F22 — Capital & Bridges

What the Capital Buys

This page answersHow much is required, where does it go, and what must it produce?

Scenario

Assumptions are shared across every financial page — change one, all outputs recalculate.

183–185 — Requirement

Capital requirement and deployment

Capital assumptions

ASSUMPTION

Capital raisedUS$25M

Consumer CACUS$14

Merchant CACUS$340

Annual fixed operating costUS$22M

2.17×MODEL OUTPUT

Revenue per dollar of capital deployed

Deployment waterfall

MODEL OUTPUT

Platform, product and engineeringUS$6.5M

26% of capital

Venue data acquisition and verificationUS$3.5M

14% of capital

Consumer acquisitionUS$6.0M

24% of capital

Merchant acquisition and successUS$4.0M

16% of capital

Operations, support and trustUS$2.3M

9% of capital

Legal, licensing, insurance and complianceUS$1.3M

5% of capital

Working capital and contingencyUS$1.5M

6% of capital

186–187 — Efficiency

Capital in, revenue out

Capital raised ASSUMPTIONUS$25.0M

Deployed to acquisition MODEL OUTPUTUS$10.0M

−60.0% vs prior step · Consumer and merchant acquisition combined

Revenue generated at modelled scale MODEL OUTPUTUS$54.3M

−-443.3% vs prior step ·

Gross profit MODEL OUTPUTUS$42.4M

−22.0% vs prior step ·

EBITDA MODEL OUTPUTUS$20.4M

−51.9% vs prior step ·

188–189 — Bridges

From here to US$10M, US$50M and US$100M of revenue

Revenue milestone	Users required	Paying merchants required	Indicative capital to reach it	Capital per dollar of revenue
US$10.0M	184,054	3,681	US$34.6M	3.46×
US$50.0M	920,272	18,405	US$49.9M	1.00×
US$100.0M	1,840,544	36,811	US$69.1M	0.69×

Milestones

What each tranche should be gated on

Tranche	Purpose	Release gate
Tranche 1	Single-metro proof: venue data, merchant claim flow, first bookings	Verified merchant claim rate and month-6 consumer retention at or above modelled levels
Tranche 2	Three-state expansion and merchant subscription rollout	Merchant LTV : CAC above 3× and paid CAC within modelled band
Tranche 3	National coverage, insurance and API monetisation	Recurring revenue above 35% of total and contribution positive in launched states

Capital deployment percentages are ASSUMPTIONS reflecting a staged rollout. Revenue bridges scale the current scenario linearly, which understates the cost of later users as cheaper acquisition channels saturate.

Investor implication

Capital efficiency of 2.17× revenue per dollar deployed is the metric to hold management to. Tranching against merchant retention rather than user growth is what prevents the model from buying users it cannot keep.