<div class="portada"><div class="meta">Menteia · PlaneTech Air Express · October 2026 · Confidential</div>

# Financial model and round

**PlaneTech Air Express** — Express sale of aircraft parts from Miami for operators and repair shops in Mexico: an AI agent searches the global market for the part, requests quotes from suppliers and delivers the proposal to the customer in hours.</div>


## The offer
| Item | Value |
| --- | --- |
| Amount to raise | US$475,000 |
| Equity offered | 20.9% |
| Pre-money valuation | US$1,800,000 |
| Post-money valuation | US$2,275,000 |
| Gross 24-month spend | US$428,087 |
| 10% contingency | US$42,809 |
| Projected 24-month revenue | US$527,372 |
| Peak cash need (net of revenue) | US$115,607 |
| Cushion if revenue targets are met | US$359,393 |

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
Business operating with a real customer in the sector, but no documented sales. Parts brokers are worth little compared with software (see ePlane AI and PartsBase).

| Comparable | Actual data | Source |
| --- | --- | --- |
| ePlane AI (US) | US$9 M Series A (2020), ~US$16.5–20 M raised in total | techcrunch.com; caplight |
| PartsBase (US) | Taken private at US$1.22 per share (2002) | sec.gov |
| Aerotrax | Acquired by LGM Aviation (2024); had raised ~US$0.5 M | pitchbook.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?
Unknown until sales are documented. Trading can be default alive early if margin covers a small team. 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$475,000 for 20.9%.
- First tranche only (12 months, US$225,000): 11.1% 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$38,311 | 8.1% |
| Sales, marketing and customer success | US$226,808 | 48.2% |
| Founders (time dedicated to the project) | US$36,428 | 7.7% |
| Infrastructure and AI compute | US$16,140 | 3.4% |
| Legal, compliance and tools | US$110,400 | 23.4% |
| Contingency (10%) | US$42,809 | 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 |
| --- | --- | --- | --- | --- |
| B2B account executive | US$2,162 | 1 | month 1 | US$2,919 |
| Customer success / implementation | US$1,892 | 1 | month 3 | US$2,554 |
| Full-stack developer | US$2,703 | 0.5 | month 4 | US$1,824 |
| B2B account executive | US$2,162 | 1 | month 9 | US$2,919 |
| Support / operations | US$1,351 | 1 | month 6 | US$1,824 |

**Founders:** 8% 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$300 |
| SaaS tools | US$600 |
| Legal, accounting and compliance | US$1,500 |
| Other (office, travel, insurance) | US$2,500 |
Infrastructure and AI grow 3% per month with volume.

## Quarterly projection
| Quarter | Revenue | Expenses | Net cash flow | Cumulative cash used |
| --- | --- | --- | --- | --- |
| Q1 | US$8,855 | US$33,609 | US$-24,754 | US$24,754 |
| Q2 | US$15,155 | US$46,150 | US$-30,995 | US$55,749 |
| Q3 | US$23,049 | US$52,852 | US$-29,804 | US$85,553 |
| Q4 | US$35,054 | US$58,825 | US$-23,771 | US$109,324 |
| Q5 | US$53,313 | US$58,960 | US$-5,647 | US$114,971 |
| Q6 | US$81,082 | US$59,095 | US$21,987 | US$92,984 |
| Q7 | US$123,316 | US$59,230 | US$64,086 | US$28,898 |
| Q8 | US$187,548 | US$59,365 | US$128,183 | US$-99,285 |

**Revenue assumptions:**
- Reported revenue = gross margin (sales minus cost of parts), not total sales.
- Sales of US$15k/month in month 2, growing 15% monthly: ~US$325k/month by month 24.
- Average gross margin of 22% (mix of routine parts, rotables and AOG).
- 'Other' includes warehousing and receiving in Miami, insurance and logistics not passed on to customers (US$2,500/month).
- Working capital of US$150k for purchases without a deposit and AOG; turns every 30–45 days.

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

## Suggested terms (non-binding)
- Instrument: Series Seed preferred shares or a convertible note; working capital can be structured separately as a revolving credit line.
- 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).