Path from $250M to $2.1B GMV with improving EBITDA margins.
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Gross Merchandise Volume | $250M | $850M | $2.1B |
| Net Revenue | $37.5M | $127.5M | $315M |
| Operating Costs | $26.6M | $63.8M | $56.7M |
| EBITDA | $10.9M | $63.8M | $258.3M |
| EBITDA Margin | 29% | 50% | 82% |
Three revenue streams with increasing platform economics.
| Stream | Mechanism | Year 1 | Year 3 |
|---|---|---|---|
| Principal Margin | Procurement spread on direct purchases | $30M | $189M |
| Platform Fees | 1.5% network fee on GMV | $3.75M | $31.5M |
| Settlement Revenue | Smart contract instant settlement fees | $3.75M | $94.5M |
| Total Net Revenue | $37.5M | $315M |
Phase 1 total capitalisation: $8M.
Technology co-development ($1.2M), supply chain activation ($800K), UAE positioning ($600K), Africa pilots ($400K).
Platform scale-out ($2M), market expansion ($1.5M), working capital ($1M), regulatory & compliance ($500K).
| Holder | Shares | Ownership | Investment |
|---|---|---|---|
| Founder (Chris Prinsloo) | 75% | 75% | $3,000,000 |
| Series A Investors | 25% | 25% | $5,000,000 |
| Total | 100% | 100% | $8,000,000 |
Phase 1 capitalisation: $8M ($3M founder + $5M Series A).
| Category | Amount | % of Series A | Purpose |
|---|---|---|---|
| Platform Scale-Out | $2,000,000 | 40% | AI engine, sovereign mesh expansion, EDI gateway scaling |
| Market Expansion | $1,500,000 | 30% | 6 new market activations, regulatory alignment, partner onboarding |
| Working Capital | $1,000,000 | 20% | Inventory financing, procurement float, settlement bridge |
| Regulatory & Compliance | $500,000 | 10% | WHO GDP certification, OFAC systems, jurisdictional licensing |
| Total | $5,000,000 | 100% |
The financial model reflects a conservative build. Year 1 assumes activation of 4-6 anchor markets with proven procurement pathways (Uganda, Kenya, Zambia, Nigeria). Year 2 expands to 12+ markets with institutional buyer diversification. Year 3 represents platform maturity with smart contract settlement and the full GCC financial rail active.
The 82% EBITDA margin in Year 3 reflects the platform economics of a sovereign node: once compliance infrastructure is built, incremental transaction cost approaches zero. This is not a distributor margin — it is a platform margin.
1. Year 1 activates 4-6 anchor markets with proven procurement pathways (Uganda, Kenya, Zambia, Nigeria).
2. Year 2 expands to 12+ markets with institutional buyer diversification (UNICEF, Global Fund, PEPFAR).
3. Year 3 represents platform maturity with smart contract settlement and full GCC financial rail.
4. Average network fee of 1.5% on GMV, with guaranteed volume floor from anchor tenants.
5. EBITDA margin improvement from 29% (Year 1) to 82% (Year 3) reflects platform economics: once compliance infrastructure is built, incremental transaction cost approaches zero.
6. No revenue from advisory, consulting, or implementation fees. All revenue is transaction-based.
All financial figures presented in this model are preliminary estimates subject to scrutiny and validation. Projections are based on assumptions that may not materialise. Actual results may differ materially from these estimates. This document does not constitute an offer of securities or investment advice. Prospective investors should conduct their own due diligence and seek independent financial advice before making investment decisions.