Simpatico

VC thesis · HOKA → target #3 of 8

Janji

Premium performance running brand focused on travel-inspired design and social impact.

Founded 2012 · Competes with Tracksmith, Patagonia, Satisfy Running, Salomon

Corporate details are Qloo entity data.

Advance
68.1F / 100
70% of the weighted evidence measured

Why this verdict

F 68.1 >= 67 and no red flags.

Scores, flags and verdicts are computed in code. The agents can only argue with the ledger; they never set the score.

Six audience metrics

Bar = this target; tick = shortlist average.

m1 Two-way audience affinity
0.93
Harmonic mean of the buyer audience’s affinity for the target and the target audience’s affinity for the buyer’s brands.
m2 Taste-profile overlap
0.31
Rank-weighted overlap of the two audiences’ top-50 cultural taste tags.
m3 Cross-domain agreement
0.90
How strongly the target’s audience embraces the buyer audience’s favourite artists, shows, films and podcasts.
m4 Demographic alignment
0.41
Similarity of the two audiences’ age and gender over-index profiles.
m5 Geographic footprint
0.68
Correlation of metro-level audience affinity, relative to the screened cohort.
m6 Momentum not measured
n/a
Trending rank change over the last 4 weeks vs the 8 before, relative to the cohort.
Qloo has no trending history for the 12 weeks to 2026-10-24.

How F is built

Points each metric adds (weights for VC thesis, renormalised over what Qloo could measure).

MetricWeightPoints
Two-way audience affinity0.2533.1
Taste-profile overlap0.156.6
Cross-domain agreement0.1012.9
Demographic alignment0.105.8
Geographic footprint0.109.7
Momentumnot measured–
F68.1

Qloo explainability: the buyer-side signals driving the forward affinity are HOKA (0.26), Tracksmith (0.26), On (0.24), Athletic Brewing Co (0.24).

Shared catalogue categories (Qloo compare): Fashion, Fashion, Athletic, Diversity and Inclusivity, Innovative, Active.

Where the audiences meet, across culture

The buyer audience’s top titles in each domain, ranked by how strongly Janji’s audience embraces them.

Music0.92
Embraced: Houndmouth, Rayland Baxter, Shakey Graves · Least shared: Tom Petty, Mudcrutch, Tedeschi Trucks Band
TV0.90
Embraced: Old Enough!, Better Late Than Never, Alone Australia · Least shared: The Challenge, American Ninja Warrior, American Gladiators
Film0.90
Embraced: The Dawn Wall, Free Solo, Meru · Least shared: Dark Waters, The Inventor: Out for Blood in Silicon Valley, Iron Cowboy
Podcasts0.88
Embraced: I'll Have Another with Lindsey Hein Podcast, Ali on the Run Show, C Tolle Run · Least shared: The Tim Ferriss Show, FoundMyFitness, The Model Health Show

Taste profile overlap

25 of 75 top taste tags shared.

Both over-index on
indiefolkfriendshipTourist attractionAlternative RockParkrockindie rock
Buyer only

Shrimp Tacos, anime animation, british, Fries, Restaurant

Janji only

Hamburger, Cookbooks, Cooking, State park, Elote

Audience shape

HOKA (buyer) Janji
-0.84-0.420.00+0.42+0.84≤2425–2930–3435–4445–5455+MenWomen

Relative over-index (+) or under-index (−) of each aggregate audience, from Qloo. Not individual data.

Momentum

Qloo has no trending history for the 12 weeks to 2026-10-24.

Footprint overlap for distribution

White space: Janji strong, buyer weak Shared stronghold Other metros
White space

Albuquerque, Denver

Shared strongholds

Providence, Hartford, Anchorage, Milwaukee, Virginia Beach, Baltimore, Portland

Bull vs bear

9 of 10 claims survived the judge; 1 rejected for citing numbers not in the ledger or misreading them.

