€1.85mARR
+6.0% MoM · +164.3% since Nov 25
Brava
Back to the book
Contract review for Spanish and English mid-market legal teams.
Madrid · Vertical · Legal
1.29xwatch
€310k / moNet burn
Implied cash €3.72m
12 moRunway
Outside the nine-month line
19People
NRR 115% · GM 77%
Product is fine. The Series A story is thin.watch
Runway is a year. Retention is healthy. The pipeline does not yet show a repeatable firm-wide rollout, which is what a new lead will ask for.
Suggested action. Make two introductions to Madrid general counsel this month. Judge the company on whether those convert, not on the demo.
ARR
€m, monthly
Net burn
€m per month
Monitoring note
Brava is a good seed that has not yet earned a growth round. That is allowed. The mistake would be to treat a 12-month runway and a pleasant product as momentum. Help the pipeline, and keep the reserve unspent until a second segment shows up.
Entry
- Date
- 22 Jan 2025
- Round
- Seed
- Ownership
- 11.0%
- Cost
- €6.5m
- Fair value
- €8.4m
- Reserve left
- €2m
- Partner
- Elena Voss
- Rights
- Board seat