<div class="portada"><div class="meta">Menteia · Seguro Sin Vueltas · October 2026 · Confidential</div>

# Financial model and round

**Seguro Sin Vueltas** — AI assistant on WhatsApp that guides patients with major medical insurance at no cost and routes them to in-network doctors and hospitals, backed by VITAE Asesores.</div>


## The offer
| Item | Value |
| --- | --- |
| Amount to raise | US$500,000 |
| Equity offered | 25% |
| Pre-money valuation | US$1,500,000 |
| Post-money valuation | US$2,000,000 |
| Gross 24-month spend | US$453,371 |
| 10% contingency | US$45,337 |
| Projected 24-month revenue | US$255,684 |
| Peak cash need (net of revenue) | US$223,844 |
| Cushion if revenue targets are met | US$276,156 |

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
Complete product but no revenue or documented cases; below the YC reference.

| Comparable | Actual data | Source |
| --- | --- | --- |
| Accolade (US) | Acquired by Transcarent for US$621 M (2025), 1.21x sales | fiercehealthcare.com |
| Garner Health (US) | US$118 M Series D [verify] | secondary comparison |

**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$500,000 for 25%.
- First tranche only (12 months, US$250,000): 14.3% 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$87,568 | 17.6% |
| Sales, marketing and customer success | US$274,500 | 55% |
| Founders (time dedicated to the project) | US$45,535 | 9.1% |
| Infrastructure and AI compute | US$19,368 | 3.9% |
| Legal, compliance and tools | US$26,400 | 5.3% |
| Contingency (10%) | US$45,337 | 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 |
| --- | --- | --- | --- | --- |
| Full-stack developer | US$2,703 | 1 | month 1 | US$3,649 |
| Customer success / implementation | US$1,892 | 1 | month 1 | US$2,554 |
| Growth / digital marketing | US$2,432 | 1 | month 3 | US$3,284 |
| B2B account executive | US$2,162 | 1 | month 4 | US$2,919 |
| Support / operations | US$1,351 | 1 | month 6 | US$1,824 |

**Founders:** 10% 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$300 |
| AI compute (LLM, voice, OCR) | US$300 |
| SaaS tools | US$200 |
| Legal, accounting and compliance | US$600 |
| Other (office, travel, insurance) | US$300 |
Infrastructure and AI grow 3% per month with volume.

## Quarterly projection
| Quarter | Revenue | Expenses | Net cash flow | Cumulative cash used |
| --- | --- | --- | --- | --- |
| Q1 | US$1,400 | US$35,738 | US$-34,338 | US$34,338 |
| Q2 | US$7,841 | US$56,048 | US$-48,208 | US$82,545 |
| Q3 | US$13,003 | US$59,859 | US$-46,856 | US$129,402 |
| Q4 | US$19,682 | US$60,021 | US$-40,339 | US$169,741 |
| Q5 | US$28,667 | US$60,183 | US$-31,516 | US$201,257 |
| Q6 | US$41,162 | US$60,345 | US$-19,183 | US$220,440 |
| Q7 | US$58,992 | US$60,507 | US$-1,515 | US$221,955 |
| Q8 | US$84,938 | US$60,669 | US$24,269 | US$197,686 |

**Revenue assumptions:**
- No revenue in the first 2 months (partner signing and compliance).
- Routed cases: 40/month in month 3, growing 15% monthly: ~750 cases/month by month 24.
- Average coordination fee: US$35 per case attended by a partner.
- Partners with membership: 10 in month 4, +5 per month (US$50/month).

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).