Bull: for the deal

  • Music and film audience affinities also align above the shortlist average, at 0.9199 and 0.9006. Shared outdoor documentaries like The Dawn Wall reach 0.9499.

    t1-m3.domains[0].score = 0.9199t1-m3.domains[2].score = 0.9006t1-m3.domains[2].shared[0].affinity = 0.9499
  • Two-way audience affinity is strong and above the shortlist average: the Janji audience over-indexes on HOKA at 0.9459 and the reverse direction is 0.9072, for a combined value of 0.9262. HOKA also appears as the top driver in Janji's aggregate affinity profile.

    t1-m1.a = 0.9459t1-m1.b = 0.9072t1-m1.value = 0.9262t1-m1.reverse[0].affinity = 0.9455
  • Taste-profile overlap of 0.3097 with 25 shared tags beats the shortlist average. These feed a composite score of 68.07, also above the shortlist average.

    t1-m2.value = 0.3097t1-m2.sharedCount = 25t1-score.F = 68.07
  • Cross-domain taste agreement is 0.9004, above the shortlist average. It is strongest in podcasts, where shared running shows such as I'll Have Another reach 0.9835 affinity.

    t1-m3.value = 0.9004t1-m3.domains[3].score = 0.8848t1-m3.domains[3].shared[0].affinity = 0.9835
  • The geographic footprint overlaps well, scoring 0.6779 against a shortlist average of 0.4605. Metro correlation is 0.3559 across 55 metros.

    t1-m5.value = 0.6779t1-m5.correlation = 0.3559

Bear: against, or diligence first

  • The biggest demographic gap is in the 45-54 bucket, where HOKA's audience over-indexes while Janji's audience strongly under-indexes. HOKA's audience also under-indexes on 55 and older, while Janji's audience leans the other way.

    t1-m4.biggestGap.buyer = 0.455t1-m4.biggestGap.target = -0.84t1-m4.buyer.55_and_older = -0.78
  • The affinity is somewhat lopsided. The audience link from Janji toward HOKA is a little stronger than the reverse, and the two-way ratio sits slightly below the shortlist average.

    t1-m1.ratio = 0.9592
  • Demographic alignment is the weakest link: the aggregate age/gender skews point in opposite directions (negative cosine), and the alignment value sits well below the shortlist average. Diligence should confirm whether the brands' audiences actually overlap demographically.

    t1-m4.cosine = -0.1866t1-m4.value = 0.4067
  • Momentum cannot be assessed: Qloo has no trending history for this window, so the composite carries zero momentum points and covers only part of the evidence. Trajectory diligence is required before a VC commitment.

    t1-m6.coverage = 0t1-score.points.m6 = 0t1-score.coverage = 0.7

    Rejected by the judge: cites Composite score "coverage" = 0.7 as a weakness, but it is above the shortlist average (0.6813)

  • TV is the one taste domain below the shortlist average. Clashes there and elsewhere suggest the two audiences' media affinities diverge in places.

    t1-m3.domains[1].score = 0.8961

IC memo

Number check passed: 16 number(s), all in the evidence ledger.Written by claude-opus-5-5 (after one repair pass)

Janji: ADVANCE

Recommendation Advance Janji, ranked 3 of 8 in the run-club culture screen. The verdict rule decided it: F 68.1 >= 67 and no red flags. The case rests on strong two-way audience affinity and shared running-media taste. Demographic misalignment is the key open question.

Where the audiences meet

  • Two-way affinity: The Janji audience over-indexes on HOKA at 0.95. The reverse direction is 0.91, for a combined value of 0.93, above the shortlist average. HOKA is also the top driver in Janji's aggregate affinity profile.
  • Cross-domain taste: Agreement is 0.90, above the shortlist average. It is strongest in podcasts, where shared running shows such as I'll Have Another reach 0.98 affinity. Music and film also sit above average, and shared outdoor documentaries like The Dawn Wall reach 0.95.
  • Taste-profile overlap: Overlap is 0.31 with 25 shared tags, above the shortlist average. Shared tags include indie, folk and park.
  • Geography: Footprint overlap scores 0.68 against a shortlist average of 0.46. Shared strongholds include Providence, Hartford and Portland.

