06
Seed ladder — preseed & seed
$150K preseed funds Greek deployment and proof of paid adoption. $350K seed funds United States deployment once the Greece motion works. Sequential capital. Same product. Extra capital buys speed — it does not rewrite unit economics.
$150K
Preseed · Greece
Path to ~5% of Greece core SAM (~2,640 accounts) · ~$952K ARR.
$350K
Seed · United States
Path to ~1.5% of U.S. core SAM (~4,270 accounts) · ~$2.31M ARR on top of Greece.
ARR at median penetration
~$952K
Greece ARR
~2,640 × $30 ARPU × 12
~$2.31M
U.S. ARR
~4,270 × $45 ARPU × 12
~$3.26M
Combined ARR
Both markets at median penetration
IRR — planned estimates based on market standards
Illustrative 25% ownership. Preseed exit Y4 on Greece ARR; full $500K exit Y5 on combined ARR. SaaS multiples 5× / 7× / 10× ARR.
| Case | Capital | 5× ARR | 7× ARR | 10× ARR |
|---|---|---|---|---|
| Preseed only | $150K | Stake $1.19M · IRR ~68% | Stake $1.67M · IRR ~83% | Stake $2.38M · IRR ~100% |
| Preseed + seed | $500K | Stake $4.07M · IRR ~62% | Stake $5.70M · IRR ~75% | Stake $8.15M · IRR ~89% |
IRR and MOIC are planned estimates based on market standards. Dilution from later rounds and actual ownership are not modeled.