# Rokoko Financial Model

Vertically integrated motion-capture platform - hardware suits + SaaS editing software + motion asset marketplace - serving creators, studios, and enterprise verticals.

- Canonical: https://finamodel.com/startups/rokoko
- Excel download: https://finamodel.com/startup-models/rokoko.xlsx
- Category: Marketplace
- Model type: Marketplace / GMV
- Funding round: Series C
- Funding: $3M
- Founded: 2022
- Geography: Copenhagen HQ; offices in Athens, Tokyo, San Francisco; users in 100+ countries. [DECK slide 14]
- Customer: B2B

## About the company

Rokoko is a motion-capture platform serving creators, studios, and enterprise users through hardware suits and sensors, editing software, and a motion-asset marketplace. Its product stack makes motion capture more accessible, from camera-based entry tools through professional body, hand, and face capture.

Revenue comes from hardware with average order value above $3,500, Rokoko Studio subscriptions priced from free to $50 per seat per month, and the Motion Library marketplace. The company had more than 50,000 users across 100-plus countries and 80,000 registered Motion Library users.

The model is a segmented three-statement build. Hardware units, price, COGS, and inventory form one engine; paid seats, ARPU, expansion, and churn build SaaS ARR; marketplace transaction volume adds a third. Product mix, device margin, subscription retention, and marketplace adoption determine consolidated operating leverage.

## 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

Five-layer platform:
1. **Single-camera motion capture** (video app / face app) - accessible, low-cost input.
2. **High-end hardware motion capture** - Smartsuit Pro (body), Smartgloves (hands), Face Capture hardware; 7 patents; AOV $3,500+.
3. **Rokoko Studio** (SaaS) - cloud/desktop motion-data editing, analysis and retargeting. Tiers: Starter (Free) / Plus ($20/mo/seat) / Pro ($50/mo/seat) / Custom.
4. **Motion Library** - asset marketplace; 80,000+ registered users; leading indicator is assets hosted.
5. **Motion Engine (API)** - AI-infused IK/physics/kinematics engine; road-mapped for third-party integration.

Value prop: One-stop-shop replacing fragmented, expensive, professional-grade mocap stacks with an accessible, collaborative, AI-enhanced platform.

## Market

Four overlapping addressable markets identified:
- **Creative Software Market**: $8.38bn, 4.24% CAGR
- **Creator Economy Market**: $104bn, 35% CAGR
- **Metaverse Market (2030)**: $824bn+, 47.6% CAGR
- **Pro Studio Animation** (secondary focus): $27bn market in 2022, 15% CAGR

Primary focus = emerging internet creators (Roblox, TikTok, Meta, Snap AR ecosystem).
Secondary focus = pro studio animation (Netflix, Disney+, Apple TV+, Hulu).
Future verticals: Robotics, Automotive, Health & Life Sciences, Metaverse/Web3, Sports, Safety & Security - internal projects already ongoing.

## Revenue model

Three current revenue streams + one road-mapped:

| Stream | Model | Price point |
| -- | -- | -- |
| Hardware (Smartsuit, Smartgloves, Face Capture, Coil Pro, Wireless Sensors) | One-time unit sales | AOV $3,500+ |
| Rokoko Studio SaaS | Seat-based subscription | Free / $20/mo / $50/mo / Custom |
| Motion Library | Marketplace (asset trading) | - |
| Motion Engine API | Usage-based (road-mapped) | - |
| Rokoko Care (health vertical) | B2B SaaS / municipality contracts | - |

Channels: Direct (web), integrations (Maya, Blender, Unity, Unreal), platform partnerships (Roblox, Meta, Snap AR).

## Traction & metrics

- 80,000+ registered users on Motion Library
- 50,000+ total users across 100+ countries
- 60–70% of users are solo/one-man-army creators
- 80 employees (60% engineers)
- Founded March 2014
- Rokoko Care: sold to Copenhagen Municipality; dialogue with 8 other municipalities
- Revenue growth charts (slide 12) and ARR growth charts (slide 12): **Redacted** in deck - specific figures not readable.
- Historical revenue figures in financial projections table (slide 13): **Redacted** in deck.

Mocap fleet & asset creation projections (road-map, not actuals):
- Mocap systems in market: ~10K (2021) → ~25K (2022) → ~40K (2023) → ~65K (2024)
- User assets created per year: ~15M (2021) → ~25M (2022) → ~45M (2023) → ~90M (2024)
*(These appear to be projections/targets on the chart, not confirmed actuals)*

Enterprise customers include: Airbus, Adobe, Meta, Snap Inc., Yale, Sony, Microsoft, Netflix, Twitch, Disney.

