# Mustard Financial Model AI-powered sports coaching app using computer vision and mental performance training to make elite coaching accessible to youth and amateur athletes. - Canonical: https://finamodel.com/startups/mustard - Excel download: https://finamodel.com/startup-models/mustard.xlsx - Category: AI/ML - Model type: SaaS ARR / Valuation - Funding round: pre-Seed - Funding: $1.7M - Founded: 2020 - Geography: US-primary (references to MLB, NFL, USWNT, NCAA); global ambition implied via mention of Great Britain Olympics and international coaching. - Customer: B2B ## About the company Mustard is a sports-coaching platform that uses smartphone computer vision and mental-performance training to bring elite coaching to youth and amateur athletes. Its sensorless app analyses motion against a biomechanics database built from 40 years of Tom House's work, then supplies report cards and drills. The product has a freemium consumer app, a paid premium layer for coaching and mental-training content, and team licenses for professional, NCAA, high-school, and club organisations. It also identifies future data licensing and a potential FocusBand hardware partnership, without disclosing pricing. The model follows downloads, activation, free-to-paid conversion, subscription churn, and content usage, then adds organisation contracts and renewals. It tests consumer acquisition cost, software gross margin, data-licensing timing, engineering and marketing investment, operating burn, and runway under adoption scenarios. ## 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 Three-part suite: 1. **B2C Freemium App** - smartphone camera captures motion; proprietary AI engine (built on 40 years of Tom House biomechanics data) delivers report cards and prescriptive drills. Sensorless, computer-vision-based. 2. **Mental Performance Training** - in-app protocols curated by Jason Goldsmith and hall-of-fame advisors; optional integration with FocusBand EEG headband for real-time neurofeedback. 3. **B2B2C Coaching Organizations** - motion analysis dashboards for pro, NCAA, high school, and club teams; data licensing to orgs (Hawk-Eye data integration mentioned). Value prop: democratize elite coaching currently costing families ~$6,000/year and available only to the privileged few. ## Market All figures from slide 8 image, confirmed visually: - **$77.6B** - Youth Sports Market Size by 2026 (broadest TAM) - **$14.7B** - Spent annually on mobile app subscriptions for sports & fitness instruction by 2026 (app-layer SAM proxy) - **$4B** - Spent in sports analytics, scouting, and team performance analysis by 2022 (B2B segment) - No SOM or market-share estimate provided. No CAGR stated. Sources cited in deck: Youth Sports Market Shares, Strategies and Forecasts Worldwide 2019–2026; Sports Analytics Market Growth, Marketwatch; Global Wellness Summit, Pew Research. ## Revenue model Deck describes business model structure but gives no pricing figures: - **B2C Freemium** - free tier (motion capture + basic report cards) with implied paid subscription for premium coaching content, drills, and mental training programs. No price point disclosed. - **B2B2C / Team licenses** - selling Mustard platform access to coaching organizations at pro, NCAA, and youth levels. No per-seat or per-org price disclosed. - **Data licensing** - future revenue stream; licensing aggregated biomechanics data to third parties (e.g., Hawk-Eye). Not operational at time of deck. - Hardware partnership implied (FocusBand) - revenue share or referral likely, not stated. ## Competition / moat Not explicitly named. Moat articulated through: - **Proprietary IP**: 40-year biomechanics database assembled by Tom House - described as "most extensive in the world." - **Founder credibility**: Tom House personally coached Brady, Brees, Nolan Ryan, Randy Johnson, etc.; Jason Goldsmith coached Justin Rose (2016 Olympic Gold), NBA/NFL/MLB/Olympic