Status is an emotional driver as old as time. Most people want to live a lifestyle that communicates status to those around them and, ideally, do so without breaking the bank.
SELECT is a membership card built to provide VIP travel and lifestyle benefits to those who crave the finer things in life. Their service provides deep discounts on the world’s finest hotels, restaurants, nightlife, events, and activities, making it affordable to live the life your dreams.
SELECT is a pure-play membership business that generates revenue from their annual subscriptions. While pricing has evolved over time, the company currently charges $300 for an annual membership
According to CEO Carlo Cisco, the company serves 15k total members at this point in time and is now doing $2M in ARR. The company has nearly doubled revenue year over year and is up from $1.2M in ARR twelve months ago.
What is SELECT’s churn?
Churn is critical in any business, especially in the lifestyle and luxury brand space. At present, SELECT churns around one third of its customers each year.
In terms of customer acquisition, SELECT lands new members through paid acquisition channels and strategic partnerships. Cisco explained that the company pays around $250 to land a new customer today and receives payback immediately. Going forward, the business is exploring other acquisition channels in order to reduce their CAC.
How much has SELECT raised?
Founded in 2014, SELECT has grown to scale with $2.3M in outside venture capital thus far. Going forward, the company is preparing to launch their own proprietary credit card and has already received acquisition offers from various large banks. They plan to raise $10M on a $40M pre-money valuation sometime in 2019.
SELECT’s team of nine full-time employees is based in New York City and other remote locations.