Rundit Financial Model

Three-sided platform targeting:

• GPs / angel investors: one platform for all portfolio updates and metrics; sharing data with LPs; portfolio management; fund and portfolio overview dashboards
• Portfolio companies: single platform to share metrics and updates with all stakeholders; standardised default reporting template; access to potential investors
• LPs: real-time dashboards and analytics replacing PDF/Excel quarterly reports; drill-through to individual portfolio company KPIs

Vision (2022 roadmap): digitise the entire data flow from companies → GPs → LPs across multiple asset classes (Real Estate, Fund of Fund, Alternatives, Listed Stocks)

Build phases:

• Phase 1 (Company → GP): Reporting Tools - 80% complete; Portfolio Management Tools - 50% complete
• Phase 2 (GP → LP): LP & Analytic Tools - 10% complete

Market framing only: targets the global VC/PE/LP ecosystem across all fund stages (Pre-seed through B+ and PE/Banks). Competitive exits cited as proxies for market value: Investran acquired for $9B; E-Front acquired for $1.5B.

Not explicitly stated in deck. No pricing tiers, per-seat fees, or subscription figures disclosed.

Inferred model structure from product and GTM framing:

• SaaS subscription - likely seat-based or fund-size-tiered, charged to GP/VC (investor side); companies probably free or freemium to maximise network density
• Land on GP side (investor-focus / "stick" strategy), expand via viral node-to-node growth into portfolio companies and LPs
• Upsell path: Phase 1 (reporting) → Phase 2 (LP analytics/fund management) at higher ACV

• Product completion: Reporting Tools 80%, Portfolio Management Tools 50%, LP & Analytic Tools 10%
• Viral coefficient illustrated: 1 VC × 40 companies × 10 investors per company
• Network graph shows actual customers/nodes: named VCs include Reaktor Ventures, Mäki VC, Inventure, Superheroes Capital and ~50–80 connected portfolio company nodes visible

No revenue, MRR, ARR, customer count, or growth rate figures disclosed in deck.

Positioning: investor-focus ("stick") strategy - make investors love the tool and require portfolio companies to adopt it, rather than trying to win companies directly ("carrot")

Direct competitors named:

• Investor-focus: eFront, Investran, Fundrbird, Investory.io
• Company-focus (avoided): Angelloop, IncMind, Visible.vc, ReportAlly, Reportedly, Startup Disclosure (LTSE)

Ecosystem positioning:

• Reporting Tools space: Investory.io, Angelloop, Visible.vc
• Fund Management Tools: E-Front

Moat / differentiation:

1. Virality - investors invite companies, companies invite other investors
2. Company-side value (data input incentive via investor access)
3. Higher transparency - LPs drill through to individual company KPIs

Exit comparables: Investran ($9B acquisition), E-Front ($1.5B acquisition) cited as Phase 2 exit opportunities

• Archetype + why: SaaS ARR model with multi-sided network growth layer. Revenue is recurring subscription (likely GP/VC-side); growth is viral/network-driven (1 VC seeds 40 companies × 10 investors). Standard SaaS ARR waterfall fits Phase 1; a second revenue tier should be modelled for Phase 2 (LP analytics / fund management) at higher ACV. Not an M&A or SPAC deck.

• Forecast horizon & granularity: 3 years monthly (2020–2022 maps to the deck's own Phase 1 → Phase 2 roadmap). Month-level needed to capture viral ramp and phase transitions.

• Key drivers & assumptions:
• New GP/VC logos acquired per month: 3–5/month in Year 1, scaling to 10–15/month by Year 3 (no deck figure; consistent with early-stage Nordic VC market)
• Avg portfolio companies per GP: 40 (slide 9 illustration)
• Avg co-investors per portfolio company: 10 (slide 9 illustration)
• Viral conversion rate (invited node → paying/active user): 15–25% - rationale: freemium-to-paid conversion typical for B2B network tools
• Phase 1 ACV (GP reporting seat): €2,000–€5,000/year per GP - rationale: early-stage VC tool, small fund sizes; no deck data
• Phase 2 ACV (LP analytics / fund management): €10,000–€30,000/year per GP - rationale: competitors (E-Front, Investran) serve institutional buyers at much higher price; Rundit enters below
• Phase 2 launch timing: 2022 (slide 2); model as revenue-contributing from Month 24
• Gross margin: 75–80% - rationale: pure SaaS, no hardware; cloud infra costs only
• Monthly churn (GP level): 1.5–2.5% - rationale: sticky workflow tool, but early product and small customer base
• Headcount / opex: 5–8 FTE at raise; scale to 15–20 by Year 3 - no deck data

• Scenarios (Base / Bull / Bear - which variables flex):
• Base: 5 new GP logos/month; 20% viral conversion; Phase 2 ACV €15k; 2% monthly churn
• Bull: 10 new GP logos/month; 35% viral conversion; Phase 2 ACV €25k; 1% churn; Phase 2 pulls forward to Month 18
• Bear: 2 new GP logos/month; 10% viral conversion; Phase 2 ACV €10k; 3% churn; Phase 2 delayed to Month 30

• Required sheets / outputs:

1. Assumptions - all drivers above with scenario toggle
2. Network Growth - GP logos → connected companies → connected investors (viral fanout model)
3. ARR Waterfall - New ARR, Expansion ARR (Phase 1→2 upsell), Churned ARR, Net New ARR, ending ARR
4. P&L - Revenue, COGS, Gross Profit, S&M, R&D, G&A, EBITDA
5. Headcount plan - by function (Engineering, Sales, Customer Success, G&A)
6. Cash & Runway - monthly cash burn, funding assumption, months of runway
7. Dashboard - ARR, MRR, GP logo count, viral reach (companies + investors on platform), gross margin %, burn rate