NOQX Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
B2B SaaS platform combining OKR/goal-setting with team collaboration and daily task management.
professionals from Deloitte
Used by professionals from
About this model
NOQX combines OKR and goal-setting software with team collaboration and daily task management. It gives B2B teams a way to connect longer-term objectives with the everyday work required to deliver them.
The company sells a recurring annual subscription priced per user. Its commercial opportunity is straightforward seat expansion: a customer can begin with an initial team and add users as the goal-management workflow becomes embedded across the organisation.
The model uses a seat-based ARR cohort build. New accounts, initial users, seat expansion, pricing, renewals, and churn drive revenue, while self-serve and sales-assisted acquisition costs, product support, gross margin, headcount, and cash runway show the operating plan.
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 NOQX
noxit.io
How to build a detailed financial model for NOQX
A complete walkthrough of the business, drivers, and assumptions behind the downloadable NOQX model - distilled from its pitch deck and publicly available information.
Product & value proposition
NOQX is a web-based SaaS platform that connects company-level OKR/goals to team goals and individual daily to-dos in a single UI. Key differentiators per deck:
- Goal setting + collaboration + to-do in one tool ("a goal tool marrying a collaboration tool")
- AI assistant for goal progress summaries and executive readouts
- Emphasis on UX simplicity vs. incumbent HR/performance platforms
- OKR framework, documents/note-taking, scoreboard, integrations, Kanban, Strategy Space on roadmap through Q3 2024
Market
- OKR Software Market: USD 923.31M in 2022 → projected USD 2,588.9M by 2030; CAGR 13.76% from 2024–2030.
- No SAM or SOM figures provided.
- Problem market context: 70% of companies fail to achieve their goals; 90% of organizations fail to execute their strategies (Deloitte 2023 / IntelliBridge 2022).
Revenue model
- Seat-based annual SaaS subscription, two tiers:
- Core: $100 per user/year - limited boards and teams
- Professional: $150 per user/year - unlimited
- Sales motion: outbound (cold calling, social selling, email marketing) + inbound (SEO, partnerships) + product-led (sign-up, digital onboarding)
- Target customer: mid-market, 50–500 employees, starting in Nordics
- Renewal cycle implied at month 9 from onboarding timeline
- No free tier, freemium, or trial pricing mentioned.
Traction & metrics
- 95% of target audience (from customer interviews) identifies goal-setting as a major challenge.
- 100 target customer interviews completed.
- "First Paid Customer" shown as a future milestone on the May 2023–Dec 2024 timeline - deck was produced before first revenue.
- Target of 70 paying customers by Dec 2024.
- No ARR, MRR, churn rate, or NPS figures from real customers in deck.
- Onboarding outcome stats cited from Harvard Business Review (not company-specific): 125% lower burnout, 35% more committed, 21% more effective leaders, 46% higher job satisfaction, 16% better employee performance.
Unit economics
- Blended ARPU implied: $100–$150 per user/year depending on tier mix.
- For a 150-employee company (the persona "CEO Cecile"), potential contract value: $15,000–$22,500/year at full seat penetration.
Competition / moat
- Deck positions NOQX at the intersection of three categories: goal/OKR platforms (complex, HR-procured, low employee engagement), knowledge/collaboration tools (engineer-heavy setup), and collaboration platforms (missing strategic alignment).
- No named competitors called out explicitly.
- Moat claims: unique UX, AI integration, simplicity, and employee-centric design.
Team & funding ask / use of funds
- Sophie Hedestad, CEO - decade in B2B SaaS commercial roles (up to CMO); built OKR programmes at prior employer.
- Robert Zetterqvist, CTO - 10+ years senior developer; 4 years at Klarna.
- Matilda Lundsten, Head of UX - UX designer focused on user-centred design.
- 2 developers onboarded (May 2023 milestone).
- Use of funds: Not explicitly stated; roadmap and milestone timeline (recruiting commercial, entering US) imply GTM and product build spend.
Recommended financial model
- Archetype + why: SaaS ARR model with seat-based cohort build. Revenue is 100% recurring subscription (per user/year), sold to B2B accounts, with expansion potential within accounts as headcount or seat adoption grows. Classic SaaS ARR/MRR model is the right fit.
- Forecast horizon & granularity: Monthly for Year 1–2 (pre-revenue ramp needs monthly visibility on cohorts and cash burn); quarterly summary for Year 3. Horizon: 3 years (2024–2026).
- Key drivers & assumptions:
| Driver | Value |
|---|---|
| Core price | $100 per user/year |
| Professional price | $150 per user/year |
| Tier mix (Core / Pro) | 60% / 40% |
| Blended ARPU per user/year | ~$120 |
| Avg seats per account | 75 users |
| Avg ACV per new account | ~$9,000 |
| New logos - Year 1 | 10 |
| New logos - Year 2 | 35 |
| New logos - Year 3 | 60 |
| Gross revenue churn (annual) | 10% |
| Net expansion within accounts | 0% Year 1, 5% Year 2+ |
| Gross margin | 75% |
| S&M as % of revenue | 60% Year 1, 45% Year 2, 35% Year 3 |
| R&D (headcount + infra) | 2 devs + CTO; ~$300K/year Year 1 |
| G&A | ~$150K/year Year 1 (3-person founding team) |
| Nordics launch → US entry | Q1 2025 per roadmap milestone |
- Scenarios (Base / Bull / Bear):
- Base: Reaches 70 paying customers by end of 2024 as targeted; blended ARPU $120; 10% gross churn.
- Bull: Faster US entry, higher seat penetration per account (100 seats avg), Professional tier dominates (70%), lower churn (6%).
- Bear: First paid customer delayed by 2 quarters; 20% gross churn; ACV pressure forces discounting to $80/user; stays Nordics-only in Year 1–2.
- Required sheets / outputs:
- Assumptions dashboard (all drivers in one place, colour-coded inputs)
- ARR waterfall (new ARR, expansion, churn, net new ARR by month)
- Customer cohort table (logo count by cohort, seat count, ACV, churn)
- P&L - Revenue → Gross Profit → EBITDA (monthly Year 1–2, quarterly Year 3)
- Headcount plan (founders + devs + commercial hires)
- Cash burn & runway (monthly)
- Scenario toggle (Base / Bull / Bear)
- KPI summary: ARR, customers, ARPU, gross margin %, burn rate, runway months
Frequently asked
Is the NOQX financial model free?+
Yes. The NOQX 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 NOQX'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
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