Enduring Planet Financial Model

• First product: Enduring Planet RBF - invests $100K–$2M in exchange for 2–10% top-line revenue share over a 1–3 year term.
• No personal guarantee, no collateral, no personal credit check.
• 1% origination fee.
• ML/AI-driven underwriting using bank accounts, CRM/billing, accounting systems, payment processors, and monthly P&L/BS submissions; automated ACH debit for collections.
• Value for entrepreneurs: fast affordable capital, access to VC network, active operational support.
• Future products planned: additional financial products for early-stage (pre-revenue) and growth-stage companies; potential ML software licensing to third-party lenders by 2025.

• Venture investments in climate tech: $4.8B (2015) → $15.7B (2020) → $32B YTD (2021).
• Corporate net-zero commitments: 5 (2015) → 1,541 (2020), combined revenue $11.4T.
• Global carbon market: $272B in 2020, grew 20% YoY.
• Global clean energy technologies market: $452.8B projected by 2027.
• Carbontech described as "a trillion dollar opportunity".
• No explicit TAM/SAM/SOM sizing for the RBF addressable market is provided in the deck.

• Primary revenue: revenue-share repayments from portfolio companies (2–10% of borrower top-line revenue until capital + return is repaid, over 1–3 year terms).
• Secondary revenue: 1% origination fee per deal.
• Capital structure: equity raised via SAFE/seed round → deployed as equity into SPVs; SPVs lever up with institutional debt → SPVs deploy RBF investments to portfolio companies.
• Fund-of-funds / debt intermediary model: EP acts as GP/manager of SPVs, sourcing institutional debt capital to amplify deployment.
• Future revenue streams: additional financial products (unspecified) and potential ML underwriting software licensing.

• 582 companies sourced (via VC referrals, direct sourcing, website inbound).
• 139 companies met.
• $5M+ near-term pipeline.
• 7 term sheets issued, 3 signed.
• 1st deal closed.
• ~$2.1M committed to date for the SAFE round.
• Investment portfolio target for 2021: ~$500K.
• No revenue figures disclosed for current period.
• No portfolio company performance data disclosed.

• Revenue share rate: 2–10% of portfolio company top-line revenue.
• Deployment size: $100K–$2M per deal.
• Term: 1–3 years.
• Origination fee: 1%.

• Competitive landscape: Equity (50%+ effective IRR, medium accessibility), Grants (low accessibility, high complexity), Commercial Debt/LOC (5–15%, medium accessibility, late stage only), Venture Debt (5–25%+, very low accessibility unless major-VC-backed), RBF peers - Pipe, Clearco, Lighter Capital, Capchase (15–40%, 90%+ focused on e-commerce/SaaS, not climate).
• Moat claims: climate-exclusive focus (no RBF competitor targets climate sector), ML/AI underwriting automation, VC network relationships (pipeline sourced via climate VCs), equity/inclusion scoring criteria.
• Sample VC partners listed: Obvious Ventures, Lowercarbon Capital, Avesta Fund, Pale Blue Dot, Prelude Ventures, VoLo Earth, Elemental Excelerator, Climate Capital, Congruent Ventures.
• Prior portfolio of team's past employer (EV) includes Lendable ($160M AUM), SunFunder ($170M AUM), $1B AUM climate fund-of-funds, M-KOPA ($189M raised), Zola Electric ($315M raised), d.light ($217M raised).

• Co-founder & CEO: Dimitry Gershenson - Operating Partner at EV, Manager at Facebook, MS UC Berkeley.
• Co-founder & COO: Erin Davis - Co-founder SIMA, Investment Officer FINCA, MBA/MA American University.
• Board: Xavier Helgesen (Co-CEO EV, Co-founder Zola), Olympia De Castro (CIO/CFO Single Family Office, Co-founder CIM), Sieva Kozinsky (Co-CEO EV, GP The MBA Fund).
• Funding ask: $2M SAFE.
• ~$2.1M already committed from: Climate Capital, Possibilian, PSF, Keiki, CommonSense Fund, SIG, plus individual angels.
• Use of funds:
• $500K pilot investments (direct RBF deployments)
• $500K equity into first SPV (to lever with debt)
• $1M operating expenses (wages, marketing, software dev, legal)
• Post-SAFE roadmap: $7.5–$10M Seed + $25–$50M debt in 2022; $150M+ debt and $125M portfolio in 2023; $300M+ debt and ~$400M portfolio in 2024; $500M+ debt and $1B portfolio in 2025.

