# Moonfare Financial Model Digital platform democratizing access to top-tier private equity and private markets funds for individual (retail/HNW) investors. - Canonical: https://finamodel.com/startups/moonfare - Excel download: https://finamodel.com/startup-models/moonfare.xlsx - Category: Fintech - Model type: SaaS ARR / Valuation - Funding round: Series C - Funding: $125M - Founded: 2022 - Geography: Europe-focused (minimum investment in EUR; references European PE AUM); global ambition implied. - Customer: B2B2C ## About the company Moonfare gives individual and high-net-worth investors digital access to top-tier private-equity and private-markets funds. The platform lowers the operational barrier to participating in alternatives that historically required larger tickets and institutional access. Its economics are based on assets raised and managed through the platform, with fees on committed capital and potential carry or partner revenue. It can serve investors directly and through wealth-management or other B2B2C distribution partners. The model should forecast investor acquisition, commitments, deployment pacing, platform AUM, annual management-fee yield, and retention or reinvestment. Direct and partner channels deserve separate schedules, while carried-interest outcomes should be treated as long-dated and scenario-based rather than recurring revenue. ## 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 - Digital platform sourcing and curating private equity fund investment opportunities. - Lowers minimum investment threshold to €50k (vs. typical LP minimums of €1–5M+). - Fully digital end-to-end investment process covering registration, KYC/onboarding, subscription, and reporting. - Two-channel delivery: 1. **B2C - Moonfare Direct**: self-directed HNW individuals; fully digital funnel. 2. **B2B2C - Partnerships**: white-label/API solutions for private wealth managers and their clients. - **Secondary liquidity**: proprietary digital secondary marketplace allowing investors to buy/sell fund interests during a fund's lifecycle, addressing the traditional 10-year lock-up. - Platform-agnostic (desktop, tablet, mobile); sign-up in under a minute. ## Market - Global PE AUM: ~$7.9trn total (implied from indexed chart, 2019 peak ~8x from 2000 base). - Europe + APAC PE AUM: $1,400bn in 2018, representing 42% of global PE AUM; CAGR +7.9% (2015–2018: Europe $448bn→$559bn, APAC $398bn→$883bn). - Private companies in US: ~7,900 large private companies vs. ~3,900 publicly listed (2015 data; ratio has grown materially since 2000). - Individual investor exposure to private markets: only 5% of total assets vs. 28% for pensions and 52% for endowments. - Blackstone forecast: 50% of Blackstone AUM expected to come from retail by 2023. ## Revenue model - Not explicitly stated in the deck. Based on the platform description, revenue model inferred as: - Management/platform fee on AUM deployed through the platform (typical for feeder fund / access vehicle structures: ~0.5–1.0% p.a. on committed capital). Rationale: standard model for digital PE access platforms (Moonfare's public disclosures and comparables use this structure). - Carried interest or performance fee share from underlying fund exposure is possible but unlikely at feeder level. Not confirmed in deck. - B2B2C partnership revenue: licensing/SaaS fee or revenue share with wealth manager partners. - Secondary marketplace transaction fee when investors trade fund interests on the secondary platform. - Minimum investment: €50,000. ## Competition / moat - Not explicitly named in deck. Competitive framing is implicit: - **Moat 1 - Access/curation**: sourcing relationships with top-tier PE funds that ordinarily require €1M+ commitments. - **Moat 2 - Digital UX / speed**: sub-1-minute sign-up, platform-agnostic, fully digital subscription process. - **Moat 3 - Secondary liquidity**: proprietary secondary marketplace - a structural differentiator vs. traditional feeder funds with no exit path. - **Moat 4 - Network effects**: aggregating a community of individual investors to achieve the scale required to meet fund minimums. - No competitor names or competitive matrix in deck. ## Team & funding ask / use of funds --- ## Recommended financial model - **Archetype + why**: AUM-growth / fee-revenue model (analogous to a digital wealth manager or alternative investment platform). Revenue is a function of platform AUM × fee rate, not unit sales. Two revenue streams to model separately: (a) B2C direct AUM + platform fees; (b) B2B2C partner AUM + license/rev-share fees. Secondary marketplace transactions are a third, smaller stream. A 3-statement build sits underneath to track opex, cash burn, and path to profitability - this is a capital-light platform business where the key question is AUM ramp vs. fixed cost base. - **Forecast horizon & granularity**: 5 years (Year 1–5), monthly for Years 1–2, annual for Years 3–5. Monthly granularity needed early to track cash burn and fundraise timing. - **Key drivers & assumptions**: | Driver | Value | | -- | -- | | Minimum investment per investor | €50,000 | | B2C investors - Year 1 | 200 | | B2C investors - growth rate | 80% YoY | | Average investment per B2C investor | €100,000 | | Platform fee on B2C AUM | 0.75% p.a. | | B2B2C partners - Year 1 | 2 | | AUM per B2B2C partner | €50M | | B2B2C revenue rate | 0.25% p.a. of partner AUM | | Secondary marketplace take rate | 1.0% of transaction volume | | Secondary volume as % of platform AUM | 5% p.a. | | Opex - tech & product (Year 1) | €1.5M | | Opex - sales & marketing (Year 1) | €2.0M | | Opex - G&A (Year 1) | €1.0M | | Headcount growth | ~20% YoY | | Regulatory capital / working capital buffer | €2M minimum | - **Scenarios (Base / Bull / Bear)**: - **Bull**: B2C investor growth 120% YoY; 5 B2B2C partners by Year 2; secondary marketplace scales to 10% of AUM. - **Base**: B2C investor growth 80% YoY; 2 B2B2C partners in Year 1 growing to 8 by Year 5; secondary at 5% of AUM. - **Bear**: B2C growth stalls at 40% YoY; B2B2C partnerships delayed (1 partner by Year 2); secondary marketplace limited adoption. - Flex variables: investor growth rate, average ticket size, fee compression, partner ramp speed, opex (esp. marketing efficiency). - **Required sheets / outputs**: 1. **Assumptions** - all drivers, tagged or, with scenario toggles. 2. **AUM Build** - investor count × avg ticket = B2C AUM; partner count × avg partner AUM = B2B2C AUM; total platform AUM over time. 3. **Revenue** - B2C platform fee, B2B2C license fee, secondary transaction fee; total revenue. 4. **P&L (Income Statement)** - Revenue → Gross Profit (assume ~100% gross margin, software platform) → Opex (tech, S&M, G&A) → EBITDA → EBIT → Net Income. 5. **Cash Flow** - Operating cash flow; no capex-heavy model; working capital minimal; key item is cash burn to breakeven. 6. **Balance Sheet** - simplified; mainly cash, regulatory capital, and equity funding history. 7. **Scenarios** - Base/Bull/Bear toggle feeding into all sheets. 8. **Dashboard** - AUM ramp, revenue ramp, EBITDA margin progression, cash runway, breakeven timeline. ## Frequently asked questions ### Is the Moonfare financial model free? Yes. The Moonfare 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.