<div class="portada"><div class="meta">Menteia · Doble D · October 2026 · Confidential</div>

# Financial model and round

**Doble D** — Investment platform where AI agents trade 24/7 under strict risk limits, with every trade visible to the client.</div>


## The offer
| Item | Value |
| --- | --- |
| Amount to raise | US$775,000 |
| Equity offered | 34.1% |
| Pre-money valuation | US$1,500,000 |
| Post-money valuation | US$2,275,000 |
| Gross 24-month spend | US$693,010 |
| 10% contingency | US$69,301 |
| Projected 24-month revenue | US$55,496 |
| Peak cash need (net of revenue) | US$637,515 |
| Cushion if revenue targets are met | US$137,485 |

The amount covers **24 months of gross spend excluding revenue** plus a 10% contingency. If revenue targets are met, the cushion extends the runway or funds additional growth without another round.

### How we arrived at the valuation
Below the YC reference (US$1.79 M post) and the LatAm average (US$2.1 M): there is no revenue, the pilot result is negative and there is a regulatory blocker.

| Comparable | Actual data | Source |
| --- | --- | --- |
| Composer (US) | US$6 M Series A in 2022, no public valuation | betakit.com |
| Wealthfront (US) | IPO Dec-2025 at ~US$2.0–2.6 B with ~US$340 M ARR | morningstar.com; saastr.com |
| GBM (Mexico) | SoftBank investment of up to US$150 M; reports place it >US$1 B [verify] | sharecast.com |

**Market references**

| Reference | Data | Source |
| --- | --- | --- |
| Y Combinator standard deal | US$125k for 7% on a post-money SAFE (≈ US$1.79 M post) + US$375k on an uncapped SAFE with MFN | ycombinator.com/deal; ycinsight.com/yc-deal |
| YC Winter 2027 deadline | 2-Nov-2026, 8 pm Pacific time; batch Jan–Mar 2027 [verify at ycombinator.com/apply] | buildmvpfast.com; blog.mean.ceo |
| Pre-seed in LatAm | Average valuation US$2.1–2.2 M (1H-2025); no verifiable public median exists for Mexico | equidam.com/startup-valuation-delta-h1-2025 |
| Pre-seed SAFE caps in the US | Median ~US$10 M post for US$250k–1M rounds (2025); 93% of pre-seed rounds are SAFEs | carta.com/data/state-of-pre-seed-2025-full-report; carta.com (Q2-2026) |
| Growth YC considers good | 5–7% per week in the main metric (revenue or active users) | paulgraham.com/growth.html |
| Default alive | At current growth and spending, does it reach profitability before the money runs out? | paulgraham.com/aord.html |

### Default alive?
No. No revenue and a regulatory blocker; the partners fund the servers. Revenue figures in this model are projections, not data; the only actual revenue is shown in *04_Traccion* (traction).

### Dilution if raised in tranches
- Full round (24 months): US$775,000 for 34.1%.
- First tranche only (12 months, US$375,000): 20% at the same valuation.
- Reference: YC gives US$125k for 7% plus US$375k on an uncapped SAFE.

## Use of funds
| Category | Amount | % of total |
| --- | --- | --- |
| Product and engineering team | US$385,297 | 50.5% |
| Sales, marketing and customer success | US$147,219 | 19.3% |
| Founders (time dedicated to the project) | US$54,642 | 7.2% |
| Infrastructure and AI compute | US$29,052 | 3.8% |
| Legal, compliance and tools | US$76,800 | 10.1% |
| Contingency (10%) | US$69,301 | 9.1% |

## Funded team
Gross monthly market salaries for startups in Mexico, shown in USD at an assumed exchange rate of 18.5 MXN/USD. Employer cost = salary × 1.35 (social security, housing fund, payroll tax and benefits).

| Role | Salary USD/month | FTE | Start | Cost USD/month |
| --- | --- | --- | --- | --- |
| AI / ML engineer | US$4,595 | 1 | month 1 | US$6,203 |
| Senior full-stack engineer | US$4,054 | 1 | month 1 | US$5,473 |
| Compliance officer | US$3,243 | 1 | month 1 | US$4,378 |
| Support / operations | US$1,351 | 1 | month 4 | US$1,824 |
| Growth / digital marketing | US$2,432 | 1 | month 7 | US$3,284 |

**Founders:** 12% of the three partners' time allocated to this project. Reference salaries: CEO/CFO US$5,135, CTO US$5,135, Legal US$3,784 per month.

## Operating expenses (USD/month, month 1)
| Item | USD/month |
| --- | --- |
| Infrastructure (servers, database, telephony) | US$500 |
| AI compute (LLM, voice, OCR) | US$400 |
| SaaS tools | US$300 |
| Legal, accounting and compliance | US$2,500 |
| Other (office, travel, insurance) | US$400 |
Infrastructure and AI grow 3% per month with volume.

## Quarterly projection
| Quarter | Revenue | Expenses | Net cash flow | Cumulative cash used |
| --- | --- | --- | --- | --- |
| Q1 | US$1,260 | US$69,773 | US$-68,513 | US$68,513 |
| Q2 | US$1,530 | US$75,489 | US$-73,959 | US$142,473 |
| Q3 | US$2,196 | US$90,684 | US$-88,488 | US$230,961 |
| Q4 | US$3,428 | US$90,927 | US$-87,499 | US$318,460 |
| Q5 | US$5,350 | US$91,170 | US$-85,820 | US$404,280 |
| Q6 | US$8,351 | US$91,413 | US$-83,062 | US$487,341 |
| Q7 | US$13,035 | US$91,656 | US$-78,621 | US$565,962 |
| Q8 | US$20,346 | US$91,899 | US$-71,553 | US$637,515 |

**Revenue assumptions:**
- Average revenue per active user: US$6/month (net performance fees + plans).
- Users: moderate growth through month 6 (regulatory phase), then 16% monthly: ~1,300 users by month 24.
- No growth in capital per user and no outsized returns are assumed.

Month-by-month detail in *modelo_24_meses.csv*.

## Suggested terms (non-binding)
- Instrument: SAFE with valuation cap equal to post-money and 20% discount; converts in the Seed round of the regulated S.A.P.I. (Mexican corporation).
- 1x non-participating liquidation preference.
- Employee option pool: 10% post-round, to be created before closing.
- Quarterly information rights (financial statements, roadmap KPIs) and a board observer seat for the lead investor.
- Pro-rata rights in the next round; standard tag-along and drag-along.
- Founder vesting: 4 years with a 1-year cliff, crediting time served since the project began.
- Structure: incorporate a dedicated S.A.P.I. that obtains (or partners for) the right regulatory license; the round is released in tranches tied to regulatory milestones.