• Archetype + why: RBF fund / specialty finance model - hybrid of a credit fund P&L and a fund-manager operating company model. EP has two interlocking financial entities: (a) the GP/management company (OpCo) earning origination fees and eventually management fees; (b) the SPV vehicles that hold the loan/RBF portfolio and generate interest/revenue-share income. The model must capture both layers. Closest archetype: specialty finance / alternative lending fund model (similar to a BDC or marketplace lending P&L), not a standard SaaS or 3-statement operating model.

• Forecast horizon & granularity: 5 years (FY1–FY5, aligning with deck's bar chart), annual granularity, with monthly detail for Year 1 (cash runway visibility for the SAFE). FY1 = 2021/2022 operating year post-raise.

• Key drivers & assumptions:

*Portfolio / deployment drivers:*

• Starting deployed portfolio: ~$500K (2021); $25M+ (2022); $125M (2023); ~$400M (2024); $1B (2025)
• Average deal size: $500K
• Deals per year (FY1–FY5): derived from portfolio targets above
• Average term: 2 years
• Revenue share rate (blended): 6% of portfolio company top-line revenue
• Portfolio company average annual revenue growth: 40%
• Default / loss rate: 5% annually
• Portfolio turnover: ~50% per year

*Origination fee revenue:*

• 1% of each new deployment
• New deployments per year = net portfolio growth + repayments (portfolio churn)

*Debt leverage (SPV level):*

• Equity-to-debt ratio in SPV: 1:4
• Cost of debt: 8% p.a.
• Debt secured: $5M (2021); $25–$50M (2022); $150M+ (2023); $300M+ (2024); $500M+ (2025)

*OpCo revenue (management company):*

• Origination fees: 1% × new deployments
• Management fee (future): 1.5–2% of AUM
• Carry / performance fee: not mentioned in deck

*Operating expenses (OpCo):*

• Year 1 OpEx: $1M - wages, marketing, software dev, legal
• Headcount growth: +2–3 hires/year through Year 3
• Average fully-loaded salary: $150K
• Tech/software/legal: $200K Year 1 scaling to $500K by Year 3

*Equity & capital structure:*

• SAFE raise: $2M; converts at Seed
• Seed raise: $7.5–$10M in 2022
• Equity into SPV1: $500K of SAFE proceeds

• Scenarios (Base / Bull / Bear - which variables flex):
• Base: Portfolio targets per deck timeline; 6% revenue share rate; 5% default rate; 1:4 debt leverage.
• Bull: Faster portfolio scaling (1.25× deck targets); 8% blended revenue share rate; 3% default rate; 1:5 leverage.
• Bear: Portfolio targets slip 6–12 months; 4% revenue share rate; 8% default rate; debt harder to secure (1:3 leverage); OpEx runs higher.
• Primary flex variables: deployment pace, blended revenue-share rate, default/loss rate, debt leverage ratio, cost of debt.

• Required sheets / outputs:

1. Assumptions - all drivers centralized with / tags
2. Portfolio Schedule - deal-by-deal or cohort model: new deployments, repayments, outstanding portfolio by period, revenue-share income earned, origination fees, defaults
3. SPV P&L - gross revenue-share income, interest expense on debt, net SPV income, equity return to EP
4. OpCo P&L - origination fee revenue, management fees (Year 3+), OpEx, EBITDA, net income
5. Consolidated P&L - combined FY1–FY5 income statement
6. Cash Flow & Runway - OpCo cash burn, SAFE/Seed drawdown timing, months of runway
7. Debt Schedule - SPV debt draws, interest, covenants (concentration limits per slide 24)
8. Sensitivity Table - revenue-share rate vs. default rate; deployment pace vs. leverage ratio
9. KPI Dashboard - AUM, # active deals, blended yield, loss rate, origination fee revenue, OpCo burn rate