The round in numbers
RoundUS$725,000
Equity22.5%
Pre-moneyUS$2,500,000
Post-moneyUS$3,225,000
24-month spendUS$639,042
24-month revenueUS$206,823
Monthly revenue, month 24US$26,935
Peak cash usedUS$432,219
Buffer if revenue landsUS$292,781
BreakevenNot within 24 months
Charts
Monthly revenue vs. spend
Bars: monthly operating cost. Line: projected revenue.
SpendRevenue
Cash used vs. round size
Cumulative loss (spend − revenue). While it stays below the dashed line, the round is enough.
Cumulative cash usedRound
Where does each month go?
Monthly spend by category: the team is the main cost.
Hired teamFoundersInfrastructure and AILegal and toolsMarketing
Use of funds (24 months)
How the full round is allocated, contingency included.
Product and engineering teamUS$326,189 · 46.4%
Sales, marketing and customer successUS$139,354 · 19.8%
Founders (time dedicated to the project)US$81,963 · 11.7%
Infrastructure and AI computeUS$38,736 · 5.5%
Legal, compliance and toolsUS$52,800 · 7.5%
Contingency (10%)US$63,904 · 9.1%
How it is calculated
- Cost per person = gross monthly salary in MXN × 1.35 (payroll burden) ÷ 18.5 MXN per dollar. E.g. Senior full-stack engineer, MXN 75,000 → US$5,473 per month.
- Founders: the 3 partners spend 18% of their time on this product = US$3,415 per month.
- Infrastructure and AI starts at US$1,200 per month and grows 3% a month with usage, reaching US$2,028 in month 24.
- Monthly spend = team + founders + infrastructure and AI + legal and tools + marketing. The 24 months add up to US$639,042.
- Round size = gross spend US$639,042 + 10% contingency US$63,904, rounded up to US$25k = US$725,000. Revenue is not netted out: if it does not arrive, the round still covers 24 months.
- Peak cash used = the highest point of cumulative loss (spend − revenue) = US$432,219, in month 24. Buffer = round − peak cash used = US$292,781.
- Equity = round ÷ (pre-money + round) = US$725,000 ÷ US$3,225,000 = 22.5%. The pre-money is anchored on real comparables (see Valuation).
- Breakeven: not reached within 24 months under these assumptions.
Revenue estimate
Monthly revenue from US$1,080 in month 1 to US$26,935 in month 24 (US$323,222 annualized); US$206,823 cumulative over 24 months. Assumptions:
- Current revenue attributed to KYC: ~US$1,080/month (assumption: 1/3 of shared revenue) ≈ 2,700 verifications at US$0.40.
- Verifications grow 13% monthly from new clients: ~45k per month by month 24.
- Average price rises from US$0.40 to US$0.60 with the certified-biometrics package and white-label plans.
- Official source and compute costs grow with volume (3% monthly).
Funded team
Market gross salaries for startups in Mexico; employer cost = salary × 1.35; exchange rate 18.5 MXN/USD.
| Role | Gross salary/month | Allocation | From | Cost US$/month |
|---|
| Senior full-stack engineer | MXN 75,000 | 1 | Month 1 | US$5,473 |
| AI / ML engineer | MXN 85,000 | 1 | Month 1 | US$6,203 |
| B2B account executive | MXN 40,000 | 1 | Month 2 | US$2,919 |
| Compliance officer | MXN 60,000 | 0.5 | Month 4 | US$2,189 |
| Customer success / implementation | MXN 35,000 | 1 | Month 8 | US$2,554 |
| Founders (18% of their time) | — | — | Month 1 | US$3,415 |
Operating expenses
| Item | US$/month (month 1) |
|---|
| Infrastructure (servers, database, telephony) | US$700 |
| AI compute (LLM, voice, OCR) | US$500 |
| SaaS tools | US$300 |
| Legal, accounting and compliance | US$1,500 |
| Other (office, travel, insurance) | US$400 |
| Marketing | US$1,200 |
Infrastructure and AI compute grow 3% a month; everything else stays flat.
Valuation: why this pre-money
Above the LatAm average thanks to a pay-per-use paying customer and proprietary technology; well below Truora's seed (US$15 M) because we have one month and one customer.
| Comparable | Actual data | Source |
|---|
| Truora (Colombia) | US$3.5 M seed at ~US$15 M; US$15 M Series A at ~US$75 M (2022) [verify] | latamlist.com; seedtable.com |
| Incode (Mexico) | US$220 M at US$1.25 B in Dec-2021; sought to raise at up to US$3 B in Nov-2025 | bloomberg.com; biometricupdate.com |
| MetaMap | Acquired by Incode | startups.com.br |
See month-by-month table
| Month | Revenue | Spend | Net cash flow | Cumulative cash used |
|---|
| Month 1 | US$1,080 | US$19,691 | −US$18,611 | US$18,611 |
| Month 2 | US$1,251 | US$22,646 | −US$21,395 | US$40,006 |
| Month 3 | US$1,448 | US$22,682 | −US$21,234 | US$61,239 |
| Month 4 | US$1,675 | US$24,907 | −US$23,232 | US$84,471 |
| Month 5 | US$1,937 | US$24,943 | −US$23,006 | US$107,477 |
| Month 6 | US$2,239 | US$24,979 | −US$22,740 | US$130,217 |
| Month 7 | US$2,586 | US$25,015 | −US$22,429 | US$152,646 |
| Month 8 | US$2,985 | US$27,605 | −US$24,620 | US$177,266 |
| Month 9 | US$3,445 | US$27,641 | −US$24,196 | US$201,462 |
| Month 10 | US$3,974 | US$27,677 | −US$23,703 | US$225,164 |
| Month 11 | US$4,583 | US$27,713 | −US$23,130 | US$248,295 |
| Month 12 | US$5,282 | US$27,749 | −US$22,467 | US$270,762 |
| Month 13 | US$6,086 | US$27,785 | −US$21,699 | US$292,461 |
| Month 14 | US$7,009 | US$27,821 | −US$20,812 | US$313,273 |
| Month 15 | US$8,070 | US$27,857 | −US$19,787 | US$333,060 |
| Month 16 | US$9,288 | US$27,893 | −US$18,605 | US$351,665 |
| Month 17 | US$10,686 | US$27,929 | −US$17,243 | US$368,909 |
| Month 18 | US$12,291 | US$27,965 | −US$15,674 | US$384,583 |
| Month 19 | US$14,132 | US$28,001 | −US$13,869 | US$398,452 |
| Month 20 | US$16,244 | US$28,037 | −US$11,792 | US$410,244 |
| Month 21 | US$18,667 | US$28,073 | −US$9,406 | US$419,650 |
| Month 22 | US$21,094 | US$28,109 | −US$7,015 | US$426,665 |
| Month 23 | US$23,836 | US$28,145 | −US$4,309 | US$430,973 |
| Month 24 | US$26,935 | US$28,181 | −US$1,246 | US$432,219 |
A projection, not a result: the figures depend on the stated assumptions and are not a public offering of securities.
