€6.03mARR
+0.5% MoM · +37.0% since Nov 25
Portico
Back to the book
Claims intake and adjudication for mid-market insurers.
Amsterdam · Vertical · Fintech
0.94xcritical
€860k / moNet burn
Implied cash €6.36m
7.4 moRunway
Inside the nine-month line
49People
NRR 101% · GM 61%
Runway is 7.4 monthscritical
Implied cash is about €6.4m against €860k of monthly net burn. A priced round at the last mark is not on offer. Growth has flattened.
Suggested action. Call a reserve committee this month. Require a 13-week cash view and a plan that reaches 18 months without a new lead. Do not bridge alone.
Growth decelerated from ~7% MoM to under 1%watch
The last four months added almost no ARR. Gross margin at 61% says delivery is still heavier than software.
Suggested action. Put a milestone on the claims-auto rate. If it is not moving, the bridge finances a services firm.
ARR
€m, monthly
Net burn
€m per month
Monitoring note
Portico is the uncomfortable one. We own 18%, the mark is already under cost, and the company is not failing loudly. It is slowing. Quiet slowdowns are how reserves get spent by default. Make it a decision.
Entry
- Date
- 16 Oct 2024
- Round
- Series A
- Ownership
- 18.0%
- Cost
- €14m
- Fair value
- €13.2m
- Reserve left
- €1.5m
- Partner
- Tomasz Rehn
- Rights
- Board seat