€9.5mARR
+4.4% MoM · +86.3% since Nov 25
Lumenstack
Back to the book
Retrieval infrastructure for teams that cannot send data to a US API.
London · Inference & infra
3.09xhealthy
€780k / moNet burn
Implied cash €14m
18 moRunway
Outside the nine-month line
66People
NRR 132% · GM 78%
Reserve is the next decision, not the markinfo
Net revenue retention is 132% and usage, not seats, is doing the work. A US competitor has started quoting sovereign deployments in Frankfurt.
Suggested action. Use the €6m reserve to pre-empt a process if the founder will hold the round to existing investors through Q1. Do not wait for a bank book.
ARR
€m, monthly
Net burn
€m per month
Monitoring note
Lumenstack is the cleanest compounder in the book. The product is in the path of production traffic, gross margin has held above 75%, and the European data-residency objection is still doing our selling for us. The risk is round timing, not the company.
Entry
- Date
- 20 Jun 2023
- Round
- Seed, with a Series A follow-on
- Ownership
- 11.4%
- Cost
- €22m
- Fair value
- €68m
- Reserve left
- €6m
- Partner
- Elena Voss
- Rights
- Board seat