Risks

  • Demographics are the weakest link: The aggregate age/gender skews point in opposite directions (negative cosine), and alignment sits well below the shortlist average.
    • The biggest gap is the mid-forties to mid-fifties age bucket, where HOKA's audience over-indexes and Janji's strongly under-indexes.
    • On 55 and older, the two audiences lean in opposite directions.
  • Lopsided affinity: The link from Janji toward HOKA is a little stronger than the reverse, and the two-way ratio sits slightly below the shortlist average.
  • TV divergence: TV is the one taste domain below the shortlist average. Clashes there suggest media affinities diverge in places.
  • No momentum data: Qloo has no trending history for the 12 weeks to 2026-10-24.

Diligence questions

  • Do the two brands' audiences actually overlap demographically, given the opposing skews in the mid-forties to mid-fifties bucket and among those 55 and older?
  • What would a co-branded pilot show about the asymmetric affinity between Janji and HOKA?
  • Does TV divergence matter for planned media, or should activation focus on running podcasts and outdoor film?
  • Can trending data or another source fill the missing momentum signal before committing?
  • Janji's ownership is unknown. Who controls the brand?

Aggregate audience affinities from Qloo, not predictions about individuals. Not investment advice.

Provenance: 29 Qloo calls behind this target

Requests as sent (the API key travels in a header and is never logged). Responses are cached privately on the server.

