€1.15mARR
+6.8% MoM · +228.6% since Nov 25
Cinder Bio
Back to the book
Software around the instruments, not another model of the protein.
Oxford · Vertical · Health
1.60xhealthy
€240k / moNet burn
Implied cash €5.04m
21 moRunway
Outside the nine-month line
14People
NRR 127% · GM 71%
Check the overlap with Sable Bio before the partner meetinginfo
Sable is in the pipeline as a lab copilot. Cinder already sits with three of the same Oxford groups. This is a conflict of attention, not a legal conflict.
Suggested action. Tomasz should walk Elena through the account list before Thursday’s Sable meeting. If the buyers are the same, we do not need both.
ARR
€m, monthly
Net burn
€m per month
Monitoring note
Cinder is early and behaving like an early company should: small team, high retention, long runway, no invented ARR story. Leave it alone operationally. The only action is to stop the pipeline from creating a second bet on the same bench.
Entry
- Date
- 9 Apr 2025
- Round
- Seed
- Ownership
- 17.6%
- Cost
- €4.5m
- Fair value
- €7.2m
- Reserve left
- €2m
- Partner
- Tomasz Rehn
- Rights
- Observer