Enso Coliving
passed deal
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Enso Coliving - Deal Memo
Date Reviewed: January 8, 2026 Stage: Pre-Series A Deck: See deck-extract.md
Summary
Asset-light coliving in Spain, expanding to NYC/CDMX. $7M LTM revenue, EBITDA positive, 101% occupancy.
Raising: $2M | Min ticket: $100K | Committed: 55%
Investment Thesis
1000x Opportunity?
Unlikely.
- Coliving is a real but not massive market
- Asset-light model limits upside vs. owning the real estate
- Geographic expansion is execution-heavy, not exponential
Kingmaker Fit?
Weak.
| My Value Add | Relevance |
|---|---|
| 800+ CTO intros | Low — B2C residential, not B2B SaaS |
| Technical scaling | Low — property ops, not tech scaling |
| GTM expertise | Low — different sales motion |
| DeepMind network | None |
Green Flags
- EBITDA positive at early stage (rare)
- 101% occupancy + 1000+ monthly waitlist
- Asset-light = capital efficient
- Clear unit economics
Red Flags
- $100K minimum ticket > my range ($10-50k)
- Not a 1000x market
- Competitive space (Common, WeWork Live)
- International expansion risk
- No kingmaker fit
Key Questions
- Unit economics per property?
- Property owner acquisition/retention?
- Competitive moat vs. other operators?
- Why will they win in NYC/CDMX?
Decision
TBD — Need to assess against thesis
- Interesting fundamentals (profitable, strong demand)
- But: Not 1000x, no kingmaker fit, min ticket too high
- Likely PASS unless terms change
Appendix
- deck-extract.md — Full deck content
- notes.md — Communications log
Enso Coliving - Contacts
Founders
| Name | Role | Phone | Calendar | ||
|---|---|---|---|---|---|
| Michael Erd Gómez | CEO | — | — | — | |
| Jose Miguel Calle | CFO | — | — | — | |
| Clara Sterling | Chief Real Estate Officer | — | — | — | |
| Andres Sullivan | Board Member | — | — | — |
Related Contacts
| Name | Role | Notes |
|---|---|---|
| — | — | — |
Relationship Timeline
| Date | Type | Summary |
|---|---|---|
| Jan 2026 | Deck review | Initial review — likely pass |
Last Touchpoint
Date: January 2026 Status: Likely pass — not 1000x, min ticket too high ($100K) Next Action: None planned unless thesis changes
Notes - Enso Coliving
January 8, 2026
Type: Email Thread (from Hydrolyca correspondence) Summary: Steven's assessment shared in email thread with Javier Guardo (Kembol Ventures)
Steven's Decision: PASS
Reasoning:
- Not a 1000x opportunity
- Minimum ticket size too high for angel check
- Doesn't fit kingmaker thesis
Status: Likely pass — moved to low priority