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

# Financial model and round

**Menteia Hedge** — AI investment committee: 12 analysts (quantitative and style-based) and a deterministic risk officer that recommend with evidence and explain every decision.</div>


## The offer
| Item | Value |
| --- | --- |
| Amount to raise | US$450,000 |
| Equity offered | 31% |
| Pre-money valuation | US$1,000,000 |
| Post-money valuation | US$1,450,000 |
| Gross 24-month spend | US$400,355 |
| 10% contingency | US$40,036 |
| Projected 24-month revenue | US$110,554 |
| Peak cash need (net of revenue) | US$289,801 |
| Cushion if revenue targets are met | US$160,199 |

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
Idea stage: fork of an open-source project, no users. Below any reference.

| Comparable | Actual data | Source |
| --- | --- | --- |
| Composer (US) | US$6 M Series A in 2022 | betakit.com |
| Betterment (US) | >1 M accounts, US$63 B under management (Oct-2025) | filings via investingintheweb.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. 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$450,000 for 31%.
- First tranche only (12 months, US$200,000): 16.7% 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$262,703 | 59.7% |
| Sales, marketing and customer success | US$51,154 | 11.6% |
| Founders (time dedicated to the project) | US$31,875 | 7.2% |
| Infrastructure and AI compute | US$25,824 | 5.9% |
| Legal, compliance and tools | US$28,800 | 6.5% |
| Contingency (10%) | US$40,036 | 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 |
| Full-stack developer | US$2,703 | 1 | month 7 | US$3,649 |
| Compliance officer | US$3,243 | 0.5 | month 3 | US$2,189 |
| Growth / digital marketing | US$2,432 | 0.5 | month 7 | US$1,642 |

**Founders:** 7% 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$200 |
| AI compute (LLM, voice, OCR) | US$600 |
| SaaS tools | US$200 |
| Legal, accounting and compliance | US$800 |
| Other (office, travel, insurance) | US$200 |
Infrastructure and AI grow 3% per month with volume.

## Quarterly projection
| Quarter | Revenue | Expenses | Net cash flow | Cumulative cash used |
| --- | --- | --- | --- | --- |
| Q1 | US$0 | US$30,854 | US$-30,854 | US$30,854 |
| Q2 | US$0 | US$35,448 | US$-35,448 | US$66,302 |
| Q3 | US$2,954 | US$55,136 | US$-52,181 | US$118,483 |
| Q4 | US$6,951 | US$55,352 | US$-48,401 | US$166,884 |
| Q5 | US$12,208 | US$55,568 | US$-43,359 | US$210,243 |
| Q6 | US$19,004 | US$55,784 | US$-36,779 | US$247,022 |
| Q7 | US$28,265 | US$56,000 | US$-27,735 | US$274,757 |
| Q8 | US$41,172 | US$56,216 | US$-15,044 | US$289,801 |

**Revenue assumptions:**
- No revenue in the first 6 months (validation and CNBV registration).
- Pro subscription at US$15/month from month 7: 50 initial subscribers, 17% monthly growth (~720 by month 24).
- One new white-label adviser per month from month 9 (cap of 15) at US$300/month.

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.
- 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).