Bottom-up, arithmetic-checked and fully assumption-labelled. VAT is handled at 15% on food; every unit-economics line is published; the downside case and its extra funding need are disclosed.
| Current round | Seed | Open |
| Target raise | NOK 2,000,000 | Management proposal |
| Minimum / maximum | To be set with lead investor | Set with lead investor |
| Instrument & valuation | To be agreed (equity or convertible) | Under discussion |
| Expected runway | 18+ months to EBITDA break-even (base case M11) | Estimate |
| Founder capital invested to date | To be disclosed | Management input required |
| Existing commitments / debt | None recorded | To be confirmed at diligence |
| Next financing trigger | National grocery listing (phase 3 scale-up), if pursued aggressively | Estimate |
Launch costs, inventory, operating spend and reserves are separated — the round is not “capex”: true fixed-asset capex is zero.
| Category | kNOK | Share |
|---|---|---|
| Company formation & IP | 45 | 2.2% |
| Legal & regulatory | 45 | 2.2% |
| Packaging design & print tooling | 85 | 4.2% |
| Initial inventory (FOB) | 140 | 7.0% |
| Freight, customs & clearing | 55 | 2.8% |
| 3PL setup & deposits | 20 | 1.0% |
| E-commerce infrastructure | 30 | 1.5% |
| Launch marketing | 180 | 9.0% |
| Trade activation & sampling | 60 | 3.0% |
| Personnel (first 6 months) | 160 | 8.0% |
| Working-capital reserve (containers 2-4) | 900 | 45.0% |
| Contingency | 280 | 14.0% |
| Fixed-asset capex | 0 | 0.0% |
| Total | 2,000 | 100% |
Calculations have been checked for internal arithmetic consistency. Commercial inputs remain supplier-quoted, benchmark-guided or management estimates until replaced by contracted terms.
Example, checked: a NOK 349 12-pack incl. 15% VAT is NOK 303.48 ex VAT — NOK 25.29 per carton, not 23.3. COGS shown at trial-container tier for DTC/outlet and bulk tier for grocery (labels in the assumption register).
| SKU · channel | Price incl VAT | Net ex VAT | COGS | Fulfil/deliv | Pay/trade | Returns | Gross profit | GM | Contribution | CM |
|---|---|---|---|---|---|---|---|---|---|---|
| DTC 12-pack | 29.08 | 25.29 | 8.50 | 4.00 | 0.51 | 0.25 | 16.79 | 66.4% | 12.03 | 47.6% |
| DTC subscription | 26.17 | 22.75 | 8.50 | 4.00 | 0.46 | 0.23 | 14.25 | 62.6% | 9.57 | 42.1% |
| Outlet wholesale | 25–35 (venue) | 15.00 | 8.50 | 1.00 | 0.00 | 0.15 | 6.50 | 43.3% | 5.35 | 35.7% |
| Grocery wholesale | 24.0 | 12.52 | 7.00 | 0.50 | 1.25 | 0.13 | 5.52 | 44.1% | 3.64 | 29.1% |
| 1L DTC | 59.0 | 51.30 | 16.50 | 6.50 | 1.03 | 0.51 | 34.80 | 67.8% | 26.77 | 52.2% |
| 1L outlet | 45–59 (venue) | 28.00 | 16.50 | 1.50 | 0.00 | 0.28 | 11.50 | 41.1% | 9.72 | 34.7% |
| 1L grocery | 55.0 | 28.70 | 14.20 | 1.00 | 2.87 | 0.29 | 14.50 | 50.5% | 10.34 | 36.0% |
Customer-acquisition cost is modelled separately (NOK 250/subscriber, NOK 150/one-off customer) and carried in marketing opex, not per-unit contribution. All inputs: supplier/3PL quoted or management estimate.