PurposeEndpointStatusResultSource
/v2/insightsok23 of 23 candidates scoredcache
/v2/insightsok23 profile(s)cache
/v2/insightsok50 taste tag(s)cache
/v2/insightsok25 recommended artist(s)cache
/v2/insightsokdemographics for 12 of 12 entitiescache
/v2/insightsok25 recommended podcast(s)cache
/v2/insightsok25 recommended movie(s)cache
/v2/insightsok25 recommended tv_show(s)cache
/v2/insightsok8330 heatmap cell(s) in United Statescache
/v2/trendingempty0 trend point(s)live 215 ms
/v2/trendingempty0 trend point(s)live 215 ms
/v2/trendingempty0 trend point(s)live 214 ms
/v2/trendingempty0 trend point(s)live 214 ms
/v2/trendingempty0 trend point(s)live 337 ms
/v2/trendingempty0 trend point(s)live 360 ms
/v2/trendingempty0 trend point(s)live 362 ms
/v2/trendingempty0 trend point(s)live 374 ms
/v2/trendingempty0 trend point(s)live 450 ms
/v2/trendingempty0 trend point(s)live 626 ms
/v2/trendingempty0 trend point(s)live 1412 ms
/v2/trendingempty0 trend point(s)live 1675 ms
/v2/insightsok50 taste tag(s)cache
/v2/insightsok4 of 4 candidates scoredcache
/v2/insightsok25 of 25 candidates scoredcache
/v2/analysis/compareok29 shared catalogue tag(s)cache
/v2/insightsok25 of 25 candidates scoredcache
/v2/insightsok25 of 25 candidates scoredcache
/v2/insightsok25 of 25 candidates scoredcache
/v2/insightsok4447 heatmap cell(s) in United Statescache
Evidence rows (what bull, bear and the judge see)
[
 {
  "id": "t1-flags",
  "label": "Red flags (code rules)",
  "data": {
   "flags": []
  },
  "shortlistAverages": {}
 },
 {
  "id": "t1-m1",
  "label": "m1 Two-way audience affinity",
  "data": {
   "a": 0.9458634349034952,
   "b": 0.9072443115822273,
   "ratio": 0.9591705082402217,
   "value": 0.9261514582486624,
   "reverse": [
    {
     "id": "B7F13D5E-36A8-4AC4-A5A6-E949DED54050",
     "name": "HOKA",
     "affinity": 0.9455486037758355
    },
    {
     "id": "F1545668-5556-4111-8A2E-AC787DD7503A",
     "name": "Tracksmith",
     "affinity": 0.9406974548318762
    },
    {
     "id": "CCE5E494-2690-42BA-9A52-3110AE273676",
     "name": "On",
     "affinity": 0.8801333054096298
    },
    {
     "id": "D962C4A9-93FB-433E-B11C-E9BF7029BFE5",
     "name": "Athletic Brewing Co",
     "affinity": 0.8625978823115681
    }
   ],
   "coverage": 1
  },
  "shortlistAverages": {
   "a": 0.9142067566664733,
   "b": 0.8780226767666233,
   "ratio": 0.9604328890241645,
   "value": 0.8957493307746848
  }
 },
 {
  "id": "t1-m2",
  "label": "m2 Taste-profile overlap",
  "data": {
   "value": 0.30970724191063165,
   "shared": [
    {
     "id": "urn:tag:genre:music:indie",
     "name": "indie",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:genre:music:folk",
     "name": "folk",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:keyword:media:friendship",
     "name": "friendship",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:genre:place:tourist_attraction",
     "name": "Tourist attraction",
     "subtype": "urn:tag:genre:place"
    },
    {
     "id": "urn:tag:genre:music:alternative_rock",
     "name": "Alternative Rock",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:genre:place:park",
     "name": "Park",
     "subtype": "urn:tag:genre:place"
    },
    {
     "id": "urn:tag:genre:music:rock",
     "name": "rock",
     "subtype": "urn:tag:genre:music"
    },
    {
     "id": "urn:tag:genre:music:indie_rock",
     "name": "indie rock",
     "subtype": "urn:tag:genre:music"
    }
   ],
   "coverage": 1,
   "buyerOnly": [
    {
     "id": "urn:tag:specialty_dish:place:shrimp_tacos",
     "name": "Shrimp Tacos",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:keyword:media:anime_animation",
     "name": "anime animation",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:keyword:media:british",
     "name": "british",
     "subtype": "urn:tag:keyword:media"
    },
    {
     "id": "urn:tag:specialty_dish:place:fries",
     "name": "Fries",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:genre:place:restaurant",
     "name": "Restaurant",
     "subtype": "urn:tag:genre:place"
    }
   ],
   "targetOnly": [
