |
| Initial SOM | $120M (APAC Agency) |
Pricing
| Tier | Price | Features |
|---|---|---|
| Freemium | $0/mo | 100 credits, 100 CRM contacts |
| Solo | $49/mo | 1 LinkedIn, 2K credits |
| Team | $99/mo | 1 LinkedIn, 2 email, 5K credits |
| Enterprise | $249/mo | 2 LinkedIn, 5 email, 10K credits |
Competitors
- Lemlist ($69/mo)
- Reply.io ($89/mo)
- HeyReach ($79/mo)
- LeadDelta ($17.50/mo)
- Dripify ($39/mo)
- Apollo (freemium + paid)
- Clay (usage-based)
Documents
attachments/investor-deck-v5.pdf- Investor deck v5.0
Research Update — January 15, 2026
Web Research Findings
Company Profile:
- Website: "Supercharge B2B Sales with Gro – Your AI Sales Agent for LinkedIn Lead Generation"
- 14-day free trial available
- Positioning: AI sales agent, AI outreach tool, LinkedIn automation
Limited Public Info:
- Web search did not return specific press coverage for Gro/Leo Jiang
- Company appears to be earlier stage in terms of public presence
- No Crunchbase or TechCrunch coverage found
Note: Leo Jiang's Huawei Cloud background and the team's credentials are strong, but the company hasn't generated significant press coverage yet. This is consistent with their APAC-first strategy.
Relationship Status
Per contacts.md:
- Jan 6, 2026: Founder call completed — Vision test PASSED
- Jan 7, 2026: Alexis sent updated deck (v5.0)
- Jan 8, 2026: Deck reviewed — proceed to Tier 2
Ball in Steven's court — need to request customer reference intros.
Next Action
- Search Steven's email for prior communication with leo@thegro.ai and alexis@thegro.ai
- Request customer reference intros (Oxygen/Gareth Jones, ccMonet/Hua Mao)
Contacts — Gro
Founders
| Name | Role | Phone | Calendar | ||
|---|---|---|---|---|---|
| Leo Jiang | Founder & CEO | leo@thegro.ai | — | — | |
| Alexis Lee | Co-Founder & COO | alexis@thegro.ai | — | — |
Team
| Name | Role | Background |
|---|---|---|
| Clark Shou | Technical Lead | Ex-NVIDIA China AI Platforms, Cornell MEng |
| Xiao Tao | Head of Product | Ex-Vodafone Consulting, IBM, Thoughtworks |
Customer References (for DD)
| Name | Company | Role | Notes |
|---|---|---|---|
| Gareth Jones | Oxygen | CEO | HubSpot's #1 APAC agency, Gro customer |
| Hua Mao | ccMonet.AI | Founder & CEO | Closed contract in <1 month with Gro |
Relationship Timeline
| Date | Type | Summary |
|---|---|---|
| Dec 22, 2025 | Meeting booked | Steven booked call with Leo & Alexis |
| Jan 6, 2026 | Founder call | 30-min call — vision test PASSED |
| Jan 7, 2026 | Alexis sent updated deck (v4.0), Steven said he'd review | |
| Jan 8, 2026 | Deck review | Completed review — proceed to Tier 2 |
Last Touchpoint
Date: January 7, 2026 Status: Ball in Steven's court — Alexis sent deck, awaiting next steps Next Action: Request customer reference intros (Oxygen, ccMonet)
Notes - Gro
January 8, 2026
Type: Deck Review (v4.0 - December 2025) Summary: Analyzed updated investor deck sent after founder call
Key Updates vs Previous Deck (v5.0)
Stronger Positioning:
- "Best way to sell with AI" (like Cursor is best way to code with AI) - compelling framing
- Multi-agent architecture with 4 specialized agents (Target, Data Intelligence, Outreach, Optimization)
- Self-learning system that "compounds intelligence with every interaction"
Improved Traction:
- Pipeline now includes PixVerse (unicorn), Singtel (major telco), Ogilvy (global agency)
- Won customers with expansion: Oxygen (HubSpot's biggest APAC agency), AlliedGlobal (biggest BPO Guatemala)
- Customer testimonials from Vaudit, Oxygen, ccMonet (closed contract in <1 month after deploying)
Revenue Roadmap:
- Current: ~$20K (2H 2025)
- Q1 2026: $50K MRR target (500 G1 seats)
- Q2 2026: $100K MRR (1000 seats, 5 channel partners)
