Minut Financial Model
PropTech Startup Financials (Free Excel Download)
IoT sensor + SaaS platform that acts as a "co-host" for short-term rental (STR) properties - monitoring noise, occupancy, safety, and guest experience.
professionals from Deloitte
Used by professionals from
About this model
Minut provides IoT sensors and SaaS for short-term-rental properties, monitoring noise, occupancy, safety, and guest experience. It acts as a co-host layer for property managers that need more compliant and scalable operations without continuous onsite supervision.
The business has a hardware-plus-subscription model: a device is sold once and software recurs per property. Its research cites net revenue retention above 200%, indicating that multi-property hosts adding sensors and properties are a major expansion driver.
The model forecasts properties monitored, sensor units, subscription ARPU, new hosts, expansion, and churn. Hardware COGS, installation, support, data delivery, gross margin, and sales costs determine the recurring-revenue profile and cash runway.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Minut
minut.com
How to build a detailed financial model for Minut
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Minut model - distilled from its pitch deck and publicly available information.
Product & value proposition
Minut is a hardware sensor device paired with a software platform targeting short-term rental hosts and property managers. It provides:
- Noise monitoring and party prevention
- Occupancy detection and security between bookings
- Staff and guest arrival/departure tracking
- Guest welcome and check-in assistance
- House-rules reminders triggered by noise events
- Neighbor and community compliance (noise complaint prevention)
Positioning: privacy-respecting ("caring for their privacy and comfort"), not surveillance. Dual-sided value for hosts (protection) and guests (comfort).
Revenue model
- Hardware device sale (implied by product hero slide and "per property" unit economics framing)
- Recurring subscription per property (implied by ARR, NRR, LTV per property metrics)
- Unit of monetisation: property (not user/host)
- Distribution channels: Amazon (reviews cited), App Store (reviews cited), influencer community; direct/organic implied but not specified.
Traction & metrics
All figures from slide 5 (KPI dashboard) confirmed by image read:
- 4x YoY growth (6-month CAGR basis)
- >$1M ARR
- >$2M Annual run rate - note: implies ARR figure may lag run rate or uses different cohort basis
- >30K Users
- >200% NRR at 12 months
- <0.5% Monthly churn (6-month rolling average)
- $600+ LTV per property
- ~$50 CAC per property
ARR growth chart (slide 6): Stacked column chart showing monthly ARR from June 2020 through December 2021 (19 months). Decomposed into: Existing ARR (blue, dominant), Expansion ARR (orange), New ARR (green), Churned ARR (red, very small). Visual trajectory shows consistent, accelerating growth with low churn and meaningful expansion revenue. No y-axis labels visible - absolute dollar values per month not readable from image.
Social proof: 236 Trustpilot reviews, rated "Excellent" (~4.5 stars visible).
Unit economics
All from slide 5:
- CAC: ~$50 per property
- LTV: $600+ per property
- LTV:CAC ratio: 12x+
- Monthly churn: <0.5% (6-month rolling) → implied annual churn ~6%
- NRR: >200% at 12 months - exceptionally high; driven by expansion (upsell/cross-sell per property or multi-property hosts scaling up)
- Payback period: at ~$50 CAC and unknown monthly ARPU, payback likely <3 months given strong NRR; exact ARPU not stated.
Competition / moat
- Claims to be "miles ahead of the competition in customer experience and satisfaction"
- Moat framing: best-reviewed across Amazon, App Store, Trustpilot, influencer community
- Specific competitors: Not named in deck.
- Structural moat (patents, data network effects, switching costs): Not articulated in deck, though low churn and >200% NRR suggest strong retention and expansion flywheel.
Team & funding ask / use of funds
Recommended financial model
- Archetype + why: Hardware + SaaS subscription model (property-unit ARR model). The core monetisation unit is "property" - device sold once, subscription recurring. Revenue has two streams: device hardware (one-time) and SaaS (recurring). The >200% NRR signals strong expansion mechanics (multi-property hosts adding more sensors). This is fundamentally an ARR-build model with a hardware COGS layer on top.