    {
     "id": "urn:tag:specialty_dish:place:hamburger",
     "name": "Hamburger",
     "subtype": "urn:tag:specialty_dish:place"
    },
    {
     "id": "urn:tag:genre:media:cookbooks",
     "name": "Cookbooks",
     "subtype": "urn:tag:genre:media"
    },
    {
     "id": "urn:tag:genre:media:cooking",
     "name": "Cooking",
     "subtype": "urn:tag:genre:media"
    },
    {
     "id": "urn:tag:genre:place:state_park",
     "name": "State park",
     "subtype": "urn:tag:genre:place"
    },
    {
     "id": "urn:tag:specialty_dish:place:elote",
     "name": "Elote",
     "subtype": "urn:tag:specialty_dish:place"
    }
   ],
   "unionCount": 75,
   "sharedCount": 25,
   "buyerTop20MissingShare": 0.4
  },
  "shortlistAverages": {
   "value": 0.27871786779809044,
   "sharedCount": 23.857142857142858,
   "buyerTop20MissingShare": 0.41428571428571426
  }
 },
 {
  "id": "t1-m3",
  "label": "m3 Cross-domain agreement",
  "data": {
   "value": 0.900352349846212,
   "domains": [
    {
     "type": "urn:entity:artist",
     "clash": [
      {
       "name": "Tom Petty",
       "affinity": 0.8481714915094821
      },
      {
       "name": "Mudcrutch",
       "affinity": 0.8554754574742436
      },
      {
       "name": "Tedeschi Trucks Band",
       "affinity": 0.86687052878394
      }
     ],
     "label": "Music",
     "score": 0.9199316866800266,
     "shared": [
      {
       "name": "Houndmouth",
       "affinity": 0.9669271906071738
      },
      {
       "name": "Rayland Baxter",
       "affinity": 0.9564814929850032
      },
      {
       "name": "Shakey Graves",
       "affinity": 0.952090691966438
      }
     ],
     "expected": 25,
     "returned": 25
    },
    {
     "type": "urn:entity:tv_show",
     "clash": [
      {
       "name": "The Challenge",
       "affinity": 0.8714363053002814
      },
      {
       "name": "American Ninja Warrior",
       "affinity": 0.873837934319269
      },
      {
       "name": "American Gladiators",
       "affinity": 0.8764455034607452
      }
     ],
     "label": "TV",
     "score": 0.8960614568157714,
     "shared": [
      {
       "name": "Old Enough!",
       "affinity": 0.9211886720608355
      },
      {
       "name": "Better Late Than Never",
       "affinity": 0.9186149149101476
      },
      {
       "name": "Alone Australia",
       "affinity": 0.917508526788608
      }
     ],
     "expected": 25,
     "returned": 25
    },
    {
     "type": "urn:entity:movie",
     "clash": [
      {
       "name": "Dark Waters",
       "affinity": 0.8666841340385278
      },
      {
       "name": "The Inventor: Out for Blood in Silicon Valley",
       "affinity": 0.8735649084770638
      },
      {
       "name": "Iron Cowboy",
       "affinity": 0.8741377915018245
      }
     ],
     "label": "Film",
     "score": 0.9005857414628157,
     "shared": [
      {
       "name": "The Dawn Wall",
       "affinity": 0.9498808777260328
      },
      {
       "name": "Free Solo",
       "affinity": 0.9496393212667485
      },
      {
       "name": "Meru",
       "affinity": 0.9260559137449972
      }
     ],
     "expected": 25,
     "returned": 25
    },
    {
     "type": "urn:entity:podcast",
     "clash": [
      {
       "name": "The Tim Ferriss Show",
       "affinity": 0.770013376015571
      },
      {
       "name": "FoundMyFitness",
       "affinity": 0.7846161302494684
      },
      {
       "name": "The Model Health Show",
       "affinity": 0.815069855305299
      }
     ],
     "label": "Podcasts",
     "score": 0.8848305144262346,
     "shared": [
      {
       "name": "I'll Have Another with Lindsey Hein Podcast",
       "affinity": 0.9835319164333378
      },
      {
       "name": "Ali on the Run Show",
       "affinity": 0.9778390200430225
      },
      {
       "name": "C Tolle Run",
       "affinity": 0.9508198609990045
      }
     ],
     "expected": 25,
     "returned": 25
    }
   ],
   "coverage": 1
  },
  "shortlistAverages": {
   "value": 0.8787015846441593,
   "domains[0].score": 0.8646246964099812,
   "domains[1].score": 0.9174851346497923,