- Q3 2026: $175K MRR (50+ SME clients, 5 enterprise)
- Q4 2026: $250K MRR → $3M ARR run rate target
Competition Analysis:
- 650M contact database (vs Lemlist 60M+)
- 8 languages supported (vs competitors 2 or none)
- Lower pricing: $49/mo vs $59-99/mo competitors
- More features checked across categories
The Ask:
- Raising: $1.5M
- Stated goal: $1M ARR by 2026 (conservative vs $3M roadmap)
- Use: 40% R&D, 30% Sales & Ops, 20% Infrastructure, 10% Buffer
Revised Assessment
What changed my view:
- Agent architecture is more sophisticated than typical sales automation tool
- Enterprise pipeline is real - PixVerse, Singtel, Ogilvy in pipeline
- Land & expand working - Oxygen and AlliedGlobal expanding
- APAC data moat - 1st party curated database for underserved market
- Team execution - shipping rapidly, multiple product modules live
Still concerns:
- Crowded market remains a risk
- Need to verify current revenue (deck shows $20K, need confirmation)
- Competition from well-funded US players
Vision Test Result
PASSED - Confirmed by Steven (Jan 8, 2026). Leo and Alexis demonstrated the conviction and obsession needed.
Next Steps (Tier 2 DD)
- Request customer reference intros (Oxygen, ccMonet)
- Verify current revenue metrics
- Schedule follow-up call to discuss US expansion strategy
January 7, 2026
Type: Email Thread (Post-Call Follow-up) Summary: Gmail conversation with Alexis Lee after founder call
From Alexis Lee (Jan 7, 12:17 AM)
"Hi Steven, It was great speaking with you earlier; thank you again for taking the time to learn more about us.
We really appreciate you reaching out, and we're glad the conversation resonated. As mentioned, we'd be happy to continue the discussion and go a bit deeper into how we're thinking about the next phase, product direction, and where we see the biggest opportunities ahead. I've attached our current investor deck.
Looking forward to continuing the conversation."
Attachment: Gro Investor Deck (December 2025 - newer version)
From Steven (Jan 7, 6:36 AM)
"Hi Alexis, Thanks for sending this over. Will take a close look in the next few days and get back to you. I truly enjoy our conversations and congrats on the strong traction so far."
Key Takeaways
- Founder call happened Jan 6, 2026 - Call with Leo Jiang and Alexis Lee
- Conversation resonated - Steven mentioned enjoying the conversation
- Updated deck attached - Newer version than v5.0 previously reviewed
- Next step: deeper dive - They want to discuss next phase, product direction, opportunities
- Ball in your court - Steven said he'd review and get back
Contact Info
- Alexis Lee (Co-founder & COO): alexis@thegro.ai
- Leo Jiang (Founder & CEO): leo@thegro.ai
January 6, 2026
Type: Founder Call Attendees: Steven Lin, Leo Jiang (CEO), Alexis Lee (COO) Duration: 30 mins
Notes: Call happened - need to document impressions from the call. Alexis mentioned "conversation resonated" in follow-up email.
TODO: Document call impressions - vision test, conviction level, key discussion points
Date: January 8, 2026 Type: Deck Review Summary:
- Reviewed investor deck v5.0
- AI Sales Co-Pilot for outbound sales teams
- Strong team (ex-Huawei CDO, NVIDIA, IBM)
- Raising $1.5M to hit $1M ARR by 2026
- Some traction: Oxygen, AlliedGlobal won; Singtel, Ogilvy in pipeline
Impressions:
- Solid team execution background
- Problem is real (outbound is broken)
- But market is extremely crowded (Lemlist, Apollo, Clay, Reply.io)
- No clear 10x differentiation
- APAC-first focus may limit scale
- Pricing ($49-$249) suggests commoditized market
Decision: PASS - Not 1000x, weak kingmaker fit, crowded market
Follow-ups:
- None - passing on this deal