# Rundit Financial Model SaaS platform digitising investor reporting and portfolio management across the VC/LP ecosystem - Canonical: https://finamodel.com/startups/rundit - Excel download: https://finamodel.com/startup-models/rundit.xlsx - Category: Enterprise/Security - Model type: SaaS ARR / Valuation - Funding round: Seed - Funding: $1M - Founded: 2021 - Geography: Global (Finland / Nordic origin implied by named VCs on network graph - Reaktor Ventures, Mäki VC, Superheroes Capital) [DECK slide 8] - Customer: B2B2C ## About the company Rundit digitises investor reporting and portfolio management across the VC and LP ecosystem. It connects portfolio companies, GPs, angels, and limited partners around a more structured way to share operating and investment information. The multi-sided platform has value when more stakeholders participate: portfolio companies provide reporting, investors aggregate it, and LPs receive clearer portfolio visibility. That creates a SaaS opportunity with different buyer segments and expansion paths. The model builds ARR by portfolio companies, GP firms, and LP users, with pricing, onboarding, expansion, and churn tracked separately. It tests marketplace-style network adoption alongside SaaS gross margin, sales efficiency, product development, and cash runway. ## 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-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 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. ## Revenue model 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 ## Traction & metrics - 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. ## Competition / moat **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 ## Team & funding ask / use of funds --- ## Recommended financial model - **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 ## Frequently asked questions ### Is the Rundit financial model free? Yes. The Rundit 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.