Logo

Vara Safety

Vara is revolutionizing gun safety through technology.

Not Set

One Liner

One Liner
Vara is revolutionizing gun safety through technology.

What Problem We are Solving

Problem
Vara is solving the issue of how firearms are secured in the civilian and government markets. There are over 400M firearms in the U.S. and 43% of firearms are left unsecured and loaded. Vara created a patented biometric locking system to enable smarter security and insights into firearm use.

About Us

About Us
Timmy Oh grew up in California and was taught gun safety from his uncle, a police officer in the Los Angeles Police Department. He started the idea for Vara while studying engineering in New York and met Christine Tate, his cofounder, when he won the $100K NY business competition. Christine was one of the judges at the competition and a NY angel investor who has over 20 years of experience in management, operations, and finance. Together, they built a team to tackle the problem of gun safety and Vara was formed.

Vara is bringing a solution to one of the most preventable areas of gun violence- unauthorized access to firearms. Through biometric technology and smart software, Vara enables its customers to keep their guns secure and brings insights into firearm use.

Venture Highlights

Highlights
Since launching in late 2019, Vara has sold over 7000 units and generated $1.8M in revenue to date. Vara's initial product is a smart locking device for firearms, focused on a social impact mission of keeping guns safe from children and intruders. Vara has strong patents around biometric systems and a connected platform for firearm data/analytics. Vara currently has over 9500 customers on our waitlist and 50 agencies signed up for beta-testing our newest product line. Our estimated runrate for 2022 is $3.3M.

Business Model

Business Model
Vara launched with a direct-to-consumer business model and has made $1.8M through just their online website. Vara plans on growing their civilian market segment by expanding into Amazon and traditional retail stores. Recently, Vara launched a police-specific product that will add government contracts to our sales channels.

Vara will introduce a recurring revenue model with our software product which connects with our locking devices. There are two customer bases for this technology (1) gun owners who utilize the app for smart features and (2) law enforcement agencies who want tracking and insights into firearm use by police officers.

Competitive Advantage

Quote
Vara is disrupting the outdated firearms industry. We are solving a social issue that is extremely important and affects millions of lives. What makes us truly special is our technological advantage and execution, made possible by an incredible team who truly cares about our mission.

Vara has a strong intellectual property portfolio with 2 granted patents, 2 trademarks, and 4 pending applications.

Revenue

Revenue To Date
$1.8M
MRR
N/A
Revenue YTD
N/A
Burn Rate
$35K

Customer Costs

CAC
$60.00
LTV
$2.25K
Churn
3%
Margins
74%

Go-To Market Strategy

Business Strategy
Vara's market entry was through direct-to-customer (DTC) which had the highest margins and lowest cost of entry.
Through our ecommerce platform, Vara was able to make over $1.8M in revenue. This was driven through an extremely effective marketing strategy which yielded 4.5X Return on Ad Spend (ROAS). 

This year, Vara is expanding into the law enforcement and military channels. We have over 50 agencies already signed up for our beta-testing and expect to close on contracts in 2023.

Competitive Analysis

Competitive Analysys
Vara's key advantage is in our proprietary fingerprint processing module. No other competitor comes close to the reliability and speed in terms of biometric processing and authentication. At the core of the advantage is optimization.

If other competitors were to try and replicate our fingerprint processing speed and reliability, they would need to use powerful processors that cost +$20 and are scarce in current supply chain conditions. Vara has engineered a solution that works on 1/4th the flash size and can utilize processors that cost under $5 while outperforming all other biometric safes.
Competitor Website
Sentry Safe www.sentrysafe.com
Axon www.axon.com
Cannon Security Products cannonsecurityproducts.com

Networking

Networking
We are open to meeting up to grab a coffee, or just to chat. We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!

Share

Capital

Loading...
Name Amount
Amount Left $700,000.00
Amount Raised (This Round) $300,000.00
Amount Raise To Date $2.1M
Investment Type N/A
Type of Raise Convertible Note

Valuation
$9.5M
Preseed
$750K
Seed Bridge
$1.25M
Grant Dollars Awarded
$100K

TAM SAM SOM

TAM
$10.8B
SAM
N/A
SOM
N/A

Business Stage

Business Stage
Paying Customers

Business Type

Business Types
Investor-Backed

Categories

IoT
B2C
Technology