- Forecast horizon & granularity: 3 years (monthly for Year 1, quarterly for Years 2–3). Monthly granularity needed in Year 1 to capture the ARR waterfall (New / Expansion / Churned / Existing).
- Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| Starting ARR | >$1M | - |
| Starting annual run rate | >$2M | - |
| Active properties (users) | >30,000 | - |
| YoY growth rate (6-mo CAGR basis) | 4x | - |
| Monthly churn rate | <0.5% | - |
| NRR at 12 months | >200% | - |
| LTV per property | $600+ | - |
| CAC per property | ~$50 | - |
| ARPU (monthly SaaS per property) | ~$4–8/mo; implied by $600 LTV ÷ ~6% annual churn = ~10 yr avg life or shorter life at higher ARPU - needs confirmation | |
| Hardware ASP (device price) | $80–120; typical IoT sensor pricing; not stated in deck | |
| Hardware COGS % | 40–55%; typical for connected hardware at this scale | |
| SaaS gross margin | 70–80%; standard for IoT SaaS platforms | |
| Blended gross margin | 50–65%; weighted by hardware vs. SaaS revenue mix | |
| Expansion revenue driver | Multi-property hosts adding sensors; implied by >200% NRR | |
| New property adds per month (base) | derived from current users + growth trajectory on slide 6 chart | |
| S&M spend | CAC × new properties added per period; low CAC suggests organic/community-led GTM | |
| R&D and G&A | typical early-stage SaaS: R&D 30–40%, G&A 15–20% of revenue |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Growth decelerates from 4x to ~2x YoY as base grows; churn stays <0.5%/mo; NRR normalises to 130–150%
- Bull: Expansion into property management companies accelerates NRR to 200%+; hardware volume drives COGS down; international scale
- Bear: STR market softens (regulatory or macro); churn rises to 1–1.5%/mo; NRR drops below 100%; growth stalls to 50–80% YoY
- Required sheets / outputs:
- Assumptions - all drivers in one editable block
- ARR Waterfall - monthly: Existing + New + Expansion − Churned = Ending ARR (mirrors slide 6)
- Property Unit Model - new properties added, active properties, ARPU, hardware units shipped
- Revenue Build - hardware revenue (one-time) + SaaS revenue (recurring), split by line
- P&L - Revenue, Hardware COGS, SaaS COGS, Gross Profit, S&M (CAC-driven), R&D, G&A, EBITDA
- Unit Economics - CAC, LTV, LTV:CAC, payback period, monthly churn, NRR - all formula-driven from assumptions
- Cash Flow (simplified) - operating cash, capex (hardware inventory), net burn / runway
- Scenarios - toggle Base / Bull / Bear via single input cell
- Dashboard - ARR waterfall chart, NRR bridge, LTV:CAC visual, runway summary
Frequently asked
Is the Minut financial model free?+
Yes. The Minut model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Minut's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other PropTech Startup Financial Models
Browse another startup in the same category.
Agora
Agora automates operations for real estate investment firms - investment accounting, fundraising, CRM, investor reporting, portal, and data room in one platform.
Briq
SaaS platform that automates money workflow management (budgeting, forecasting, cash flow, WIP) for construction companies.
Canary Technologies
B2B SaaS platform providing guest management and digital operations software to hotels
Geodesic.Life
Sustainable prefabricated geodesic dome houses for rural development, sold as a design + prefab kit + consultancy bundle to real estate partners.
Huboo
Full-stack, software-driven e-commerce fulfilment network built on a micro-warehousing model, targeting SME merchants across UK and Europe.
Immo
Tech-enabled iBuyer that acquires single-unit/single-family residential properties directly from homeowners, renovates and rents them under the IMMO Homes brand, and aggregates the portfolios into institutional investment products.
Kasa Living
Tech-enabled hospitality operator that manages furnished apartments and hotel units on behalf of property owners, capturing a share of room revenue without owning real estate.
Latch (Door.com)
Latch is an enterprise proptech company selling LatchOS, a full-building smart-access and SaaS operating system for multifamily residential buildings, going public via SPAC merger with TS Innovation Acquisitions Corp. (TSIA).
