Tomorrow University of Applied Sciences Financial Model
EdTech Startup Financials (Free Excel Download)
State-recognized German university of applied sciences offering fully remote Bachelor's and Master's degrees focused on sustainability, entrepreneurship, and tech.
professionals from Deloitte
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About this model
Tomorrow University of Applied Sciences is a state-recognised German university offering fully remote Bachelor's and Master's degrees focused on sustainability, entrepreneurship, and technology. Its model combines formal higher-education credentials with an AI-powered learning platform and flexible online delivery.
The university is recognised in Hessen, Germany, and serves Germany and the wider EU. It raised €1.1 million pre-seed in 2021 and €3.4 million seed in 2022, with a stated 80% gross-margin platform model after the learning infrastructure is in place.
The model forecasts applicants, semester intakes, active student cohorts, tuition per semester, retention, and completion. Faculty, platform delivery, acquisition, accreditation, student support, and outcomes determine revenue, operating margin, cash needs, and the scalability of new degree programmes.
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 Tomorrow University of Applied Sciences
tomorrow.university
How to build a detailed financial model for Tomorrow University of Applied Sciences
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Tomorrow University of Applied Sciences model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Fully accredited (state-recognized) university offering 3 programs: B.A. in Business (Responsible Entrepreneurship), B.Sc. in Computer Science (A.I. & Sustainable Technologies), Master in Sustainability, Entrepreneurship & Tech.
- AI-powered mobile learning platform built around "Mastery Learning": challenge-based cohorts, peer feedback, personalised competency paths, metaverse campus or local learning groups.
- Five competency pillars: Cognitive Proficiency, Technological Literacy, Self-Empowerment, Entrepreneurial Spirit, Sustainability Thinking.
- Corporate partners and mentors from N26, Google, Share, planA, Ecosia, TIER, Clue, Flixbus, Tesla.
- Trustpilot score 4.3.
Market
- TAM - Global Education: $7.3T
- SAM - Global Post-Secondary Education: $2.3T
- SOM - Global Online Degrees and Micro-Credentials: $117B by 2025, growing from $45B in 2019 at 17% YoY
- Market growth rate: 17% YoY
- No company-specific SOM capture target stated in deck.
Revenue model
- Tuition fees: starting at €3,300 / semester; scholarships and financial aid available.
- Programs: Bachelor's (typically 6 semesters) and Master's (typically 3–4 semesters) - exact program lengths not stated in deck.
- Pricing model: per-semester tuition; no per-course or subscription pricing mentioned.
- Channels: fully remote / online; distributed through direct enrolment; corporate partnerships may feed pipeline.
- No B2B enterprise/corporate licensing revenue model mentioned explicitly.
Traction & metrics
- First 150 students enrolled by 2022 (after Bachelor's launch)
- 3x YoY growth
- 95% completion rate
- AI Learning Platform launched 2023 with 80% gross margin
- Stackable degrees and Impact MBA (tba) also noted for 2023
- Milestones: Master's with WU (2021) → State accreditation + Bachelor's launch (2022) → AI platform + stackable degrees (2023)
- No ARR, headcount, or NPS figures provided.
Unit economics
- Gross margin: 80% (attributed to AI Learning Platform)
Competition / moat
- Positioning: "Challenger university" combining state accreditation with AI-powered mastery learning - contrasting with legacy dissemination-based universities.
- Moat claims: State recognition in Germany/EU (regulatory barrier), corporate partner network (N26, Google, etc.), proprietary AI competency framework, high 95% completion rate vs. typical online education dropout rates.
Team & funding ask / use of funds
- Co-founders:
- Christian Rebernik: 20+ years experience in digital products in regulated spaces; background at Vivy, N26, World Food Programme.
- Thomas Funke: 15+ years in education and innovation; background at TQ, Goethe Universität Frankfurt am Main.
- Funding raised: €1.1m Pre-Seed (2021), €3.4m Seed (2022). Total to date: ~€4.5m.
Recommended financial model
- Archetype + why: Tuition-revenue EdTech / enrolment-driven P&L. Core drivers are student cohort intake per semester, tuition per semester, and retention/completion. This resembles a subscription cohort model (enrolments build each semester as new intakes add to active students), with a high-margin SaaS-like cost structure once the AI platform is in place (80% gross margin). A 3-statement operating model with cohort-level enrolment tracking is appropriate.
- Forecast horizon & granularity: 5 years (FY2024–FY2028), semi-annual cohort granularity (two intakes per year per program), monthly cash view for near-term runway.
- Key drivers & assumptions:
- Starting enrolled students: ~450 students (150 × 3x YoY applied to 2023 base; exact 2023 count not in deck)
- YoY enrolment growth: 3x for recent period; step-down to 100% → 70% → 50% → 35% over forecast as base grows
- Programs: 3 programs (BA Business, BSc CS, Master SET)
- Tuition per semester: €3,300 minimum; blended average €3,500 (some students pay above floor before scholarships)
- Scholarship / aid discount rate: 10–15% of tuition revenue (no figure in deck)
- Semesters per student: 6 semesters for Bachelor's, 3–4 for Master's
- Gross margin: 80%; holds at scale given AI delivery model; modest uplift possible
- Platform operating costs: ~15% of revenue (hosting, AI inference, platform maintenance)
- S&M (student acquisition): 20–25% of revenue (primary cost driver in early growth; corporate partnerships reduce marginal CAC)
- G&A / admin: 10% of revenue
- Completion / retention rate: 95%; this measures within-program completion; churn between semesters modelled separately at 5% semester dropout
- Capex: minimal (cloud-native, no physical campus beyond local learning group costs)
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: Enrolment growth slows to 50% YoY; scholarship/discount rate rises to 20%; gross margin compresses to 70%
- Base: Enrolment growth steps down per assumptions above; 80% gross margin; 15% S&M
- Bull: 3x YoY growth sustained 2 more years; Master's program ramps faster; B2B corporate licensing revenue adds 10–15% revenue uplift from 2025
- Required sheets / outputs:
- Assumptions - all toggleable inputs (intake growth, tuition, margin, discount rate, scenarios)
- Enrolment Model - cohort build by semester × program; active students per period; completions and churn
- Revenue - tuition revenue = active students × tuition/semester; net of scholarships
- P&L (Income Statement) - revenue, gross profit (80% GM), S&M, R&D/platform, G&A, EBIT, net income
- Cash Flow - operating CF, capex, funding draws; runway in months
- Balance Sheet - simplified (cash, deferred tuition if any, equity/debt)
- KPI Summary - enrolled students, revenue/student, gross margin %, burn rate, runway
- Scenario toggle - Base / Bull / Bear via CHOOSE or data validation
Frequently asked
Is the Tomorrow University of Applied Sciences financial model free?+
Yes. The Tomorrow University of Applied Sciences 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 Tomorrow University of Applied Sciences'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
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