| Month | Subscribers | Outlets | Units | Revenue | GM | Opex | EBITDA | Cash |
|---|---|---|---|---|---|---|---|---|
| M1 | 0 | 0 | 0 | 0 | 0.0% | 253,000 | -253,000 | 1,511,000 |
| M2 | 0 | 0 | 0 | 0 | 0.0% | 118,000 | -118,000 | 1,393,000 |
| M3 | 0 | 0 | 0 | 0 | 0.0% | 88,000 | -88,000 | 1,305,000 |
| M4 | 70 | 0 | 1,505 | 39,613 | 64.4% | 103,000 | -84,596 | 1,220,404 |
| M5 | 141 | 8 | 3,351 | 85,114 | 63.2% | 103,000 | -63,898 | 1,156,506 |
| M6 | 215 | 15 | 5,197 | 130,977 | 62.9% | 135,000 | -74,978 | 1,081,528 |
| M7 | 290 | 22 | 7,088 | 178,052 | 62.7% | 180,000 | -98,494 | 747,035 |
| M8 | 368 | 29 | 9,034 | 226,562 | 69.0% | 180,000 | -62,017 | 685,017 |
| M9 | 449 | 36 | 11,043 | 276,741 | 69.0% | 180,000 | -35,905 | 452,312 |
| M10 | 533 | 43 | 13,125 | 328,833 | 69.0% | 180,000 | -8,789 | 443,524 |
| M11 | 621 | 50 | 15,290 | 383,095 | 69.0% | 180,000 | 19,467 | 266,190 |
| M12 | 713 | 57 | 17,548 | 439,801 | 69.0% | 180,000 | 49,005 | 315,195 |
| M13 | 810 | 65 | 20,723 | 510,934 | 68.5% | 185,000 | 78,548 | 196,943 |
| M14 | 913 | 70 | 23,607 | 579,045 | 68.3% | 185,000 | 112,552 | 309,494 |
| M15 | 1,021 | 75 | 26,619 | 650,517 | 68.2% | 187,041 | 146,278 | 258,972 |
| M16 | 1,136 | 80 | 29,771 | 725,695 | 68.1% | 193,056 | 177,977 | 436,949 |
| M17 | 1,258 | 85 | 33,078 | 804,949 | 68.1% | 199,396 | 211,489 | 451,638 |
| M18 | 1,388 | 90 | 36,556 | 888,672 | 68.0% | 231,094 | 221,989 | 645,108 |
Quarterly detail for months 19–36 and the annual summary are in the downloadable model. Tax at 22% after loss carry-forward; no depreciation (no fixed assets); no financing costs assumed.
Steady-state monthly view. Adjust the assumptions — the arithmetic runs live and nothing here is hidden. Defaults are the base case at month 12.
Subscription: 12 units/month at NOK 22.75 net, contribution 9.57/unit, replacement CAC = churn × CAC. One-off DTC assumed at 60% of subscription volume at 12.03/unit. Outlets at 15.00 net, 5.35/unit. 1 L adds 12% of units at channel economics. Management estimates; see assumption register.
| Scenario | Revenue Y1/Y2/Y3 (NOKm) | EBITDA Y1/Y2/Y3 (NOK) | Break-even | Extra funding need | Subs M36 | Outlets M36 |
|---|---|---|---|---|---|---|
| Downside | 1.5 / 7.9 / 22.3 | -1,243,810 / 1,325,805 / 6,899,838 | M14 | NOK 645,000 | 4,391 | 126 |
| Base | 2.1 / 11.6 / 32.0 | -819,205 / 3,162,992 / 11,735,288 | M11 | — | 6,273 | 180 |
| Upside | 2.9 / 15.8 / 42.9 | -382,907 / 5,116,839 / 16,855,835 | M9 | — | 8,469 | 243 |
Downside: volumes −30%, COGS +10%, bulk pricing and grocery delayed. Upside: volumes +35%, bulk pricing earlier. The downside case requires roughly NOK 0.65m additional funding — stated openly; the working-capital reserve absorbs part of this before new capital is needed.
Return scenarios (ownership, MOIC, IRR) are prepared in the data room and populated only once investment amount, instrument and valuation are agreed — publishing return promises before terms exist would not be credible. These are management scenarios, not guaranteed returns.