€4.56mARR
+0.4% MoM · +34.1% since Nov 25
Marlowe
Back to the book
Evaluation and model-risk tooling sold into European bank technology teams.
Paris · Data & evals
1.57xwatch
€740k / moNet burn
Implied cash €8.14m
11 moRunway
Outside the nine-month line
52People
NRR 108% · GM 69%
Growth has decelerated into the noisewatch
Monthly growth has faded from about 6% to under 1%. Two renewals are sitting with procurement. Net revenue retention is 108% and no longer expanding.
Suggested action. Do not call the €3m reserve until both renewals are signed or lost. Ask for the cohort chart, not another product demo.
ARR
€m, monthly
Net burn
€m per month
Monitoring note
Marlowe was underwritten as the picks-and-shovels vendor for bank model risk. The buyer exists. The motion has slowed, and the mark still assumes the slowdown is a pause. Treat the next two renewals as the underwriting, not as account management.
Entry
- Date
- 2 May 2024
- Round
- Series A
- Ownership
- 9.1%
- Cost
- €14m
- Fair value
- €22m
- Reserve left
- €3m
- Partner
- Elena Voss
- Rights
- Observer