The round in numbers
RoundUS$625,000
Equity25.8%
Pre-moneyUS$1,800,000
Post-moneyUS$2,425,000
24-month spendUS$546,487
24-month revenueUS$289,044
Monthly revenue, month 24US$26,196
Peak cash usedUS$259,447
Buffer if revenue landsUS$365,553
BreakevenMonth 23
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$200,676 · 33.4%
Sales, marketing and customer successUS$181,257 · 30.2%
Founders (time dedicated to the project)US$68,303 · 11.4%
Infrastructure and AI computeUS$29,052 · 4.8%
Legal, compliance and toolsUS$67,200 · 11.2%
Contingency (10%)US$54,649 · 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 15% of their time on this product = US$2,846 per month.
- Infrastructure and AI starts at US$900 per month and grows 3% a month with usage, reaching US$1,521 in month 24.
- Monthly spend = team + founders + infrastructure and AI + legal and tools + marketing. The 24 months add up to US$546,487.
- Round size = gross spend US$546,487 + 10% contingency US$54,649, rounded up to US$25k = US$625,000. 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$259,447, in month 22. Buffer = round − peak cash used = US$365,553.
- Equity = round ÷ (pre-money + round) = US$625,000 ÷ US$2,425,000 = 25.8%. The pre-money is anchored on real comparables (see Valuation).
- Breakeven = first month in which revenue covers spend: month 23.
Revenue estimate
Monthly revenue from US$0 in month 1 to US$26,196 in month 24 (US$314,352 annualized); US$289,044 cumulative over 24 months. Assumptions:
- Pilot unpaid through month 3; the 3 locations convert to contract in month 4.
- ~2.8 new kiosks per month: ~59 kiosks by month 24.
- Revenue per kiosk: US$324 lease + US$120 from loan files (~5 per kiosk per month at US$24).
- 'Other' includes kiosk hardware amortization (US$2,000/month, growing with the fleet).
Funded team
Market gross salaries for startups in Mexico; employer cost = salary × 1.35; exchange rate 18.5 MXN/USD.
| Role | Gross salary/month | Allocation | From | Cost US$/month |
|---|
| Senior full-stack engineer | MXN 75,000 | 1 | Month 1 | US$5,473 |
| B2B account executive | MXN 40,000 | 1 | Month 1 | US$2,919 |
| Customer success / implementation | MXN 35,000 | 1 | Month 3 | US$2,554 |
| Full-stack developer | MXN 50,000 | 1 | Month 6 | US$3,649 |
| Support / operations | MXN 25,000 | 1 | Month 8 | US$1,824 |
| Founders (15% of their time) | — | — | Month 1 | US$2,846 |
Operating expenses
| Item | US$/month (month 1) |
|---|
| Infrastructure (servers, database, telephony) | US$400 |
| AI compute (LLM, voice, OCR) | US$500 |
| SaaS tools | US$300 |
| Legal, accounting and compliance | US$500 |
| Other (office, travel, insurance) | US$2,000 |
| Marketing | US$1,000 |
Infrastructure and AI compute grow 3% a month; everything else stays flat.
Valuation: why this pre-money
Equal to the YC reference: working product and a pilot with a global brand, but no revenue or pilot metrics.
| Comparable | Actual data | Source |
|---|
| Kavak (Mexico) | US$127 M round at US$2.2 B in 2023 (down from US$8.7 B) | latamlist.com |
| Impel, Fullpath, Podium | No verified data in this review | — |
See month-by-month table
| Month | Revenue | Spend | Net cash flow | Cumulative cash used |
|---|
| Month 1 | US$0 | US$15,938 | −US$15,938 | US$15,938 |
| Month 2 | US$0 | US$15,965 | −US$15,965 | US$31,903 |
| Month 3 | US$0 | US$18,546 | −US$18,546 | US$50,449 |
| Month 4 | US$1,332 | US$18,573 | −US$17,241 | US$67,689 |
| Month 5 | US$2,575 | US$18,600 | −US$16,025 | US$83,714 |
| Month 6 | US$3,818 | US$22,276 | −US$18,457 | US$102,171 |
| Month 7 | US$5,062 | US$22,303 | −US$17,241 | US$119,412 |
| Month 8 | US$6,305 | US$24,154 | −US$17,849 | US$137,261 |
| Month 9 | US$7,548 | US$24,181 | −US$16,633 | US$153,894 |
| Month 10 | US$8,791 | US$24,208 | −US$15,417 | US$169,311 |
| Month 11 | US$10,034 | US$24,235 | −US$14,200 | US$183,511 |
| Month 12 | US$11,278 | US$24,262 | −US$12,984 | US$196,496 |
| Month 13 | US$12,521 | US$24,289 | −US$11,768 | US$208,264 |
| Month 14 | US$13,764 | US$24,316 | −US$10,552 | US$218,815 |
| Month 15 | US$15,007 | US$24,343 | −US$9,336 | US$228,151 |
| Month 16 | US$16,250 | US$24,370 | −US$8,119 | US$236,271 |
| Month 17 | US$17,494 | US$24,397 | −US$6,903 | US$243,174 |
| Month 18 | US$18,737 | US$24,424 | −US$5,687 | US$248,861 |
| Month 19 | US$19,980 | US$24,451 | −US$4,471 | US$253,332 |
| Month 20 | US$21,223 | US$24,478 | −US$3,255 | US$256,586 |
| Month 21 | US$22,466 | US$24,505 | −US$2,038 | US$258,625 |
| Month 22 | US$23,710 | US$24,532 | −US$822 | US$259,447 |
| Month 23 | US$24,953 | US$24,559 | US$394 | US$259,053 |
| Month 24 | US$26,196 | US$24,586 | US$1,610 | US$257,443 |
A projection, not a result: the figures depend on the stated assumptions and are not a public offering of securities.
