Blackbird-backed Kiki outlined plan to target 'corporate girlies' in December investor memo
An investor memo obtained by Capital Brief shows the subletting startup's backers were made aware of its controversial decision to pivot, which has generated scorn and outrage in the ecosystem.
Blackbird-backed subletting startup Kiki wrote to investors on Christmas Eve to tell them that it was struggling and would pivot to target the “super niche persona of ‘corporate girlies’" aged between 25 and 28.
The news that Kiki was pivoting from a subletting platform to a NY based “girls club” has been widely ridiculed in the startup ecosystem this week, and has also caused outrage among women given it has a founding team of five men.
While pivots are fairly common and often encouraged in the startup ecosystem, the announcement via Instagram has angered both women who see the move as more evidence that VCs favour male founders even when solving women’s issues, while several Blackbird’s LPs told Capital Brief that they were unhappy with the way announcement has been handled.
Many LPs that Capital Brief spoke to had questioned Blackbird’s knowledge of the pivot, but an email to investors dated December 24, confirms its backers were made aware. The email outlines Kiki’s pivot to its “new niche”.