## Unit economics

- AOV (hardware): $3,500+
- SaaS seat pricing: $20/mo (Plus), $50/mo (Pro)

## Competition / moat

Implied moats from platform narrative:
- Largest fleet of mocap systems → largest motion dataset → ML flywheel advantage
- 7 hardware patents
- Vertically integrated stack (input → editing → output → marketplace) is hard to replicate piecemeal
- Network effects: more users → more assets shared/traded → stronger marketplace

## Team & funding ask / use of funds

**Management:**
- Jakob Balslev - Founder & CEO (MA Film Production)
- Matias Søndergaard - Co-founder & CPO (MSc Economics)
- Mikkel Lucas Overby - COO/CFO (PhD Economics & Strategy)

**Board:**
- Jess Tropp - Principal, Nordic Capital (PE)
- Stefano Corazza - Head of Roblox Studio
- Brett Bibby - Former CPO of Unity
- Rikke Crosby - CSO of Nordisk Film

**Fundraising history:**
- 2019: $7M cumulative funding to date; pre-money >$20M; lead: North-East Venture, VF Venture, Kickass Capital
- 2021: Series A $3M; pre-money $40M; lead: VF Venture
- 2022 (current): Strategic round $3M; pre-money $80M
- 2023 (planned): Series B $25M

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## Recommended financial model

- **Archetype + why:** Mixed-revenue 3-statement model with hardware + SaaS + marketplace streams. Rokoko is not a pure SaaS (hardware is a material revenue and COGS driver) and not a pure hardware co (SaaS/marketplace are the high-margin recurring layer). The correct approach is a segmented P&L rolling up to a consolidated 3-statement (IS / BS / CFS), with ARR tracked separately as a KPI alongside hardware unit economics.

- **Forecast horizon & granularity:** 2022–2025 (matching deck horizon), monthly for 2022–2023, quarterly for 2024–2025. Add a 2026 terminal year for valuation.

- **Key drivers & assumptions:**

  *Hardware:*
  - Units sold per product line (Smartsuit, Smartgloves, Face Capture, Coil Pro, Wireless Sensors)
  - ASP per product: blended AOV $3,500+; per-SKU split
  - Hardware COGS %:
  - YoY unit growth:

  *SaaS (Rokoko Studio):*
  - Registered user base growth: 80K+; conversion to paid
  - Seat pricing: Free / $20 / $50 / Custom
  - Tier mix (Plus vs Pro vs Custom):
  - Monthly churn:
  - SaaS gross margin:

  *Marketplace (Motion Library):*
  - Assets hosted (leading indicator)
  - Take rate on traded assets:
  - Marketplace GMV growth:

  *Rokoko Care (health):*
  - Municipality contracts: 1 sold (Copenhagen) + 8 in pipeline
  - Contract ACV:

  *Cost structure (line items visible in blurred table):*
  - COGS total (hardware COGS + direct software hosting)
  - Other Direct Costs
  - Fixed Costs (opex / headcount - 80 employees, 60% engineers)
  - Depreciation
  - Financial Income/Costs

  *Valuation:*
  - Pre-money at Series B ask: $80M (current strategic round) → $25M raise implies post-money ~$105M
  - EV/ARR exit multiple:

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - **Base:** Hardware units grow 35% YoY; SaaS conversion 7%; marketplace grows in line with user base; Care wins 3 municipalities by 2023.
  - **Bull:** Metaverse/creator economy tailwind accelerates hardware adoption 60%+ YoY; SaaS conversion 12%; API monetization launches 2024.
  - **Bear:** Macro slowdown hits hardware capex spend; SaaS conversion 4%; marketplace remains pre-revenue; Care pilot stalls.
  - Key flex variables: hardware unit volumes, SaaS paid conversion rate, marketplace take rate, Care contract wins, headcount growth pace.

- **Required sheets / outputs:**
  1. `Assumptions` - all drivers, scenarios toggle (Base/Bull/Bear via CHOOSE)
  2. `Hardware` - unit sales by SKU × ASP × COGS build
  3. `SaaS` - user cohort model, MRR/ARR waterfall, churn
  4. `Marketplace` - GMV → revenue via take rate
  5. `Care` - contract pipeline × ACV
  6. `P&L` - consolidated IS with revenue by segment, gross margin by segment, EBITDA bridge
  7. `Balance Sheet` - simplified (cash, hardware inventory, AR, deferred revenue)
  8. `Cash Flow` - operating + investing (capex for hardware R&D) + financing (fundraise schedule)
  9. `Headcount` - 80 employees growing; split engineering vs. G&A vs. sales
  10. `KPIs` - ARR, MRR, hardware units in market, assets hosted, registered users, paying seats, NRR
  11. `Valuation` - EV/ARR and DCF sensitised on ARR growth vs. exit multiple
  12. `Dashboard` - KPI cards + revenue bridge chart + ARR waterfall

## Frequently asked questions

### Is the Rokoko financial model free?

Yes. The Rokoko 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.