# Minut Financial Model IoT sensor + SaaS platform that acts as a "co-host" for short-term rental (STR) properties - monitoring noise, occupancy, safety, and guest experience. - Canonical: https://finamodel.com/startups/minut - Excel download: https://finamodel.com/startup-models/minut.xlsx - Category: PropTech - Model type: SaaS ARR / Valuation - Funding round: Series B - Funding: $14M - Founded: 2022 - Geography: Not in deck (product framing references neighbors, communities, tourism regulation - implies multi-market but no explicit geo shown). - Customer: B2C ## About the company 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. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## 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:** 1. Assumptions - all drivers in one editable block 2. ARR Waterfall - monthly: Existing + New + Expansion − Churned = Ending ARR (mirrors slide 6) 3. Property Unit Model - new properties added, active properties, ARPU, hardware units shipped 4. Revenue Build - hardware revenue (one-time) + SaaS revenue (recurring), split by line 5. P&L - Revenue, Hardware COGS, SaaS COGS, Gross Profit, S&M (CAC-driven), R&D, G&A, EBITDA 6. Unit Economics - CAC, LTV, LTV:CAC, payback period, monthly churn, NRR - all formula-driven from assumptions 7. Cash Flow (simplified) - operating cash, capex (hardware inventory), net burn / runway 8. Scenarios - toggle Base / Bull / Bear via single input cell 9. Dashboard - ARR waterfall chart, NRR bridge, LTV:CAC visual, runway summary ## Frequently asked questions ### Is the Minut financial model free? Yes. The Minut model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.