ST

Storyboard Financial Model

Storyboard is a collaborative platform for enterprises to share secure, encrypted audio messages with employees. Two content modes:

• Internal Podcasts: planned/produced content (town halls, exec updates, training); large audience (company-wide or business unit); weekly/biweekly cadence.
• Audio Messages: short in-the-moment recordings, transcribed, shareable into colleague feeds; small teams / 1:1.

Distribution: mobile app (iOS/Android) and web. Audio is encrypted and can be streamed or played offline. Employees receive a curated org-specific feed - no public discovery layer.

Core use cases: Internal Comms (town halls, executive messaging), Training & Onboarding (on-demand enablement), Team-specific comms (replacing meetings), Deskless Worker communications.

Per-seat subscription model. Exact pricing not disclosed in deck.

• Sold to enterprises (inbound and outbound B2B).
• Expansion revenue within existing accounts is explicitly highlighted as a growth lever.

• 1,700+ organizations globally.
• Named customers include: Schneider Electric, DHL, Abbott, HelloFresh, Delta, USG, Diageo, Blattner Energy.
• Net paid seats grew consistently from December (year prior) through December (following year) - approximately 12 months of growth shown. Chart shows a clear upward trend with acceleration in the back half; no Y-axis values are labeled - exact seat counts not readable.
• Growth is driven by both new account acquisition and expansion within existing accounts within six months of launch.

Not explicitly named. Moat implied by:

• Enterprise security (encrypted audio, org-specific feeds, no public discovery).
• Network effects within organizations (shared feed, colleagues' posts).
• Timing/category creation - deck positions Storyboard as defining "internal audio" before incumbents (Slack, Teams) build it.

• Archetype + why: B2B SaaS ARR model. Revenue is seat-based subscription, sold to enterprise accounts, with a clear expansion motion within accounts. This maps cleanly to a seats × price × net revenue retention (NRR) driver structure.
• Forecast horizon & granularity: 3 years (monthly Year 1, quarterly Years 2–3). Monthly granularity in Year 1 to reflect the growth trajectory shown in the deck.
• Key drivers & assumptions:
• Starting paid seat count: ~5,000–10,000 seats - chart shows ~12 months of growth reaching a material level for 1,700+ orgs; average org size unknown; use 5 seats/org as conservative floor → ~8,500 seats.
• Average seats per account at close: 10–50 depending on segment (SMB vs. enterprise).
• Seat price (ARPU): $8–$15/user/month - typical enterprise internal comms SaaS; exact pricing not in deck.
• New logo growth (new accounts/month): 50–100/month based on 1,700 orgs achieved over ~12 months.
• Net Revenue Retention (NRR): 110–120% - deck explicitly calls out strong expansion within 6 months; NRR above 100% is the key bull-case assumption.
• Gross margin: 70–80% - SaaS audio/streaming; hosting/CDN costs are the primary COGS variable.
• CAC: $2,000–$5,000 per account - not in deck; B2B SMB/mid-market benchmark.
• Payback period: 12–18 months.
• Scenarios (Base / Bull / Bear - which variables flex):
• Base: NRR = 115%, new logos = 60/month, ARPU = $10/seat/month.
• Bull: NRR = 125%, new logos = 100/month, ARPU = $12/seat/month (upsell to premium tiers).
• Bear: NRR = 100% (no expansion), new logos = 30/month, ARPU = $8/seat/month (pricing pressure).
• Required sheets / outputs:
• Assumptions sheet (all drivers, toggleable scenarios).
• ARR bridge (new ARR, expansion ARR, churn, net new ARR).
• P&L (revenue, COGS → gross profit, S&M, R&D, G&A → EBITDA).
• Seat cohort table (monthly cohorts, expansion curve, churn).
• Cash / runway (if funding ask is added).
• Dashboard: ARR, seats, NRR, gross margin, CAC payback.