teams. - **Tech pedigree**: CTO Kevin Prince was VP at MLB; Carlos Dietrich built Statcast; Kielan Prince was PM at Hawk-Eye. - **Sensorless** approach (phone camera only) - implicit competitive advantage over hardware-dependent systems. - No direct competitors named. ## Team & funding ask / use of funds **Team**: - Tom House - Founder; 40+ years MLB/NFL, PhD, personal coach to Brady/Brees/Ryan et al. - Jason Goldsmith - Founder & President; high-performance mental coach; Air Force veteran; coached 6 Major champions. - Rocky Collis - Co-Founder & CEO; co-founder of re-inc. (VC-backed); former Boies Schiller attorney; Cornell / Georgetown Law. - Luke Collis - Co-Founder, Launch COO, Head of Product; former pro QB (AFL, 4 championships); field organizer for Stacey Abrams. - Kevin Prince - CTO / System Architect; former VP of MLB Emerging Technologies; built Statcast infrastructure. - Carlos Dietrich - Founding Engineer; built Statcast player tracking for MLBAM; PhD, NYU Tandon. - Jordan Kutzer - Head Product Designer; first employee at Strivr (VR training, $150M+ valuation); Stanford grad. - Marilou McFarlane - CMO/CRO; former President STATSports NA; former CEO Edufii/Coach Now (acquired). - Kielan Prince - Head of Product Management; former PM at Hawk-Eye Innovations (MLB teams). - Steve Nelson - Founding Advisor; co-founder Carbon3D ($2.4B valuation); co-founder re-inc.; former VC. **Advisors**: Mia Hamm, Drew Brees, Cam Cameron, Mike Candrea, Kevin Kirk, Tom Penn, Reid Ryan, Fred Whitfield, Anson Dorrance, Meghan Klingenberg, Adam Dedeaux. --- ## Recommended financial model - **Archetype + why**: **Freemium Consumer App (B2C SaaS) with B2B2C revenue layer.** Primary revenue engine is subscription (monthly/annual) unlocked from a free-to-download app; secondary engine is recurring org/team licenses. This mirrors Peloton, Strava, or Hudl model - freemium drives top-of-funnel, paid tier monetizes engaged users. A full 3-statement model is warranted once the company has unit economics, but at this pre-revenue stage a **driver-based revenue buildout + P&L** is the right starting point. - **Forecast horizon & granularity**: 5 years (2021–2025), monthly for Year 1, quarterly for Years 2–3, annual for Years 4–5. - **Key drivers & assumptions**: - App downloads / installs per month - Free-to-paid conversion rate - Monthly subscription price (B2C) - Annual subscription discount - Monthly churn rate (B2C) - B2B2C org accounts (teams/leagues) - B2B2C ACV (Annual Contract Value per org) - Gross margin (software) - CAC (B2C paid) - R&D / engineering headcount - Data licensing revenue - Youth sports TAM = $77.6B by 2026; mobile sports app SAM = $14.7B by 2026; sports analytics segment = $4B by 2022 - used as market ceiling checks, not direct drivers. - **Scenarios (Base / Bull / Bear - which variables flex)**: - **Bear**: Slow consumer adoption (conversion 3%, churn 6%), B2B2C pipeline takes 18 months to close, no data licensing in horizon. - **Base**: Moderate conversion (5%), churn 4%, B2B2C 8 orgs by end of Year 1 scaling to 50+ by Year 3. - **Bull**: Strong viral growth via Drew Brees/Mia Hamm social reach (downloads 2–3x base), conversion 8%, enterprise deals close early. - **Required sheets / outputs**: 1. Assumptions & Drivers (all inputs in one place) 2. User Funnel (downloads → free users → paid subscribers → churn waterfall) 3. B2B2C Pipeline (org count × ACV × renewal rate) 4. Revenue Build (B2C subscription + B2B2C licenses + data licensing) 5. P&L (Revenue, COGS, Gross Profit, OpEx by function: R&D, S&M, G&A, EBITDA) 6. Headcount Plan 7. Cash & Runway (burn rate vs. raise; critical given no funding ask in deck) 8. Scenario toggle (Bear / Base / Bull) 9. Dashboard / Summary (KPIs: MRR, subscriber count, org count, gross margin, runway) ## Frequently asked questions ### Is the Mustard financial model free? Yes. The Mustard 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.