€2.93mARR
+1.7% MoM · +95.3% since Nov 25
Northwind
Back to the book
Outbound sales agents for B2B teams that already have a CRM and a quota.
London · Agents
1.11xcritical
€730k / moNet burn
Implied cash €5.91m
8.1 moRunway
Inside the nine-month line
36People
NRR 96% · GM 58%
Burn is rising into a flat top linecritical
ARR is €2.93m and barely moving. Net burn is €730k. Runway is 8.1 months. Net revenue retention has slipped under 100%.
Suggested action. Freeze the €1m reserve. Before the November board, require a burn path to €450k and a logo-churn breakdown by cohort.
Retention brokecritical
Mid-market logos are leaving after the second quarter. The agent’s meetings are not turning into pipeline the buyer will defend.
Suggested action. Sit in on three lost-customer calls. If the product is a sequencer with a model on top, stop describing it as a platform in the marks memo.
ARR
€m, monthly
Net burn
€m per month
Monitoring note
Northwind was the agent bet: a narrow job, a buyer with budget, a team that could ship. The job is real and the retention says the product is not yet the system of work. We should not average this away inside a healthy fund TVPI.
Entry
- Date
- 11 Jul 2024
- Round
- Seed
- Ownership
- 15.4%
- Cost
- €9m
- Fair value
- €10m
- Reserve left
- €1m
- Partner
- Amira Shah
- Rights
- Observer