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

# Financial model and round

**Menteia KYC** — AI identity verification against INE and RENAPO in under 2 minutes, via link, no app, pay per use.</div>


## The offer
| Item | Value |
| --- | --- |
| Amount to raise | US$725,000 |
| Equity offered | 22.5% |
| Pre-money valuation | US$2,500,000 |
| Post-money valuation | US$3,225,000 |
| Gross 24-month spend | US$639,042 |
| 10% contingency | US$63,904 |
| Projected 24-month revenue | US$206,823 |
| Peak cash need (net of revenue) | US$432,219 |
| Cushion if revenue targets are met | US$292,781 |

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
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 |

**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. Real revenue is a fraction of ~US$3.2k/month; costs per verification include third-party registry lookups. 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$725,000 for 22.5%.
- First tranche only (12 months, US$350,000): 12.3% 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$326,189 | 46.4% |
| Sales, marketing and customer success | US$139,354 | 19.8% |
| Founders (time dedicated to the project) | US$81,963 | 11.7% |
| Infrastructure and AI compute | US$38,736 | 5.5% |
| Legal, compliance and tools | US$52,800 | 7.5% |
| Contingency (10%) | US$63,904 | 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 |
| --- | --- | --- | --- | --- |
| Senior full-stack engineer | US$4,054 | 1 | month 1 | US$5,473 |
| AI / ML engineer | US$4,595 | 1 | month 1 | US$6,203 |
| B2B account executive | US$2,162 | 1 | month 2 | US$2,919 |
| Compliance officer | US$3,243 | 0.5 | month 4 | US$2,189 |
| Customer success / implementation | US$1,892 | 1 | month 8 | US$2,554 |

**Founders:** 18% 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$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 |
Infrastructure and AI grow 3% per month with volume.

## Quarterly projection
| Quarter | Revenue | Expenses | Net cash flow | Cumulative cash used |
| --- | --- | --- | --- | --- |
| Q1 | US$3,779 | US$65,018 | US$-61,239 | US$61,239 |
| Q2 | US$5,851 | US$74,829 | US$-68,978 | US$130,217 |
| Q3 | US$9,017 | US$80,261 | US$-71,244 | US$201,462 |
| Q4 | US$13,839 | US$83,139 | US$-69,300 | US$270,762 |
| Q5 | US$21,164 | US$83,463 | US$-62,299 | US$333,060 |
| Q6 | US$32,264 | US$83,787 | US$-51,523 | US$384,583 |
| Q7 | US$49,044 | US$84,111 | US$-35,067 | US$419,650 |
| Q8 | US$71,866 | US$84,435 | US$-12,569 | US$432,219 |

**Revenue 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).

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

## Suggested terms (non-binding)
- Instrument: Seed Series preferred shares issued by a Mexican S.A.P.I. (or a SAFE with a valuation cap equal to the post-money and a 20% discount).
- 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: spin the project out of Menteia into its own S.A.P.I. (Menteia and the founding partners as shareholders, with a shared technology license) or invest directly in Menteia (see the holding folder).