F05 — Economic Funnel
From US$158B to EBITDA
This page answersHow does an enormous market become a modest, real revenue line?
Market size is not revenue. This page shows every loss step between the two, and lets you change the two assumptions that drive the drop.
Assumptions are shared across every financial page — change one, all outputs recalculate.
104 — Funnel
Each step, with its loss rate
Reported industry total
−99.5% vs prior step · Capture assumption 0.500% of total expenditure
−59.2% vs prior step · Marketplace GMV plus travel GMV from the user funnel
−83.1% vs prior step · All eight revenue streams combined
−22.0% vs prior step · At 78% blended gross margin
−51.9% vs prior step · After US$22.0M annual fixed operating cost
Controls
The two assumptions that move everything
Influence and monetisation
ASSUMPTIONCapture definitions
VERIFIED| Term | Definition |
|---|---|
| Influenced spend | Spending where a PawPals surface changed the decision, including spend PawPals never touches financially. |
| GMV | Gross value of transactions completed through PawPals booking and checkout flows. |
| Take rate | PawPals' share of GMV, net of merchant discounts. |
| Revenue | Amounts recognised by PawPals only. GMV is never reported as revenue anywhere in this platform. |
GMV is never presented as revenue. Influenced spend is never presented as GMV. Any page in this section that shows a large number states explicitly which of these four quantities it is.
Investor implication
The funnel makes the honest case: a business influencing a fraction of one percent of U.S. pet spending can still be a substantial revenue business, and no step of that argument requires market dominance.