   "domains[2].score": 0.8762767200479108,
   "domains[3].score": 0.8564197874689529
  }
 },
 {
  "id": "t1-m4",
  "label": "m4 Demographic alignment",
  "data": {
   "buyer": {
    "male": 0.33,
    "female": -0.33,
    "25_to_29": -0.34,
    "30_to_34": -0.3025,
    "35_to_44": 0.15500000000000003,
    "45_to_54": 0.455,
    "55_and_older": -0.78,
    "24_and_younger": 0.05499999999999999
   },
   "value": 0.40667795585700417,
   "cosine": -0.18664408828599172,
   "target": {
    "male": -0.02,
    "female": 0.02,
    "25_to_29": -0.45,
    "30_to_34": 0,
    "35_to_44": 0.78,
    "45_to_54": -0.84,
    "55_and_older": 0.17,
    "24_and_younger": -0.18
   },
   "coverage": 1,
   "biggestGap": {
    "buyer": 0.455,
    "bucket": "45_to_54",
    "target": -0.84
   }
  },
  "shortlistAverages": {
   "value": 0.6564897568012151,
   "cosine": 0.31297951360243037
  }
 },
 {
  "id": "t1-m5",
  "label": "m5 Geographic footprint",
  "data": {
   "value": 0.6779285147021398,
   "coverage": 1,
   "metroCount": 55,
   "whiteSpace": [
    {
     "lat": 35.0844,
     "lon": -106.6504,
     "buyer": 0.8768338571349227,
     "metro": "Albuquerque",
     "target": 0.8915852439315559,
     "buyerRel": 0.018581350820651155,
     "targetRel": 0.03333273761728439
    },
    {
     "lat": 39.7392,
     "lon": -104.9903,
     "buyer": 0.9593531371483174,
     "metro": "Denver",
     "target": 0.94524984581957,
     "buyerRel": 0.023291616088475298,
     "targetRel": 0.009188324759727862
    }
   ],
   "correlation": 0.3558570294042795,
   "strongholds": [
    {
     "lat": 41.824,
     "lon": -71.4128,
     "buyer": 0.963626004059159,
     "metro": "Providence",
     "target": 0.9391085938151496,
     "buyerRel": 0.07285401646247103,
     "targetRel": 0.048336606218461586
    },
    {
     "lat": 41.7658,
     "lon": -72.6734,
     "buyer": 0.9618839070016612,
     "metro": "Hartford",
     "target": 0.8837254940248843,
     "buyerRel": 0.09116169807766727,
     "targetRel": 0.013003285100890438
    },
    {
     "lat": 61.2181,
     "lon": -149.9003,
     "buyer": 0.8988125680292488,
     "metro": "Anchorage",
     "target": 0.8975297117232542,
     "buyerRel": 0.042952844705860804,
     "targetRel": 0.04166998839986624
    },
    {
     "lat": 43.0389,
     "lon": -87.9065,
     "buyer": 0.9307328833748337,
     "metro": "Milwaukee",
     "target": 0.8827563189610494,
     "buyerRel": 0.06045229007822128,
     "targetRel": 0.012475725664436998
    },
    {
     "lat": 36.8529,
     "lon": -75.978,
     "buyer": 0.8930670085141974,
     "metro": "Virginia Beach",
     "target": 0.8250829266434277,
     "buyerRel": 0.0700605585580869,
     "targetRel": 0.0020764766873172524
    },
    {
     "lat": 39.2904,
     "lon": -76.6122,
     "buyer": 0.9297448853864333,
     "metro": "Baltimore",
     "target": 0.8604738552813654,
     "buyerRel": 0.06916254301313696,
     "targetRel": -0.00010848709193089778
    },
    {
     "lat": 45.5152,
     "lon": -122.6784,
     "buyer": 0.9426367608309525,
     "metro": "Portland",
     "target": 0.899778787678768,
     "buyerRel": 0.04601439043401434,
     "targetRel": 0.003156417281829804
    }
   ],
   "whiteSpaceCount": 2,
   "relativeToCohort": true
  },
  "shortlistAverages": {
   "value": 0.460515719992653,
   "correlation": -0.07896856001469411
  }
 },
 {
  "id": "t1-m6",
  "label": "m6 Momentum",
  "data": {
   "z": null,
   "note": "Qloo has no trending history for the 12 weeks to 2026-10-24.",
   "value": null,
   "priorSd": null,
   "coverage": 0,
   "priorMean": null,
   "normalised": false,
   "recentMean": null
  },
  "shortlistAverages": {}
 },
 {
  "id": "t1-profile",
  "label": "Qloo entity profile: Janji",
  "data": {
   "name": "Janji",
   "drivers": [
    {
     "name": "HOKA",
     "score": 0.26055512051842067
    },
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     "name": "Tracksmith",
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 },
 {
  "id": "t1-score",
  "label": "Composite score",
  "data": {
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]