The numbers · financial model v7.4.37
Every figure on this page is a live output of the model — 281 registered inputs, month-by-month, with the Assumptions Justification Book and full sheets available in the data room.
Based on Complecta financial model v7.4.37 (monthly engine, 2024–2032) · Jul 2026
The round
Close: Jul 2026 · investor share 20% · 1x non-participating liquidation preference, standard docs. Legal costs €25K — booked in the model.
Through to Series A metrics: ARR €654K, NRR > 100% proven on real cohorts.
Jan 2028 · dilution 14.3% · already modeled month-by-month. Founders keep ~68.6% after both rounds.
Self-funded to EBITDA+ from 2030. Series A is a necessity (US launch), not opportunism — without it 2029 goes ~€1.3–1.5M negative.
Model sheet L0.Funding — sizes, pre-money, legal costs, dilution waterfall.
Financial plan
| € | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 |
|---|---|---|---|---|---|---|---|
| Revenue | 57K | 466K | 1.14M | 3.33M | 7.69M | 15.2M | 26.5M |
| EBITDA | −717K | −527K | −711K | −2.13M | +932K | +3.96M | +10.2M |
| ARR (EOY) | 218K | 654K | 1.65M | 4.66M | 9.89M | 18.3M | 30.4M |
| Active customers | 33 | 80 | 187 | 515 | 1,232 | 2,415 | 3,990 |
Model sheets L4.Headline · L3.PnL — EBITDA-positive from 2030 · 38.4% EBITDA margin by 2032.
Market
Dealers €96M (8,742 × €11K ARPA) + designers €93M (37,000 × €2.5K) − €12M overlap de-dup. Designers: ~4× the logos at ~¼ the ARPA.
Store-locator harvest · top-down · HNWI-density · software comparables (Cyncly 13K+, Configura 12K, Programa, Studio Designer) · digital footprint. Convergence = the credibility check.
All projections are subscriptions + usage. Furniture retail runs thin margins — order commission is deliberately NOT in the model. Marketplace commission = pure upside.
SOM revenue @30–50% adoption ≈ €6.4–10.7M dealers (research); the model books €11.0M Tier-1A ARR by 2032. Methodology: 5-method triangulation, Assumptions Justification Book ch. 1 (281 registered model inputs) — in the data room.
Go-to-market roadmap
accounts in the launch geography, live from Aug-2026 / Feb-2028
accounts opened by the US waves
accounts opened by rest-of-Europe waves
Waves, not a land-grab: each opens only after the prior hits its metrics; designers follow dealers with an 18/12/9-month offset. Model: L0.Scenarios (SCN-11…16) — wave anchors and offsets are live model inputs, not slide-ware.
Use of funds
| Category | € | % |
|---|---|---|
| Product / Engineering | €600K | 30% |
| Sales & Marketing | €500K | 25% |
| Founder / Team comp | €400K | 20% |
| G&A scaling | €300K | 15% |
| Office / Setup | €100K | 5% |
| Reserve / Cushion | €100K | 5% |
| TOTAL — Seed | €2.0M | 100% |
Seed builds product and core team; go-to-market spend scales at Series A (€1.05M S&M of €3.0M), once the sales model is proven. Legal costs booked separately (€25K). Model sheet L0.Funding, section E — both % and € maintained in the model itself.
Launch market & penetration
| Country | Dealers | Designers | Total |
|---|---|---|---|
| Italy | 555 | 4,000 | 4,555 |
| Germany | 463 | 1,350 | 1,813 |
| United Kingdom | 284 | 2,100 | 2,384 |
| France | 239 | 1,150 | 1,389 |
| BeNeLux | 168 | 900 | 1,068 |
| Poland | 108 | 1,100 | 1,208 |
| UAE | 82 | 280 | 362 |
| Ukraine | 43 | 120 | 163 |
| TIER 1A TOTAL | 1,942 | 11,000 | 12,942 |
of the dealer base active 24 months post-launch (~117 dealers, Aug-2028)
starts with an 18-month offset — dealer base first, designer layer on top
total active accounts (818 dealers + 1,541 designers) = 18% of the counted base
Dealer counts = premium + upper-mid salons; designers = premium/UM interior studios. External sanity check: installed bases of Cyncly / Configura / Programa / Studio Designer place both segments inside the actual industry range · sheets L0.SAM, L1.S.Curve.T1A/D1A.
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