Three parts, one motion
The subscription, indexed on the equipped employee
No per-venue license, no fuzzy bundle: revenue tracks exactly the value created. A brasserie with ten equipped pays more than a bistro with five, because it gets more out of it.
Included hardware: working capital, not a loss
The box and earpieces remain our property. They amortize over the subscription, are recovered if the venue closes, and reinstall elsewhere. In accounting terms: working capital that locks in the base, not a sunk cost. It amortizes over a few months of subscription; at scale, this base will be financed by debt or leasing, so equity pays for growth, not hardware.
The corpus: the asset that doesn't depreciate
Every service enriches the domain data no one else owns. The product improves at no marginal cost, value per location rises, and the gap with an entrant widens every night. That's what earns a software multiple, not a hardware one.
Three costs that fall as the base grows
The neighbor's proof sells for us
Owners talk to each other. Every site that works shortens the next one's cycle and cuts the sales cost per location.
Installation industrializes
Dedicated install lead, framed subcontracting, interoperability with existing POS: the cost to equip a location falls with volume.
Local costs less than cloud
Processing runs on the client's box: no inference bill growing with usage. Serving the tenth location costs barely more than the first.
Revenue per location rises while the three costs per location fall. That's it, a compounding margin.
Six instruments hold the model. The targets are set.
Conservative targets, built on a base of five equipped employees per location, instrumented at the pilot from late 2026. The full model and its assumptions are presented in meetings.
Hover each instrument. Full model, assumptions and sensitivities: in the data room, upon signed request.
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~€160 / equipped employee / month · anchor: €800 for 5
LTV ~€54k / CAC ~€3.4k: ratio ~16×, to confirm at the pilot
Hardware repaid in ~3.7 months · total cash in ~5 months
No inference bill: local costs less than cloud
A closure isn't a dead loss: the kit reinstalls
Each tranche unlocks on a verifiable milestone
The numbers, en rendez-vous
Round size, valuation, tranche split and dilution are shared in the data room, upon signed request. The release follows verifiable milestones: the pilot runs, someone pays, the model repeats, the standard takes hold.
The tranches and their milestones →What you buy today: the written core, the eighteen-month lead, and a team that built avant de lever.
Value will reset on facts measured at the pilot, not on promises. That's the point of releasing in tranches.