# Tomorrow University of Applied Sciences Financial Model State-recognized German university of applied sciences offering fully remote Bachelor's and Master's degrees focused on sustainability, entrepreneurship, and tech. - Canonical: https://finamodel.com/startups/tomorrow-university-of-applied-sciences - Excel download: https://finamodel.com/startup-models/tomorrow-university-of-applied-sciences.xlsx - Category: EdTech - Model type: 3-Statement - Funding round: Series A - Funding: $10M - Founded: 2023 - Geography: Germany / EU, fully remote; state-recognized in Hessen, Germany [DECK slide 6]. - Customer: B2C ## About the company 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. ## 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 - 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:** 1. Assumptions - all toggleable inputs (intake growth, tuition, margin, discount rate, scenarios) 2. Enrolment Model - cohort build by semester × program; active students per period; completions and churn 3. Revenue - tuition revenue = active students × tuition/semester; net of scholarships 4. P&L (Income Statement) - revenue, gross profit (80% GM), S&M, R&D/platform, G&A, EBIT, net income 5. Cash Flow - operating CF, capex, funding draws; runway in months 6. Balance Sheet - simplified (cash, deferred tuition if any, equity/debt) 7. KPI Summary - enrolled students, revenue/student, gross margin %, burn rate, runway 8. Scenario toggle - Base / Bull / Bear via CHOOSE or data validation ## Frequently asked questions ### Is the Tomorrow University of Applied Sciences financial model free? Yes. The Tomorrow University of Applied Sciences 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.